Pradhan Mantri Awas Yojana (PMAY) - Credit Linked Subsidy Scheme

The "Credit Linked Subsidy Scheme” (CLSS) under Pradhan Mantri Awas Yojana (PMAY) was announced by our Honourable Prime Minister Shri Narendra Modi. The scheme envisages the vision of housing for all by the year 2022. ICICI Bank offers "Credit Linked Subsidy Scheme" under Pradhan Mantri Awas Yojana

Under this scheme, interest subsidy on purchase/ construction/ extension/ improvement of house is provided to customers belonging to Economical Weaker Section (EWS)/Lower Income Group (LIG)/Middle Income Group (MIG).

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PMAY features


Subsidy benefit	Extended loan tenure	No limit on loan	Option for additional loan
Interest subsidy benefit of up to ₹2.67 Lakh*	Loan repayment tenure of up to 20 years	No cap on loan amount or cost of property	Get additional loans at non-subsidised rate

Eligibility Criteria

The eligibility criteria for you to avail the ICICI Bank Pradhan Mantri Awas Yojana (PMAY) depends on the following factors:

Scheme Type	EWS/LIG	MIG – I	MIG – II
Eligibility Family Income (Rs.)	EWS – Rs. 0 to Rs. 3, 00,000 LIG – Rs. 3,00,001 to Rs. 6,00,000	Rs. 6,00,001 to Rs.12,00,000	Rs.12,00,001 to Rs.18,00,000
Carpet Area-Max (sq. m.)	30 sqm / 60 sqm	160	200
Subsidy calculated on a max loan of	Rs. 6,00,000	Rs. 9,00,000	Rs. 12,00,000
Interest Subsidy (%)	6.50	4.00	3.00
Max Subsidy (Rs.)	2.67 Lakh	2.35 Lakh	2.30 Lakh
Validity of scheme	31 March 2022	31 March 2021	31 March 2021
Woman Ownership	Mandatory*	Non Mandatory	Non Mandatory

The beneficiary family should not own a pucca house in his/her or in the name of any member of his/her family in any part of India.
In case of married couple, either of or both spouses together in joint ownership will be eligible for a single subsidy.
The beneficiary family should not have availed of central assistance under any housing scheme from Government of India or any benefit under any scheme in PMAY.

Check your Eligibility

Process to Avail Subsidy

If you are eligible for PMAY subsidy benefit and have not availed the same while taking Home Loan from us, you can submit your request. The bank will review your request for subsidy claim and will submit the claim to National Housing Bank.

Please follow the below process:

Click here to download the Self Declaration form
Submit the duly filled Self Declaration Form at the nearest ICICI Bank Asset Servicing Branch
Please carry your original ID proof. Click here to view your nearest ICICI Bank Asset Servicing Branch.
Aadhaar is mandatory to avail subsidy, hence carry original Aadhaar card of all family members.

Note:

Details of family members to be provided correctly
Signature of all applicants and co-applicants (wherever applicable) is required on Self Declaration form
Subsidy is subject to approval and clearance from National Housing Bank.

Beneficiaries

The scheme is offered to families, comprising of husband, wife and unmarried children. (An adult earning member irrespective of marital status can be treated as a separate household in MIG category)

The family should not own a pucca house in his/ her name or in the name of any member of the family, in any part of India

Frequently Asked Questions (FAQs)

What is Pradhan Mantri Awas Yojana (PMAY) – Credit Linked Subsidy Scheme (CLSS)?

Pradhan Mantri Awas Yojana – Credit Linked Subsidy Scheme (PMAY-CLSS) is a scheme launched by our Honourable Prime Minister Shri Narendra Modi for customers belonging to Economically Weaker Section (EWS), Low Income Group (LIG), and Middle Income Group (MIG-I & MIG-II).

The beneficiary would be eligible for interest subsidy on purchase/ construction/ extension/ improvement of a house.

Who can avail Pradhan Mantri Awas Yojana – Credit Linked Subsidy Scheme (PMAY-CLSS)?

The beneficiary family should meet the following conditions in order to be eligible for Credit Linked Subsidy Scheme (CLSS) under PMAY:

Beneficiary should be a family comprising of husband, wife and unmarried children
Beneficiary can also be an unmarried individual earning member of the family
Beneficiary should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India
Beneficiary should be meeting income criteria defined as per various categories under the scheme
Beneficiary should not have received central assistance under the mission, “Housing for all by 2022”
For beneficiaries belonging to EWS and LIG categories, woman ownership is mandatory in the property under consideration for all cases except in cases where the land is already owned prior to 17 June 2015 by the customer and loan is availed only for self-construction of a house over the self-owned land
The property must have basic trunk infrastructure such as water supply, electricity supply and drainage/sanitation facility

Note: As per the amendment in guidelines, the definition of ‘beneficiary’ was broadened to include an adult earning member (irrespective of marital status) subject to certain provisos, making him/her eligible to apply of PMAY-Urban under CLSS for MIG scheme effective from 01 January 2017. Subsequently, this definition of 'beneficiary' was also made applicable to entire PMAY-Urban scheme w.e.f. 27 June 2017.

How will I receive the interest subsidy benefit under Credit Linked Subsidy Scheme (CLSS) of PMAY?

The bank will claim subsidy benefit for eligible borrowers from National Housing Bank (NHB). The NHB will conduct a due diligence to exclude claims where customer has submitted multiple requests.

For all eligible borrowers, the subsidy amount would be paid to the bank. Once the bank receives the interest subsidy, it will be credited upfront to the loan account. The subsidy will be calculated on Net Present Value (NPV) at 9% discount rate.

E.g., the borrower avails a loan for Rs. 8 Lakh and the subsidy works out to Rs. 2,20,000. The amount (Rs. 2,20,000) would be reduced upfront from the loan (i.e., the loan would reduce to Rs. 5,80,000) and the borrower would pay EMIs on the reduced amount of Rs. 5,80,000.

Note: The above example is for illustration purpose only and the subsidy* amount will depend on the actual amount received or any changes done by NHB on the same.

Is this rate applicable only for first-time home buyers?

Yes, this rate is applicable only for first-time pucca home buyers as per PMAY criteria.

PMAY subsidy is applicable for what category of customer profiles?

Pradhan Mantri Awas Yojana is available for salaried as well as self-employed customers.

What is the maximum tenure on which the PMAY subsidy is applicable?

The Pradhan Mantri Awas Yojana is applicable for a maximum considered tenure of 20 years.

How will my loan eligibility be assessed?

The loan eligibility of the applicant will be assessed based on internal guidelines and processes of the bank as amended from time to time.

As per the extant requirement, the borrower will be required to submit income documents like, salary slip, ITR, bank statement, existing loan details etc. for the purpose of eligibility assessment.