Pradhan Mantri Awas Yojana (PMAY) - Credit Linked Subsidy Scheme (CLSS)
Save up to 2.67 lakh on your Home Loan, under the PMAY scheme
Avail an interest subsidy, up to 6.50% per annum.
The Pradhan Mantri Awas Yojana (PMAY) was introduced with a vision of providing “Housing for all”, to address the urban housing shortage among the Economically Weaker Section (EWS) / Lower Income Group (LIG) and Mid-Income Group (MIG) categories, to ensure a ‘pucca’ house to all eligible urban households, by the year 2022.
As part of the mission, the government rolled out various schemes and one of them is the Credit Linked Subsidy Scheme (CLSS), aimed at offering subsidies on Home Loans availed for:
With ICICI Bank, you can avail the benefits of the Credit Linked Subsidy Scheme under PMAY. The objective of CLSS is to extend affordable housing and expand institutional credit outflow to the housing needs of the urban poor. Any person from the EWS/LIG/MIG, can avail the interest subsidy, subject to meeting the PMAY eligibility criteria:
The CLSS details are categorised based on the income groups, as listed below:
|Particulars||EWS||LIG||MIG I||MIG II|
|Scheme Duration||Jun 17, 2015 to Mar 31, 2022||Jan 01, 2017 to Mar 31, 2021|
|Household Income (Rs.)||Up to 3,00,000/-||3,00,001/- to 6,00,000/-||6,00,001/- to 12,00,000/-||12,00,001/- to 18,00,000/-|
|Interest Subsidy (% p.a.)||6.5%||4.0%||3.0%|
|Maximum Loan Tenure|
|Eligible Housing Loan Amount for Interest Subsidy (Rs)*||6,00,000/-||9,00,000/-||12,00,000/-|
Carpet Area (Up to) in sq. m
|Up to 30 sq.m||Up to 60 sq.m||Up to 160 sq.m||Up to 200 sq.m|
|Discounted Rate for Net Present Value (NPV) calculation||9%|
# The beneficiary, at his/her discretion, can build a house of a larger area but the interest subvention would be limited to Rs 6 lakh, only.
* Loans beyond this limit will not get interest subvention.
You need to meet the following PMAY eligibility, to take advantage of the loan subsidy:
When it comes to Credit Linked Subsidy Scheme documentation under the PMAY section, beneficiaries need to produce the following paperwork:
The Home Loan subsidy calculator is a self-help Home Loan planning tool. Based on factors like the loan amount, annual family income, tenure, and carpet area, the online tool helps to estimate the subsidy amount. The online PMAY calculator is designed to give Economical Weaker Sections (EWS)/Lower Income Groups (LIG)/Middle Income Groups (MIG), an understanding about the Home Loan details.
How does one avail a Home Loan subsidy under the CLSS PMAY scheme?
Once you become eligible for a Home Loan subsidy under the PMAY scheme, you need to follow the steps below, to begin the application process:
You can check the PMAY status or use the CLSS tracker to know the status of the application.
Important points to note:
The Credit Linked Subsidy Scheme (CLSS) was launched byour Honourable Prime Minister Shri Narendra Modi under the Pradhan Mantri Awas Yojana (PMAY). The scheme is a part of the mission of providing “Housing for all” for the urban poor.
Under the CLSS scheme, Economically Weaker Sections (EWS) / Lower Income Groups (LIG) / Middle Income Groups (MIG), can be eligible for interest subsidy on Home Loans taken for the purchase or construction of a house.
The PMAY scheme was introduced by the Honourable Prime Minister Shri Narendra Modi on Jun 17, 2015.
Any individual belonging to the EWS / LIG / MIG can apply for the Pradhan Mantri Awas Yojana – Credit Linked Subsidy Scheme (PMAY-CLSS).
For instance: If an MIG borrower has purchased a Home Loan of Rs 8 lakh and the interest subsidy applicable on the loan amount is Rs 2,20,000, the subsidy amount would be deducted from the loan amount (Rs 8 lakhs) and the EMI will be applicable on the reduced loan amount, which is Rs 5,80,000.
Both salaried and self-employed customers are applicable customer profiles under the PMAY- CLSS scheme.
The loan under the Pradhan Mantri Awas Yojana – CLSSS is available for a tenure of 20 years.
The PMAY loan eligibility is assessed based on the internal guidelines and processes of the ICICI Bank. You can use the Pradhan Mantri Awas Yojana Calculator to assess the subsidy loan amount. The borrower will be required to produce documents for the PMAY scheme, including ID proof, Address proof, income documents and existing loan details, among others. PAN Card issued in India is no longer considered a valid proof of identity.
No. There is no limit on the amount of loan that can be borrowed through CLSS under the PMAY scheme.
You can apply for CLSS with ICICI Bank, by following the steps below:
Apart from conditions like the first pucca house and carpet area norms, the property will be entitled for interest subsidy, if it satisfies the basic amenity requirements, such as water, sanitation, sewerage, road, electricity etc.
For EWS / LIG income group category, the Home Loan interest subsidy offered is 6.50% p.a. on the loan amount of up to Rs 6 lakh. For the MIG I and MIG II income group category, the interest subsidy is 4% p.a. and 3% p.a. on the maximum loan amount of Rs 9 lakh and Rs 12 lakh, respectively.
To meet the PMAY eligibility, beneficiaries falling under EWS and MIG income groups should meet following the income norms:
The EWS / LIG / MIG applicants can apply for Credit Linked Subsidy Scheme under the Pradhan Mantri Awas Yojana for the purchase / construction / extension / refurbishment of a house. The size of dwelling units should be as below, as per different categories:
No. There is no requirement for submitting additional documents to apply for the Pradhan Mantri Awas Yojana subsidy.
Yes. For all schemes, the Aadhaar Card is mandatory. If you are qualified for the PMAY CLSS for MIG I and MIG II schemes, it is necessary to provide Aadhaar Card details of all the family members.
Yes. If you fall under any of the EWS / LIG / MIG categories, you can apply for a Home Loan under the PMAY scheme.
Terms and Conditions apply.
Scroll to top
Sorry, but the page you were trying to view does not exist.
It looks like this was the result of either:
Home Loan at interest rate starting at 6.75%