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    Pradhan Mantri Awas Yojana - 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).


    Eligibility

    • The beneficiary family should not have received central assistance under the Mission “Housing for all by 2022”.

    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

    Features

    • Upfront interest subsidy benefit on principal outstanding
    • Aadhaar number(s) of the beneficiary family are mandatory for MIG category
    • Interest subsidy will be available for a maximum loan tenure of 20 years or the loan tenure availed by the borrower whichever is lower
    • There is no cap on the loan amount or on the cost of property.
    • The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9 %.
    • The additional loan beyond the specified limits, if any to be at non-subsidized rate.

    Key Parameters of Credit Linked Subsidy

     

    Scheme TypeEWS/LIGMIG – IMIG – 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** 90 110
    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 December 2017 31 December 2017
    Woman Ownership Mandatory* Non Mandatory Non Mandatory

     

    *The House constructed/acquired should be in the name of female head of the household or in the joint names of male head of the household and his wife. Only in cases, where there is no adult female member in the family, the house can be in the name of male member of the household.
    However this stipulation is applicable only for new purchases and not for new construction (on an existing piece of land) or for enhancement/repairs of an existing house.
    ** This Norm is currently relaxed.

     

    Customer FAQ's

     

    To view the list of locations where the subsidy scheme is available under Pradhan Mantri Awas Yojna, please click here.