Check Overview of PMAY 2021: Prime Minister Awas Yojana


In 2015, India saw a lucrative housing scheme being launched by Prime Minister Narendra Modi. It is called the Pradhan Mantri Awas Yojana (PMAY).

PMAY intends to build tons of affordable houses using sustainable technologies.

The Pradhan Mantri Yojana for housing also offers a credit linked subsidy scheme (CLSS). Under this, you can get a home loan interest subsidy of up to 6.5% and 2.67 lakh.

Let’s take a quick look at the basics of the PMAY scheme in India!

What is the mission of the PMAY scheme in India?

The Pradhan Mantri Awas Yojana scheme has its mission of ‘Housing for all by 2022’. Under this, scores of low-cost houses will be built across rural and urban Indian in small, big and major cities and towns. Women and senior citizens are given first preferences in the allotment of houses and on the ground floor.

What is the credit linked subsidy scheme under PMAY?

The credit linked subsidy scheme under PMAY helps eligible beneficiaries with a pre-decided income level to enjoy home loan interest subsidy.

Hence, if you have the required Pradhan Mantri Awas Yojana eligibility, you can pocket savings on home loan interest rates. The maximum subsidy on the interest rate for housing finance is available up to 6.5% to Rs.2.67 lakh.

Who are eligible to apply for the PMAY CLSS scheme?

A beneficiary family includes a husband, wife, unmarried sons and daughters. They should not have a pucca home anywhere in the country. They also not have availed home solution advantages under earlier launched schemes of the Government. If you meet these Pradhan Mantri Awas Yojana eligibility terms, you can apply for the CLSS. 

Who can benefit under CLSS?

  1. Economically Weaker Section (EWS) earning a yearly income of up to Rs.3 lakh.
  2. Lower Income Group (LIG) taking home an annual income between Rs.3 lakh and Rs.6 lakh.
  3. Mid Income Group 1 (MIG 1), with an annual income between Rs.6 lakh and Rs.12 lakh can apply for CLSS.
  4. Mid Income Group 2 (MIG 2), with a yearly income between Rs.12 lakh and Rs.18 lakh, are entitled to avail of PMAY CLSS benefits.

What are the benefits for income groups applying under PMAY CLSS?

  • People belonging to the EWS category can enjoy a 6.5% subsidy on housing loan interest rate up to Rs.2.67 lakh. The maximum home loan amount is Rs.6 lakh with a tenor of 20 years and a carpet area of 30 sq mt.
  • For LIG applicants, it is possible for them to enjoy all advantages as that of the EWS income category. Their home’s maximum carpet area can only be 60 sq mt.
  • MIG 1 PMAY CLSS applicants can enjoy a 4% home loan interest subsidy up to Rs.2.35 lakh. The maximum loan amount could be Rs.9 lakh, with the home loan carpet area being up to 160 sq mt.
  • MIG 2 PMAY beneficiaries looking to avail of CLSS benefits can avail of 3% subsidy on housing finance with a maximum loan value of up to Rs.12 lakh. To avail of this benefit, the maximum carpet area of the home can’t go beyond 200 sq mt.

If you can submit documents proving that you don’t have any pucca home anywhere in the country, then applying for the PMAY list will be super easy.

The documents required for PMAY are also negligible.

Applicants can also submit documents proving their family income even if they don’t have income proof and without salary slips and ITRs.

You can apply for the PMAY scheme online on the official website and make the most of it to move into your dream home.