The "Credit Linked Subsidy Scheme” (CLSS) under Pradhan Mantri Awas Yojana (PMAY) was announced by our Honourable Prime Minister Shri Narendra Modi. Under this scheme, interest subsidy on purchase or construction or extension or improvement of a house is provided to customers belonging to the Economical Weaker Section (EWS) or Lower Income Group (LIG) or Middle Income Group (MIG). In order to be eligible, the beneficiary family should not have received any central assistance under the “Housing for all by 2022” mission.

A beneficiary is defined as:

• A family comprising of husband, wife and unmarried children.
• Beneficiary can also be an unmarried individual, earning member of the family (only for MIG scheme).
• Beneficiary should not own a pucca house either in his or her name or in the name of any member of his or her family in any part of India.
• Beneficiary should not have received central assistance under the CLSS scheme.
• Beneficiary should meet the income criteria defined as per various categories under the scheme.

The bank or financial institution will claim subsidy benefit for eligible borrowers from the National Housing Bank (NHB). The NHB will conduct a due diligence to exclude claims where a customer has submitted multiple requests. For all eligible borrowers, the subsidy amount would be paid to the bank or financial institution. Once the bank or financial institution receives the interest subsidy, it will be credited upfront to the loan account. The subsidy will be calculated on Net Present Value (NPV) at a discount rate of 9%.

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

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

Yes, you can avail this facility, subject to meeting the income and other criteria defined under this scheme.

Yes, for processing the subsidy under PMAY CLSS for MIG I and MIG II schemes, it is mandatory to furnish the Aadhaar card details of all the family members.

The Pradhan Mantri Awas Yojana CLSS scheme for Middle Income Groups was launched by the Government on January 1, 2017.

No, there are no additional documents except a declaration of not owning a pucca house and annual household income.