PMAY - CLSS
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Attractive subsidies, fast turnaround and easier processing can help you realize the dream of owning your first home.

Housing for All

The Indian Government’s Pradhan Mantri Awas Yojana (PMAY) - Credit Linked Subsidy Scheme (CLSS) is an initiative that makes housing affordable for lower-income groups (LIG) and middle-income groups (MIG) across the country. Applicants for home loans under this scheme get access to interest rate subsidies for the construction, purchase or enhancement of a house.

Attractive subsidies, fast turnaround and easier processing under this scheme can help you realize the dream of owning your first home. Our home loans under the PMAY-CLSS scheme make housing more accessible across the country and contribute in making the dream of “Housing For All” by 2022 a reality.

Category wise eligibility
  Annual Family
Income
Subsidy Maximum
Tenor
Carpet
Area
Maximum Loan
Amount
Maximum
Subsidy
LIG/EWS Upto 6 lakhs 6.50% 20 Years 645 Sqft 6 Lakhs 2,67,280
MIG-1 Lakhs 6-12 4% 20 Years 1722 Sqft 9 Lakhs 2,35,068
MIG-2 Lakhs 12-18 3% 20 Years 2153 Sqft 12 Lakhs 2,30,156

*One women applicant is mandatory to avail PMAY subsidy

  • Purpose
  • Who can apply
  • Benefits
  • Documents required
  • Maximum loan
  • Interest rates

PMAY-CLSS loans are part of the Indian Government’s mission to provide ‘Housing for All’ by 2022.

  • Families or individuals in the Economically Weaker Section (EWS), Low Income Group (LIG), Middle Income Group-I (MIG-I) or Middle Income Group-II (MIG-II).
  • Applicants must be below the age of 70 years.
  • Married couples can apply for joint loans.
  • Families who do not own a pucca home or receive benefits from a government housing scheme already.
  • One adult female membership is mandatory in the property ownership.
  • Property should be co-owned by a female member of the family
  • Salaried.
  • Home loans under the PMAY scheme get access to interest rate subsidies for the construction, purchase or enhancement of a house.
  • Expert guidance at your doorstep
  • Simple, quick and hassle-free process
  • Attractive interest rates
  • Easy documentation
  • Tax benefits
    Section 24

    As per the Section 24 of the Income Tax Act, interest paid on the capital borrowed for the acquisition, construction, repair, renewal or reconstruction of property is entitled to a deduction of a maximum amount ofINR 2,00,000. The property should be self-occupied. For rented out property there is no limit to the amount of deduction.

    Section 80C

    As per the Section 80C of the Income Tax Act, you can get a maximum deduction of INR 1,50,000 from the income, on repayment of principal during a financial year.

  • Duly filled application form with photograph
  • Age proof (PAN card or passport or any other certificate from statutory authority)
  • Residence proof (Passport or driving license or telephone bill or ration card or election card or aadhaar card)

Maximum carpet area of 30 sq. mt. for EWS, 60 sq. mt. for LIG, 120 sq. mt. for MIG-I, and 150 sq. mt. for MIG-II.

Constructions or extension project duration must not exceed 36 months.

Interest rate subsidized up to 6.5%

FAQs - PMAY-CLSS

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.

Registered Office

2nd floor, DLF Centre, Sansad Marg
New Delhi - 110001.
Tel: +91-11-49546000
CIN: U65990DL2017PLC322041

Corporate Office

713 & 714, 'A' Wing, Kanakia Wall Street,
Andheri Kurla Road, Chakala, Andheri (East),
Mumbai - 400093
Tel: +91-22-4938 5000

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