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Pradhan Mantri Awas Yojana (PMAY)

Pradhan Mantri Awas Yojana (PMAY) – Housing for all (Urban) Mission is launched in compliance with the objective of National Mission Housing providing Housing for All by 2022. This mission will provide central assistance to implementing agencies through States and UTs for providing houses to all eligible families/beneficiaries by 2022.The scheme envisages the provision of interest subsidy to EWS and LIG segments to enable them to buy or construct houses.

Salient features of the scheme are as under:-
  1. Purpose- The scheme is available to only urban poors in EWS/LIG category. Mission with all component has become effective from the date 17.06.2015 and will be implemented upto 31.03.2022.

  2. Eligibility for Credit Link Subsidy Scheme (CLSS) -
    • EWS-Annual household income upto Rs.3 lacs
    • LIG-Annual household income between Rs.3 lacs to 6 lacs.

  3. Affordable Housing through CLSS -
    • Interest subvention subsidy for EWS and LIG for new house or incremental housing.
    • EWS- House sizes upto 30 sq.m.
    • LIG-House sizes upto 60 sq.m
    • The credit linked subsidy will be available only for loan amounts upto Rs.6 lacs and additional loans beyond Rs.6 lacs, if any, will be at nonsubsidized rate.

  4. Housing and Urban Development Corporation (HUDCO) and National Housing Bank (NHB) have been identified as Central Nodal Agencies (CNAs) to channelize this subsidy.

  5. The eligibility and repaying capacity- The eligible loan amount would be assessed by the Bank on the basis of cost of project, income criteria and repaying capacity etc of the borrowers as per regular existing guidelines of our Home Loan.

  6. Rate of Interest, Margin, Repayment period is as per our Home loan scheme.

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