PMAY – Features & Benefits
“Housing for All” Mission for urban area has been implemented with effect from 17.06.2015 to provide central assistance to implementing agencies. The Credit Linked Subsidy Scheme is being offered under this mission.
For Middle Income Group(MIG), the interest subsidy will be provided on housing loans for acquisition/construction of houses (including repurchase).
For Economically Weaker Section(EWS)/Lower Income Group(LIG), the interest subsidy will be provided on housing loans for acquisition, construction of house. The Credit Linked subsidy would also be available for housing loansavailed for new construction and addition of rooms, kitchen, toilet etc. to existing dwellings as incremental housing.
The interest subsidy benefit will be upfront on the principal outstanding.
The availability and amount of interest subsidy is subject to meeting income criteria as per various categories under the scheme.
Beneficiary
- A beneficiary family will comprise of husband, wife, unmarried sons and/or unmarried daughters.
- An adult earning member (irrespective of marital status) can be treated as a separate household
Key Parameters*
| Particulars | EWS | LIG | MIG I | MIG II |
| Household Income (Rs. p.a) | 0-3,00,000 | 3,00,001-6,00,000 | 6,00,001-12,00,000 | 12,00,001-18,00,000 |
| Eligible Housing Loan Amount for Interest Subsidy (Rs.) | Up to 6,00,000 | Up to 6,00,000 | Up to 9,00,000 | Up to 12,00,000 |
| Interest Subsidy (% p.a.) | 6.50% | 6.50% | 4.00% | 3.00% |
| Maximum loan tenure (in years) | 20 | 20 | 20 | 20 |
| Maximum dwelling unit carpet area | 30 Sq. m. | 60 Sq. m. | 160 Sq. m. | 200 Sq. m. |
| Discount Rate for Net Present Value (NPV) calculation of interest subsidy (%) | 9.00% | 9.00% | 9.00% | 9.00% |
| Max. Interest Subsidy Amount (Rs.) | 2,67,280 | 2,67,280 | 2,35,068 | 2,30,156 |
| Lump sum amount paid per sanctioned to PLIs in lieu of Processing Fee (Rs.) to the extent of loan amount on which subsidy is applicable. | 3000 | 3000 | 2,000 | 2,000 |
| Application of scheme on existing home loans sanctioned on or after | 17.06.2015 | 01.01.2017 | ||
| Applicability of No Pucca House | Not for renovation/upgradation | Yes | Yes | |
| Woman Ownership/Co-ownership | Mandatory for new acquisition, Not mandatory for existing property | Not mandatory | Not mandatory | |
| Quality of House/Flat Construction | National Building Code, BIS Codes and as per NDMA Guidelines adopted | |||
| Approvals for the Building Design | Compulsory | |||
| Basic Civic Infrastructure (water, sanitation, sewerage, road, electricity etc.) | Compulsory |
Disclaimer
*The Details mentioned above are based on the scheme framed by the Government of India under the Pradhan Mantri Awas Yojana (PMAY). These are subject to change as and when there is a change in the scheme by the Government of India.