Pradhan Mantri Awas Yojana (PMAY) is one of the major schemes of the Indian Government.
It was launched in 2015 by PM Narendra Modi to provide affordable housing solutions to the urban and rural poor.
PMAY also has the provision to offer home loan interest rate subsidies under the credit linked subsidy scheme (CLSS).
Let’s know more about CLSS in this post!
What is PMAY’s credit linked subsidy scheme?
Anyone having the PMAY eligibility can apply under the credit linked subsidy scheme and avail of a home loan interest rate subsidy.
This way, they can save big on interest charges of home loans and pay reduced EMIs.
Based on one’s income group, it is possible to enjoy an interest rate subsidy of up to 6.5% at Rs.2.67 lakh. The maximum loan amount to avail it is up to Rs.12 lakh.
Who can get how much PMAY home loan interest rate subsidy?
Economically Weaker Section (EWS) – Yearly income – Up to Rs.3 lakh – Maximum home loan amount – Rs.6 lakh. Interest rate subsidy – 6.5% (Rs.2.67 lakh).
Lower Income Group (LIG) – Yearly income – Between Rs.3 lakh and Rs.6 lakh – rest remains same as EWS.
Middle Income Group 1 (MIG 1) – Yearly income – Between Rs.6 lakh – Rs.12 lakh. Maximum home loan amount – Rs.9 lakh. Interest rate subsidy – 4% (Rs.2.35 lakh).
Middle Income Group 2 (MIG 2) – Yearly income – Between Rs.12 lakh – Rs.18 lakh. Maximum home loan amount – Rs.12 lakh. Interest rate subsidy – 3% (Rs.2.3 lakh).
Anyone falling under these mentioned income categories and not having any pucca home anywhere in India can apply for the PMAY home loan and enjoy savings.
Read Also: Pradhan Mantri Awas Yojana: Benefits of PMAY
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