Pradhan Mantri Awas Yojana –Credit Linked Subsidy Scheme

The Pradhan Mantri Awas Yojana – Credit Linked Subsidy Scheme (PMAY-CLSS) for the Middle-Income Group (MIG) aims to make home ownership more affordable for middle-income families.

Income Segments:

MIG-I: Annual household income between Rs. 6,00,001 and Rs. 12,00,000.

MIG-II: Annual household income between Rs. 12,00,001 and Rs. 18,00,000.

Interest Subsidy:

MIG-I: 4% interest subsidy on loan amounts up to Rs. 9 lakhs.

MIG-II: 3% interest subsidy on loan amounts up to Rs. 12 lakhs.

Loan Tenure: The subsidy is available for a maximum loan tenure of 20 years.

About the Pradhan Mantri Awas Yojana

The Pradhan Mantri Awas Yojana (PMAY) is a flagship initiative by the Government of India aimed at providing affordable housing to the urban and rural poor.

Launched on June 25, 2015, the scheme has two main components: PMAY-Urban (PMAY-U) and PMAY-Gramin (PMAY-G).

Key Features of PMAY:

Affordable Housing: The scheme aims to construct around 20 million affordable houses by March 31, 2022.