PMAY Scheme Overview

In 2015, the Government of India launched a scheme called the Pradhan Mantri Awas Yojana (PMAY).

The PMAY scheme aims to provide affordable housing for all by 2022. We at ICICI Home Finance, are aligned with Central Government's 'Housing for All' mission and offer benefits as outlined in the Pradhan Mantri Awas Yojana (PMAY).

The Ministry of Housing and Urban Poverty Alleviation (MoHUPA) has introduced in June 2015, an interest subsidy scheme called Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana (Urban)- Housing for All, for purchase/ construction/ extension/ improvement of house to cater EWS/ LIG/MIG segments to meet the housing demands in India.

Our home loan product, Apna Ghar is built as an extension of the Pradhan Mantri Awas Yojana (PMAY), which offers you a subsidy benefit of up to ₹ 2.67 lakh. From the application process to the eligibility norms to the repayment options, we are committed to support you in making your and your family’s dreams come true.

If your dream home takes you beyond the gated communities, into gram panchayats and regularised colonies, we will support you. If you cannot arrange formal income proofs like ITR, we will support you. If you have found it difficult to get a home loan in the past or have never really believed you could get one, we will support you! At each of our 135+ ICICI HFC branches, you will find friendly, helpful local experts who will change how you feel about owning a home.

Pradhan mantri awas yojana Benefits

CLSS under PMAY schemes makes the home loan affordable as the PMAY subsidy provided on the interest component reduces the outflow on the home loan. The subsidy amount under the scheme largely depends on the category of income which you belong to as well as the size of the property unit being financed.

When to apply for PMAY?

The PMAY scheme is being implemented in three phases, with the first two phases having ended. Currently, the last phase is on; it began on April 1, 2019, and will end on March 31, 2022.

So if you want to avail of Pradhan mantri awas yojana, the time is now..

Income Groups (for PMAY purposes)
  • EWS/LIG scheme - The mission was effective from June 17, 2015 and PMAY validity is till Mar 31, 2022
  • MIG-1 and MIG-II scheme - The mission was effective from March 31, 2020 and PMAY validity is till Mar 31, 2021 . 

Definition of a beneficiary family: 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.

Other Conditions
  • Income apart, there is another key condition: the beneficiary family should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India;
  • Women Ownership/ Co-ownership- For EWS/LIG: Women ownership is mandatory only for new purchase and not for new construction on an existing piece of land or for enhancement/ repairs of an existing house. For MIG-I and MIG-II: Not mandatory
  • If you are married and want to avail of Pradhan mantri awas yojana benefit, either you or your spouse can apply or do so jointly;
  • Your income as a couple will be considered as a unit; however, if there is another adult earning member in the family, he/she can be treated as a separate household irrespective of their marital status;
  • You must not have any other central government assistance on home purchase/construction;
  • You have to submit a self-declaration about your total family income and documents of the desired property to your loan provider
  • All loan accounts under Pradhan mantri awas yojana must be linked with your Aadhar card

Pradhan mantri awas yojana eligibility

First, the property itself:

  • To avail of the subsidy, the residential property you choose must be a single unit or a unit in any multi-storeyed building.
  • The eligible unit needs to have basic facilities and infrastructure like toilet, water, sewerage, road, electricity etc;

Second, the carpet area (walls not included) must not exceed:

  • EWS – 30 square metre (323 sq ft)
  • LIG – 60 square metre (646 sq ft)
  • MIG-I – 160 square metre (1722 sq ft)
  • MIG-II – 200 square metre (2153 sq ft)

Finally, the location:

PMAY Scheme Loan Limits

  • EWS: Rs 6 lakhs;
  • LIG: Rs 6 lakhs;
  • MIG(I): Rs 9 lakhs;
  • MIG(II): Rs 12 lakhs
All additional loans beyond specified limits, if any, will be provided at non-subsidized rate.
The Net Present Value (NPV) of the interest PMAY subsidy will be calculated at a discount of 9%

PMAY Scheme Loan Tenure

The maximum Home Loan tenure offered under all four categories is 20 Years.

PMAY Scheme Interest Rates

  • EWS: 6.5%; up to Rs 2.67 lakhs
  • LIG: 6.5%; up to Rs 2.67 lakhs
  • MIG(I): 4%; up to Rs 2.35 lakhs
  • MIG(II): 3%; up to Rs 2.30 lakhs

How to Apply for PMAY Scheme

Any household with an annual income up to 18 lakh can apply for PMAY scheme. If you wish to apply for the PMAY subsidy benefit, you can submit your application at any of our 135+ ICICI HFC branches. Our local branch experts will review your request and process your request at earliest. Our aim is to make the process quick and simple for you.

  1. Download and fill the self-declaration form
  2. Submit it at your nearest ICICI HFC Branch
  3. Carry your original ID proof along with Aadhaar card of all family members

*Assessment of your eligibility to avail the benefits of CLSS is at the sole discretion of the Government of India. The content herein is parameters outlined under the PMAY scheme  for assessment of entitlement.

PMAY Subsidy Calculator

Find out if you are eligible for the Pradhan Mantri Awas Yojana (PMAY) and how much subsidy you can get with our PMAY Subsidy Calculator

Have you availed central assistance under any housing scheme from Govt. or any benefit under PMAY?
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To check your name i the latest PMAY list (2021-22), start by checking if you have applied under the Urban segment or the Rural segment.

If you have applied under PMAY Urban segment, follow the below steps:

  • visit
  • click on ‘Select Beneficiary’
  • from the drop-down menu, click on ‘Search by Name’
  • enter your Aadhaar number
  • if your Aadhaar number is available in the database, you will find your name in the list

If you have applied under PMAY Rural segment, follow the below steps:

  • visit
  • enter your registration number and click on ‘Submit’
  •  if the entered registration number is available in the beneficiary database, your details will be reflected
  • to search without registration number, click on ‘Advanced Search’
  • you will be redirected to a page where you will be required to enter details such as your state, district, block, panchayat, name, BPL number and Sanction Order
  • click on search to check the result


To apply for PMAY offline, visit a Common Service Centre (CSC), which is operated by the State Governments. For offline applications, a registration fee of ₹ 25 (plus GST) is applicable. Please carry the following documents to support your application:

  • Identity proof (Aadhar Card/PAN Card/ Driving License / Voter ID Card)
  • Address proof
  • Income proof (Form 16/latest IT return or bank account statement for the last six months)
  • An affidavit that states that you or your immediate family do not own any house in India
  • Valuation certificate for the property that will be purchased
  • Construction agreement with the developer or builder
  • Approved plan of construction
  • The architect or engineer confirming the cost of construction/repairs through a certificate
  • Certificate regarding the fitness of the house
  • NOC from competent authority or the relevant housing society
  • Receipt of advance payment made for the purchase (if applicable)
  • Letter of allotment of property/agreement or other relevant property documents

No. It is not possible to avail PMAY subsidy benefit for an existing home loan. As per the eligibility criteria of this scheme the beneficiary should not own a pucca house in his/her name or in the name of any person in his/her family in any part of India. Thus, the PMAY scheme is only applicable for those people who are looking to buy a home for the first time.

If you are already an existing home loan customer, it means you already own a home in your name and hence, your application to avail interest subsidy under PMAY would be rejected.

If you have applied for the PMAY CLSS subsidy, it takes around 3-4 months to get the subsidy amount.

Once you apply for the loan under PMAY to avail the subsidy, the lender checks your eligibility criteria for the loan and subsidy amount. The lender then sanctions the loan and initiates a claim for the subsidy from Central Nodal Agencies (CNAs). Currently, there are three CNAs — Housing and Urban Development Corp. (HUDCO), National Housing Bank (NHB) and State Bank of India. The CNAs cross-check the application and release the funds, which they receive from the government.

After applying for a PMAY Home Loan at the bank or any other lending institution, you will receive an application ID. You can use this Application ID to track the status starting from the submission of application till the release of subsidy. You will also receive application updates through SMS.

Not every individual is eligible for benefits under the PMAY scheme. Before applying for the PMAY subsidy scheme, you must check if you are eligible for the scheme. The following list clearly specifies who is not eligible to apply for PMAY subsidy:

  • Individuals who already own a pucca house in any part of the country
  • Individuals who have availed benefit from Central / State Government-run housing scheme earlier
  • Individuals who have an annual income of more than ₹ 6 lakh
  • Individuals buying a home outside the list of towns and cities as mentioned by the government for the scheme (this list is updated by the government from time to time)

The PMAY subsidy scheme is offered to families comprising of:

  • Husband
  • Wife
  • unmarried children

Adult earning members, irrespective of their marital status, can be treated as a separate household in the MIG category.

Please note that the family should not own a pucca house in the name of the beneficiary or in the name of any member of the family of the beneficiary, in any part of India.

Your annual family income is the key factor to determine your eligibility for PMAY subsidy scheme.

Please note that family income calculation takes into account the income of all members in a family from various sources including investments, jobs and others.

Refer the following table to understand the income norms of various PMAY Household categories:

 Household category  Annual Family Income
 EWS  ₹ 3 lakh
 LIG  ₹ 6 lakh

To receive the interest subsidy benefit under PMAY, your application goes through the following steps:

  • Once your home loan is disbursed, your lender will send your application details to the Central Nodal Agency (CNA) for validation
  • After due diligence, the CNA will approve the subsidy, if you are eligible
  • The subsidy will be released to your lender
  • Your lender will now credit the same to your Home Loan Account
  • The subsidy will be adjusted in the loan accordingly

On receiving the subsidy into your Home Loan Account, you can check it in your Loan Account Statement. Also, after receiving the subsidy, your EMI amount will also be reduced than before.