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 140+ ICICI HFC branches, you will find friendly, helpful local experts who will change how you feel about owning a home.

Benefits

How does PMAY help you?

CLSS under PMAY makes the home loan affordable as the 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 can you apply for PMAY?

The 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 PMAY, the time is now.

Income Groups (for PMAY purposes)
  • EWS: Maximum annual household income ₹ 3 lakhs;
  • LIG: Annual household income ₹ 3,00,001 lakhs to ₹ 6 lakhs
  • MIG(I): Annual household income ₹ 6,00,001 lakhs to ₹ 12 lakhs
  • MIG(II): Annual household income ₹ 12,00,001 lakhs to ₹ 18 lakhs

Definition of a beneficiary family: husband, wife, unmarried sons and/or unmarried daughters. (An adult earning member irrespective of marital status can be treated as a separate household in MIG category)

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;
  • It is necessary that at least one co-applicant be a woman
  • If you are married and want to avail of PMAY 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 the title of the desired property to your loan provider
  • All loan accounts under PMAY must be linked with your Aadhar card

Property 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:

Extension of Existing Property

It is not necessary that you only buy or construct a new house, you can also avail of PMAY benefits for extension of your existing house, whether self-acquired or inherited, if other conditions are met.

The condition relating to not owning a pucca house will not apply if you avail of PMAY benefits for extension of your existing house by adding rooms, kitchen, toilets, etc, but your loan provider has to be informed.

Loan Limits

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

Loan Tenure

The tenures of loans under all four categories are 20 years.

Interest Subsidy 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 

Any household with an annual income up to 18 lakh can apply for this scheme. If you wish to apply for the PMAY subsidy benefit, you can submit your application at any of our 140+ ICICI HFC branches.Our local branch experts will review your request on the spot and will forward the claim to the National Housing Bank. 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 cards of all family members

*Your request for subsidy is subject to approval and clearance from the National Housing Bank can be replaced with- Assessment of your eligibility to avail the benefits of CLSS is at the sole discretion of the Government of India. Content herein are parameters outlined under the 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

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