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.

PMAY Benefits

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 to 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/LIG scheme - The mission was effective from June 17, 2015 and is valid till Mar 31, 2022
  • MIG-1 and MIG-II scheme - The mission was effective from March 31, 2020 and is valid till Mar 31, 2021 subject to further extension. 

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 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 documents of the desired property to your loan provider
  • All loan accounts under PMAY must be linked with your Aadhar card

PMAY Scheme 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 subsidy will be calculated at a discount rate 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 this 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 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?
Is this your First Pucca House?
Enter Total Annual Family Income
Thirty Thousand
Loan Amount
Ten Lakhs
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8 year's and 1 month

PMAY Subsidy Amount


Subsidy Category


Net Reduction in EMI

Net Reduction value

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PMAY provides central assistance in the form of interest subsidy on housing loan for purchase/construction/extension/improvement of the house to cater to Economical Weaker Section (EWS) / Lower Income Group (LIG) / Middle Income Group (MIG), through implementing agencies like ICICI Home Finance. The scheme implementation period is FY 2015-FY 2022.

Eligibility conditions

Scheme Type





Eligibility and Annual family income

Rs 0 to Rs 3 lakh

Rs 3 lakh to
Rs 6 lakh

Rs 6 lakh to
Rs 12 lakh

Rs 12 lakh to
Rs 18 lakh

Carpet Area - Max (square meters)





Maximum loan amount eligible for subsidy

Rs 6 lakh

Rs 6 lakh

Rs 9 lakh

Rs 12 lakh

Interest subsidy





Maximum eligible subsidy amount

Rs 2.67 lakh

Rs 2.67 lakh

Rs 2.35 lakh

Rs 2.30 lakh

Maximum term of the loan on which subsidy will be calculated

15 years

15 years

20 years

20 years

Scheme period

Upto 31st March 2022

Upto 31st March 2022

Upto 31st March 2021

Upto 31st March 2021

Woman ownership





*Applicable in case of Repair and Renovation

#woman ownership is not mandatory for construction/extension

Other conditions:

  •          The beneficiary family should not own a pucca house in his / her name or in the name of any member of his / her family in any part of India
  •          In case of a married couple, either of or both spouses together (in joint ownership) will be eligible for a single subsidy
  •          The beneficiary family should not have availed central assistance under any other housing scheme from the Government of India or any benefit under any scheme in PMAY

You can track your PMAY application status online easily in 3 easy steps:

i. Logon to the PMAY scheme website:

ii. Choose one of the following options to track the application status:

    a. By Name, Father's Name & Mobile No’


    b. Assessment ID

  Now simply input these details and click on submit. Your application status would be displayed on your screen

The subsidy benefit you get under the PMAY will depend on which segment you fit into- Economically Weaker Section (EWS), Lower Income Group (LIG), or Middle-Income Group (MIG[RJ/1] ). 






Annual family income

Up to Rs 3 lakh

Rs 3 lakh to 6 lakh

Rs 6 lakh to 12 lakh

Rs 12 lakh to 18 lakh


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

Whether you run a small kirana shop or you are employed somewhere, owing a home of your dreams is your basic right. Pradhan Mantri Awas Yojana was launched by the Ministry of Housing and Urban Poverty Alleviation (MoHUPA) in 2015 with a mission ensure housing for all in urban areas.


The PMAY benefits can be availed if you wish to purchase a new house which also includes buying a house on resale. You may even take a loan for the construction of a house through implementing agencies like ICICI Home Finance. You can also upgrade a ‘kutcha’ house to a ‘pucca’ house under the scheme. The interest subsidy rate provided by the scheme is upto 6.5 % on housing loan to all beneficiaries taking loans with a tenure of upto 20 years.


You can track your PMAY application status online easily. Just visit:

Under PMAY, you can opt to repay the loan in upto 20 years while the maximum loan tenure on which the subsidy will be calculated will be 15 years for EWS & LIG schemes. The same is 20 years for MIG schemes.

The Credit Linked Subsidy Scheme (CLSS) component of PMAY offers interest subsidy on home loans availed by salaried as well as self-employed applicants who fall under:

  • EWS (Economically Weaker Section)
  • LIG (Low Income Group)
  • MIG – I (Middle Income Group 1)
  • MIG – II (Middle Income Group 2)

Individuals in the EWS / LIG category will get 6.5% interest subsidy on a loan amount upto Rs 6 lakh. Individuals in the MIG - I category, will get 4% interest subsidy on a loan amount upto Rs 9 lakh while individuals in the MIG - II category will get 3% subsidy on a loan amount upto Rs 12 lakh. With ICICI HFC Apna Ghar Home Loan, you can avail an additional loan at a non-subsidised rate if you need.

Under PMAY - CLSS, the area of the house is different for all categories. The carpet area (the area enclosed within the walls of the house excluding the thickness of the inner walls) of houses eligible for interest subsidy under the CLSS is as below:

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