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

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