What Is PMAY?
Pradhan Mantri Awas Yojana (PMAY) is the Government of India's flagship housing scheme that provides interest subsidies on home loans to eligible first-time buyers. Under the Credit Linked Subsidy Scheme (CLSS) component, you receive an upfront subsidy that reduces your effective loan amount.
Who Is Eligible?
Income Categories
- EWS (Economically Weaker Section): Annual household income up to ₹3 lakh
- LIG (Low Income Group): Annual income ₹3–6 lakh
- MIG-I (Middle Income Group): Annual income ₹6–12 lakh
- MIG-II: Annual income ₹12–18 lakh
Key Conditions
- You or any family member should not own a pucca house anywhere in India
- The property must be in your spouse's name, jointly, or in your name (single women encouraged)
- The loan must be from a bank, HFC, or cooperative society registered with NHB or HUDCO
Subsidy Amount
- EWS/LIG: 6.5% interest subsidy on loans up to ₹6 lakh — saves up to ₹2.67 lakh over 20 years
- MIG-I: 4% subsidy on loans up to ₹9 lakh — saves up to ₹2.35 lakh
- MIG-II: 3% subsidy on loans up to ₹12 lakh — saves up to ₹2.30 lakh
The subsidy is calculated as the Net Present Value (NPV) of the interest subsidy and credited directly to your loan account — reducing your outstanding principal upfront.
How to Apply
1. Apply for a home loan at any PMAY-empanelled lender (most major banks qualify) 2. Inform the lender you want to avail PMAY CLSS subsidy 3. Submit the PMAY application form along with your loan application 4. The lender verifies eligibility and submits to NHB/HUDCO 5. Subsidy is credited within 30–60 days of loan disbursement
Taksh Fin helps you identify PMAY-empanelled lenders and ensures your application is correctly filed to avoid delays.