Pradhan Mantri Awas Yojana (PMAY) – Credit Linked Subsidy Scheme (CLSS)
The “Credit Linked Subsidy Scheme” (CLSS) under Pradhan Mantri Awas Yojana (PMAY) was announced by our Honourable Prime Minister Shri Narendra Modi. The scheme envisages the vision of housing for all by the year 2022. Bank offers “Credit Linked Subsidy Scheme” under Pradhan Mantri Awas Yojana
Under this scheme, interest subsidy on purchase/ construction/ extension/ improvement of house is provided to customers belonging to Economical Weaker Section (EWS)/Lower Income Group (LIG)/Middle Income Group (MIG).
The beneficiary family should not have received central assistance under the Mission “Housing for all by 2022”.
- The scheme is offered to families, comprising of husband, wife and unmarried children. (An adult earning member irrespective of marital status can be treated as a separate household in MIG category)
- The family should not own a pucca house in his/ her name or in the name of any member of the family, in any part of India
- Upfront interest subsidy benefit on principal outstanding
- Aadhaar number(s) of the beneficiary family are mandatory for MIG category
- Interest subsidy will be available for a maximum loan tenure of 20 years or the loan tenure availed by the borrower whichever is lower
- There is no cap on the loan amount or on the cost of property.
- The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9 %.
- The additional loan beyond the specified limits, if any to be at non-subsidized rate.
Key Parameters of Credit Linked Subsidy
|Scheme Type||EWS/LIG||MIG – I||MIG – II|
|Eligibility Family Income (Rs.)||EWS – Rs. 0 to Rs. 3, 00,000
LIG – Rs. 3,00,001 to Rs. 6,00,000
|Rs. 6,00,001 to
|Carpet Area-Max (sq. m.)||30 sqm** / 60 sqm**||160||200|
|Subsidy calculated on a max loan of||Rs. 6,00,000||Rs. 9,00,000||Rs. 12,00,000|
|Interest Subsidy (%)||6.50||4.00||3.00|
|Max Subsidy (Rs.)||2.67 Lakh||2.35 Lakh||2.30 Lakh|
|Validity of scheme||31 March 2022||31 March 2019||31 March 2019|
|Woman Ownership||Mandatory*||Non Mandatory||Non Mandatory|
However this stipulation is applicable only for new purchases and not for new construction (on an existing piece of land) or for enhancement/repairs of an existing house.
** This Norm is currently relaxed.
Process to avail subsidy
If you are eligible for PMAY subsidy benefit and have not availed the same while taking Home Loan from us, you can submit your request. The bank will review your request for subsidy claim and will submit the claim to National Housing Bank.
Please follow the below process:
- Click here to download the Self Declaration form
- Submit the duly filled Self Declaration Form at the nearest Easyfinfra Branch.
- Please carry your original ID proof.
- Aadhaar is mandatory to avail subsidy, hence carry original Aadhaar card of all family members.
- Details of family members to be provided correctly
- Signature of all applicants and co-applicants (wherever applicable) is required on Self Declaration form
- Subsidy is subject to approval and clearance from National Housing Bank.