🧾 Key Features of PMAY Loans
| Feature | Description |
|---|---|
| 🏦 Subsidy Type | Interest Subsidy under Credit Linked Subsidy Scheme (CLSS) |
| 💰 Subsidy Amount | Up to ₹2.67 lakh per family |
| 📉 Interest Subsidy | 3% to 6.5% on loan amount (on eligible portion) |
| 🏠 Loan Purpose | Home purchase, construction, extension, or renovation |
| 📆 Loan Tenure | Up to 20 years (interest subsidy applicable) |
| 🔒 Collateral | The house property being financed |
✅ Eligibility Criteria
Must not own a pucca house in any part of India
Family includes husband, wife, and unmarried children
No prior benefit from any housing scheme of the government
Should meet income and carpet area limits as per category
Loan should be taken from approved banks/NBFCs under PMAY
Apply Loan
📋 Documents Required
Aadhaar Card (mandatory for all family members)
Income proof / salary slips / ITR
PAN card
Address proof
Property documents
Bank statements
Builder agreement / estimate for construction
👨👩👧👦 Who Can Apply? (Beneficiary Categories)
| Category | Annual Household Income | Maximum Carpet Area | Subsidy % | Max Loan for Subsidy |
|---|---|---|---|---|
| EWS | Up to ₹3 lakh | Up to 30 sq.m. | 6.5% | ₹6 lakh |
| LIG | ₹3–6 lakh | Up to 60 sq.m. | 6.5% | ₹6 lakh |
| MIG-I | ₹6–12 lakh | Up to 160 sq.m. | 4.0% | ₹9 lakh |
| MIG-II | ₹12–18 lakh | Up to 200 sq.m. | 3.0% | ₹12 lakh |
💡 How the Subsidy Works
You take a home loan (e.g., ₹10L for 20 years)
Based on your income category, you get interest subsidy on a certain portion (e.g., ₹6L or ₹9L)
The subsidy amount (say ₹2.35L) is credited upfront to your loan account
Your EMI reduces accordingly
🧮 Example
Rina, an LIG category applicant, takes a loan of ₹6 lakh at 9% interest.
Under PMAY, she gets 6.5% interest subsidy on ₹6 lakh.
Subsidy = ~₹2.67 lakh.
This amount is credited to her loan account, reducing the EMI significantly.
🛑 Important Notes
PMAY-Urban and PMAY-Gramin are different (for city and rural areas)
PMAY-Gramin is for rural households under a different process
The subsidy is one-time per family