PRADHAN MANTRI AWAS YOJNA : HOUSING FOR ALL : SUBSIDY ON LOAN INTEREST FULL DETAIL

PRADHAN MANTRI AWAS YOJNA : HOUSING FOR ALL : SUBSIDY ON LOAN INTEREST FULL DETAIL
PMAY Home Loans InterestRates/Subsidy for 2017

Subsidies Explained
Earlier Scheme (2015) – CLSS for EWS/LIG
Revised Scheme (2017) – CLSS for MIG
Loan Amount
Up to Rs. 6 Lakh
Up to Rs. 9 Lakh
Up to Rs. 12 Lakh
Eligibility Criteria
EWS (Annual income of Up to Rs. 3 Lakh) and LIG (Income of up to Rs. 6 Lakh per annum). Women to be the co-owner along with the beneficiary.
MIG 1 – Up to Rs. 12 Lakh per annum
MIG 2 – Up to Rs. 18 Lakh per annum
Subsidy Calculation for a loan tenure of up to 15 years
6.5%
4%
3%
Subsidy Amount
Rs. 2.2 Lakh for a loan of 6 lakh
Rs. 2.35 Lakh for a loan of Rs 9 Lakh
Rs. 2.3 Lakh for a loan of Rs. 12 Lakh
Interest Rates and Subsidy
Interest Rate
10.5%
8.5%
Loan Amount
Rs. 12 Lakh
Rs. 9 Lakh or More
Rs. 12 Lakh or More
Amount Eligible for Subsidy
Rs. 6 Lakh
Rs. 9 Lakh
Rs. 12 Lakh
Subsidy Rate
6.5%
4%
3%
Subsidy Amount
2.2 Lakh
2.35 Lakh
2.3 Lakh

The increased loan amount under the PM Awas Yojana will significantly reduce the monthly installments. The central government instead of 6.5% subsidy on loans up to Rs. 6 Lakh, now providing 4% subsidy on loans up to Rs. 9 Lakh and 3% for home loans up to Rs. 12 Lakh. The loans under PMAY can be availed for a maximum tenure of 20 years (earlier 15). The government has also introduced two new middle income group categories under the scheme.

PRADHAN MANTRI AWAS YOJNA : HOUSING FOR ALL : SUBSIDY ON LOAN INTEREST FULL DETAIL

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