PMAY Subsidy Explained: How First-Time Home Buyers Can Avail CLSS Benefits

Written by Vinay Yadav

Vinay holds fair knowledge in legal compliance management. His expertise lies in legal risk analysis, system implementation, consultancy services and execution of government schemes especially the Credit Linked Subsidy Scheme CLSS under Pradhan Mantri Awas Yojana PMAY Urban Housing For All by 2022.

Are you a first time home buyer

Do you know you can be eligible for subsidy upto Rs 2.67 lac from the government on your home loans under Pradhan Mantri Awas Yojana PMAY

Yes, you can turn your dreams into reality like Ajay Sinh Rajput from Ahmedabad who was dreaming from 7 years and now owns a house, thanks to subsidy under CLSS!

Let check the requirements for availing PMAY subsidy

In order to get entitled for subsidy under Credit Linked Subsidy Scheme CLSS of Pradhan Mantri Awas Yojana, you need to satisfy the below eligibility parameters -

Eligibility under EWS/LIG Scheme

1. Home Loan obtained on or after June 17, 2015 qualifies for subsidy under EWS/LIG scheme.

Aadhar of all adult members of household/beneficiary family is mandatory.

2. Before obtaining home loan, ensure the Bank/Housing Finance Company/Financial institution have executed MOU with either National Housing Bank NHB or Housing & Urban Development Corporation HUDCO.

3. Beneficiary family/household should not have availed of central assistance under any housing Scheme from Government of India.

Annual Household/Beneficiary Family* Income shall exceed Rs. 6 Lakhs.

* Household/Beneficiary Family means and includes husband, wife and unmarried children.
An adult earning member irrespective of its marital status be considered as separate household

4. The household/Beneficiary Family shall not own a pucca house anywhere in India. This criterion does not apply in case of extension of house.

5. The property which is being purchased shall have female ownership. The head female member of the household/beneficiary family should be the owner, co-owner in the property.

Exception: In case where there is no female member in the household and in case the household already owns a residential plot prior to June 17, 2015 and intends to construct a dwelling unit/house, female ownership is not mandatory.

6. The house to be purchased or constructed shall fall within statutory towns identified as per 2011 census by the central government.
w.e.f June 26, 2017

Eligibility under CLSS MIG 1 Scheme Maximum subsidy upto 2.35 Lacs

1. Home Loan obtained on or after January 01, 2017 qualifies for subsidy under MIG1 & II Scheme.Ensure that the Bank/Housing Finance Company/Financial Institution have executed MOU with either National Housing Bank NHB or Housing & Urban Development Corporation HUDCO.

1. Beneficiary family/household should not have availed of central assistance under any housing Scheme from Government of India.

2. Annual Household/Beneficiary Family* Income shall be between Rs. 6-12 Lakhs in case of MIG I & Rs. 12-18 Lakhs in case of MIG II.
* Household/Beneficiary Family means and includes husband, wife and unmarried children.
An adult earning member irrespective of its marital status be considered as separate household

3. The household/Beneficiary Family shall not own a pucca house anywhere in India.

4. Female ownership criterion is not mandatory, however, advisable which means that if the property is not owned or co-owned by Female, then also the household is eligible for subsidy benefit under MIG Scheme subject to fulfillment of other criterion.

5. The house to be purchased or constructed shall fall within statutory towns identified as per 2011 census and adjacent planning area.

6. The Carpet Area of the property being purchased/constructed shall not exceed 90 sqmtrs in case of MIG I and not more than 110 sqmtrs in case of MIG II.
w.e.f January 01, 2017