The Pradhan Mantri Awas Yojana (PMAY) was launched back in 2015 with the objective to provide affordable housing to the rural and urban sectors by 2022.

First-time borrowers or individuals who don’t have a concrete house can avail subsidised interest under the CLSS.

Objectives of PMAY

  • The primary objective of the Pradhan Mantri Awas Yojana 2019 scheme is to provide financial assistance to individuals who cannot afford to purchase or construct their house.
  • Offer assistance to marginalised demographics like the scheduled tribes (ST), scheduled castes (SC), and also to women.
  • The economically weaker sections (EWS), lower income group (LIG), middle income group (MIG) are entitled to avail this scheme.

Features of the scheme

  • PMAY is set to benefit 500 Class 1 cities and 4041 towns across the country.
  • Houses constructed under this scheme will be made with eco-friendly construction materials.
  • Senior citizens and differently-abled individuals can specially avail the ground floor of the housing properties.
  • Under CLSS, an individual can get up to 6.5% interest subsidy upon meeting necessary eligibility criteria.
Eligibility
Individuals belonging to LIG or EWS are entitled to avail a 6.5% interest subsidy upon meeting these criteria:
1. Maximum family annual income limit for EWS - Below Rs. 3 Lakh
2. Family annual income for LIG – Rs. 3-6 Lakh
3. Maximum loan amount – Rs. 6 Lakh


Borrowers who belong from the MIG 1 are set to receive a 4% interest subsidy. Criteria to meet:

1. Annual family income – Rs. 6-12 Lakh
2. Maximum loan amount – Rs. 9 lakh

Individuals from MIG 2 can avail an interest subsidy of 3% by fulfilling the following criteria:

1. Annual family income – Rs. 12-18 Lakh
2. Maximum loan amount – Rs. 12 Lakh

If you have already applied for the Pradhan Mantri Awas Yojana scheme, you can check the approval status in PMAY List online from the official website.