The Pradhan Mantri Awas Yojana (PMAY) is a government scheme to help promote “Housing for all by 2022”. It aims to assist first time home buyers and encourage women to become homeowners by providing an interest subsidy on home loans. The maximum subsidy under PMAY is Rs. 2.67 lacs

The scheme is aimed to provide primary housing for all. The basic eligibility rules, in order to avail PMAY benefits are as follows.

• The applicant’s family* income should not be above Rs.18 lakh per annum
• The maximum RERA carpet area eligible for the subsidy is 200 sqm
• The applicant’s family must not own a house in any part of the country.
• In the case of a married couple, either a single or a joint ownership deal is allowed, and both options will receive just one subsidy.
• The applicant’s family must not have availed the benefit of any housing-related schemes set up by the Government of India.

There are 4 broad categories of the CLSS scheme under PMAY. The categories, and the loan eligibility & subsidy across these categories have been explained in the table below

Rest is simple. Whoever is availing the PMAY subsidy under a particular category, gets the subsidy amount directly deducted from the overall loan amount. This reduces the overall EMI burden. The savings in terms of EMI has been highlighted in the table below.

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