Pradhan Mantri Awas Yojana (Urban) – Credit Linked Subsidy Scheme

Benefit from the PM’s vision of “Housing for all”

More than 50,000 Bandhan Bank customers have already benefitted from this scheme. Pradhan Mantri Awas Yojana (Urban) was launched on June 25, 2015 for facilitating housing capabilities of people in urban areas. The programme was launched for implementation during the period of 2015 to 2022. The programme aims at providing central assistance to implementing agencies through States/Union Territories (UTs) and Central Nodal Agencies (CNAs) for providing houses to all eligible families and beneficiaries against the validated demand for houses for about Rs.1.12 crores. In continuation of the government's efforts towards empowerment of women from EWS and LIG unlike earlier schemes, PMAY has made a mandatory provision for the female head of the family to be the owner or co-owner of the dwelling unit under this mission. Credit Linked Subsidy Scheme (CLSS) details: Under the Pradhan Mantri Awas Yojana (Urban), Credit Linked Subsidy is central sector scheme wherein Interest Subsidy up to Rs.2.67 lakh per house is admissible for Beneficiaries of Economically Weaker Section (EWS)/Low Income Group (LIG), Middle Income Group (MIG)-I and Middle Income Group (MIG)-II seeking housing loans from Banks, Housing Finance Companies and other such institutions for acquiring, constructing and enhancement of house. The interest subsidies of 6.5%, 4% and 3% on loan amount up to Rs.6 lakh, Rs.9 lakh and Rs.12 lakh are admissible for a house with carpet area of up to 60, 160 and 200 sq. meter for EWS/LIG, MIG I and MIG II respectively. The scheme for MIG category was up to March 31, 2019 which has been now extended up to March 31, 2020.

Eligibility for Pradhan Mantri Awas Yojana  

  • The beneficiary family should not own a pakka house in his/her or in the name of any member of his/her family in any part of India. 
  • In case of married couple, either of the spouse or both together in joint ownership will be eligible for a single subsidy. 
  • The beneficiary family should not have availed of central assistance under any housing scheme from Government of India or any benefit under any scheme in PMAY. 
  • One of the owners of the property is a woman (for EWS/LIG). 
  • The family income of the applicants is not more than Rs. 6 lakhs per annum for EWS/LIG segment, Rs. 12 lakhs per annum for MIG-I segment and Rs. 18 lakhs per annum for MIG-II segment. 
  • The applicant(s) must not have any other dwelling unit in their names in any part of the country. 
  • Loan is for purchase / construction of property in select urban cities which are covered under the PMAY by the Ministry of Housing and Urban Affairs. 
  • The carpet area of dwelling unit is up to 160 sq.mts for MIG-I segment and 200 sq.mts for MIG-II segment. 
  • The property being purchased does not benefit from any other Central Government Subsidy. 
  • Adhaar card is mandatory for eligibility under this scheme 

Coverage Details of Pradhan Mantri Awas Yojana  

All statutory towns as per Census 2011 and towns notified subsequently, including planning area as notified with respect to statutory town. 

Bandhan Bank is an approved lender under the Pradhan Mantry Awas Yojana (PMAY) and loans which satisfy the above criteria are being forwarded to the National Housing Bank for approval. Maximum subsidy that can be availed under the scheme is Rs. 2.67 lac per family. Subsidy received from the Central Government is passed on to the customers and the loan amount and monthly instalment amount (EMI) are reduced. 

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