Pradhan Mantri Awas Yojana at

By | 08/10/2017


Pradhan Mantri Awas Yojana at

There is a very good news for the home seekers, central government has announced even more subsidy in home loan interest rates under Pradhan Mantri Awas Yojana. Prime Minister Narendra Modi announced the interest subsidy on housing loans taken under Pradhan Mantri Awas Yojana during his speech to the nation on 31st December 2016.
The amount of home loan under the scheme has been increased by double to 12 Lakh and the interest subsidy would now be up to 4%. Below is the interest subsidy comparison of earlier PMAY scheme and revised scheme.

PMAY Home Loans Interest Rates/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


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

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%

Subsidy Amount 2.2 Lakh
2.35 Lakh
2.3 Lakh

Pradhan Mantri Aavash Yojna Details information

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.
At present, the home loans are available from banks and non banking financing companies at interest rates of about 9%. After the interest subvention of 4%, the effective interest rate would fall to 5% which will result in significant reduction in EMI’s.

Pradhan Mantri Awas Yojna at

PMAY Home Loan Interest Rate CalculationFor example, if an individual takes loan of Rs 9 lakh for a 15 years, 4% lower interest rate would save him Rs. 2,011 in EMI every month as his EMI will come down from Rs 9,128 to Rs 7,117. Similarly, on a loan of Rs 12 lakh will save Rs 2,044 in EMI on account of the 3 per cent lower interest rate.

Also Read : All Government Yojna Document List

Pradhan Mantri Awas Yojana at Website Below Disclaimer

Under the Pradhan Mantri Awas Yojana (Urban) {PMAY (U)}, demand survey is conducted by concerned ULBs, offline and online, free of cost. Online registration can also be made by eligible beneficiaries themselves through the Ministry’s website. Registration is also being facilitated by the State / UT Governments at their Common Service Centers (CSCs) at a nominal charge of Rs.25/- (Rupees twenty five only) plus GST. This is for information of the general public that this Ministry has not authorized any private entity or person to collect money as a consideration for availing of any benefit under the PMAY (U) Mission. The citizens are advised to verify with the Ministry officials in case of any doubt in this regard at the following website

Also Read : All Government New Scheme Yojana

Pradhan Mantri Aavash Yojana Government Official Website :

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