PM Home Loan Subsidy Yojana 2024 

The Ministry of Housing and Urban Affairs (MoHUA) introduced the Pradhan Mantri Awas Yojana – Urban (PMAY-U) on 25 June 2015. The initiative aims to provide a pucca house to all eligible urban households by 2022 in order to address the lack of urban housing among the EWS/LIG and MIG categories, which includes those living in slums. The Union Cabinet has decided to extend PMAY(U) till 31 December 2024.  

Basic utilities including a kitchen, toilet, water supply, and electricity are provided in every house under the PMAY-U. The mission offers homeownership under the joint or sole name of a female member, thereby promoting women empowerment.

Additionally, SCs, STs, OBCs, single women, transgender people, differently-abled people, senior citizens, and other vulnerable groups in society have all been given preference. The PMAY-U ensures that the beneficiaries have a sense of security and pride in their houses and live a dignified life.   

  1. Subsidized Interest Rate – Enjoy a low 6.50% p.a. interest rate on housing loans for 20 years.
  2. Priority for Special Groups – Differently-abled and senior citizens receive preferential ground floor allocations.
  3. Eco-Friendly Construction – Sustainable and environmentally conscious technologies utilized in building.
  4. Pan-India Coverage – The scheme spans 4041 statutory towns, with initial priority given to 500 Class I cities in 3 phases.
  5. Early Credit-Linked Subsidy – Implementation of the credit-linked subsidy begins at the project’s inception, covering all statutory towns in India.

In addition to these, people belonging to SC, ST, and OBC categories and women belonging to EWS and LIG income groups will also be eligible for the PMAY scheme.

Identification and Selection of Beneficiaries under PMAY

The Pradhan Mantri Awas Yojana (PMAY-Urban) – Urban schemes primarily target the housing needs of urban poor. Apart from this, the scheme also addresses the housing needs of slum residents living in narrow pockets of slums where infrastructure, sanitation and drinking water are poor.

Beneficiaries of PMAY-U mainly include Middle Income Groups (MIGs), Low-income Groups (LIGs) and Economically Weaker Section (EWS).

While the beneficiaries from the EWS category are eligible for complete assistance under the scheme, beneficiaries from LIG and LIG categories are only eligible for the Credit Linked Subsidy Scheme (CLSS) under PMAY.

In order to be recognised as a LIG or EWS beneficiary under the Scheme, the applicant is required to submit an affidavit as income proof to the authority.

  • Pradhan Mantri Awas Yojana
  • The “Credit Linked Subsidy Scheme” (CLSS) under Pradhan Mantri Awas Yojana (PMAY) was announced by our Honourable Prime Minister Shri Narendra Modi. The scheme envisages the vision of housing for all by the year 2022. ICICI Bank offers “Credit Linked Subsidy Scheme” under Pradhan Mantri Awas Yojana. Under this scheme, interest subsidy on purchase/ construction/ extension/ improvement of house is provided to customers belonging to Economical Weaker Section (EWS)/Lower Income Group (LIG)/Middle Income Group (MIG).
  • • The scheme is offered to families, comprising of husband, wife and unmarried children. (An adult earning member irrespective of marital status can be treated as a separate household in MIG category)

Home loans have longer tenure range between minimum 2 years to maximum 30 years. Depending upon the individual applicant`s profile and lender, the APR (Annual Percentage Rate) of a home loan may vary from 8.35% – 9.50% annually. For Example, If you take a home loan of Rs. 10 lakh at rate of 8.35% with tenure of 30 years, then your EMI amount will be Rs. 7,583. The total payable amount at the end of 30 years would be Rs. 27,29,910/-. Therefore, you`ll be paying total interest amount of Rs. 17,29,910/-.

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