Go Back to Main blog page
Own a Home with Pradhan Mantri Awas Yojana
2
min read
78 views
2686 Likes
Everybody has a dream to own a house. Government of India is continuously working to ensure this dream come true for all home seekers in the country. To embark on their vision of Housing for All by 2022, they launched Pradhan Mantri Awas Yojana.
Credit Linked Subsidy Scheme CLSS under Pradhan Mantri Awas Yojana can be a glad tiding to the pockets of first time home buyers if they know how to take benefits of the scheme.
Home Loan is one of the biggest financial commitments a borrower has. Paying loan EMI has a regular and monthly hit on ones finances. This financial impact can be reduced substantially via the government subsidy CLSS if one fits in the eligibility criteria.
India witnesses a majority of EWS, LIG and middle income group staying in rented homes. To combat this concern, government of India launched PMAY and within the yojana, they introduced CLSS. The scheme facilitates subsidy to eligible borrower, ultimately achieving the vision of Housing For All.
Let know more about CLSSbr />
Credit Linked Subsidy Scheme:
1. Target group: Economically Weaker Section, Low Income Group and Middle Income Group.
2. Property location: All Statutory Towns as per Census 2011 and towns notified subsequently
3. Interest subsidy % p.a.: 6.50% for EWS & LIG, 4% for MIG-I and 3% for MIG-II
4. NPV discount rate: 9%
5. Maximum tenure for subsidy calculation: 20 Years
6. Dwelling unit carpet area*: 30 sq. m. for EWS, 60 sq.m. for LIG, 120 sq.m. for MIG-I and 150 sq. mts for MIG-II.
7. Eligibility conditions
- Annual household income upto Rs.300,000 EWS, 300,001- 600,000 LIG, 600,001-1,200,000 MIG-I and 1,200,001-1.800,000 MIG-II
- Beneficiary family should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India
- Woman Ownership/Co-ownership required for new acquisition EWS & LIG
Note: A beneficiary family comprises of husband, wife, unmarried sons and/or unmarried daughters. An adult earning member irrespective of marital status can be treated as a separate household.
*EWS & LIG can build a house of larger area but interest subvention would be limited to first Rs. 6 Lac only.
To put it more simply, Credit Linked Subsidy Scheme CLSS means that the government will happily cover the interest cost upto Rs. 2.67 Lac for an eligible candidate. There is no upper cap on the value of property https://www.iifl.com/home-loans" target="_blank">Home Loan is taken on.
How does the scheme works
If one takes a Home Loan of Rs. 6 Lac and is supposedly eligible for a subsidy of Rs. 2.67 Lac, the subsidy amount Rs. 2.67 Lac would be reduced upfront from the Home Loan i.e. the Loan amount would reduce to Rs. 3.33 Lac. The customer will have to pay EMIs on the reduced Home Loan amount of Rs. 3.33 Lac only.
It more than delivering homes, it is delivering happiness.
IIFL Home Loans is one of the top private lending institutions in facilitating credit linked subsidy to its beneficiaries. A count of over 6000 customers as on October 31, 2017 under EWS, LIG, MIG and MIG-II categories have been benefited with the subsidy via IIFL.
Tags
Latest Blogs
Financial Education
Tips to Buy Affordable Homes in India
Read Blog
IIFL Home Loans | Oct 20 10:06 AM
38 views
|
0 Likes
Financial Education
Section 80EEA for Under-Construction Properties - How to Claim Tax Benefits
Read Blog
IIFL Home Loans | Oct 20 10:06 AM
258 views
|
0 Likes
Financial Education
Understanding the Different Kinds of Loan Frauds and Staying Vigilant
Read Blog
IIFL Home Loans | Aug 04 7:08 AM
81 views
|
0 Likes
Financial Education
94 views
|
0 Likes
Financial Education
Unlock the Value of Your Property with a Loan: No ITR Required
Read Blog
IIFL Home Loans | May 19 6:42 AM
2,571 views
|
0 Likes
Financial Education
How to Improve Your Credit Score Before Applying for Home Loan
Read Blog
IIFL Home Loans | Apr 12 6:27 AM
147 views
|
0 Likes
Financial Education
1 view
|
0 Likes
Financial Education
Investment In NCD May Manifest A Good And Safe Deal Than Equities!
Read Blog
IIFL Home Loans | Nov 23 4:12 AM
652 views
|
0 Likes
Financial Education
NCD Vs FD: What Is The Difference Between The Two?
Read Blog
IIFL Home Loans | Nov 23 4:12 AM
1 view
|
0 Likes
Financial Education
How can Current Loans and Credit Report- CIBIL impact your loan eligibility?
Read Blog
IIFL Home Loans | Nov 02 9:30 AM
72 views
|
0 Likes
Financial Education
5 Growing Job Opportunities In Fintech Domain
Read Blog
IIFL Home Loans | Sep 14 8:53 AM
98 views
|
0 Likes
Financial Education
Impact Of COVID - 19 On Finance Industry
Read Blog
IIFL Home Loans | May 27 2:45 PM
59 views
|
0 Likes
Financial Education
Myth Vs Facts - RBI COVID-19 Moratorium
Read Blog
IIFL Home Loans | May 27 2:45 PM
39 views
|
0 Likes
Financial Education
5 Books You Can Read While At Home If You Are Bored
Read Blog
IIFL Home Loans | Apr 27 4:30 PM
62 views
|
0 Likes
Financial Education
All about the Angikaar Campaign - What is it, How Does it Work, Benefits & More
Read Blog
IIFL Home Loans | Jan 03 5:30 PM
83 views
|
0 Likes
Financial Education
PMAYU: Your Dream Home Just Got Bigger by 33%
Read Blog
IIFL Home Loans | Jun 13 3:30 PM
105 views
|
0 Likes
Financial Education
Best Ways To Improve Your Home On Low Budget
Read Blog
IIFL Home Loans | May 23 6:30 PM
39 views
|
0 Likes
Financial Education
5 Things to Consider Before Refinancing a Home Loan
Read Blog
IIFL Home Loans | Feb 21 3:30 PM
90 views
|
0 Likes
Financial Education
Recruitment Trends in Housing Finance Sector
Read Blog
IIFL Home Loans | Feb 05 11:00 AM
24 views
|
0 Likes
Financial Education
Smart Cities of India- Mission 2022
Read Blog
IIFL Home Loans | Jan 29 6:15 PM
63 views
|
0 Likes
Financial Education
38 views
|
0 Likes
Financial Education
The Benefits of PMAY
Read Blog
IIFL Home Loans | Jan 23 4:15 PM
338 views
|
0 Likes
Financial Education
Safety Tips for Homes
Read Blog
IIFL Home Loans | Jan 23 3:45 PM
3,071 views
|
0 Likes
Financial Education
Vastu and Astrology Tips for Your Home Design
Read Blog
IIFL Home Loans | Jan 23 2:15 PM
107 views
|
0 Likes
Financial Education
Read About Home Decor Ideas for Small Spaces - IIFL Finance Blogs
Read Blog
IIFL Home Loans | Dec 28 3:00 PM
21 views
|
0 Likes
Financial Education
Read About DDA Aawasiya Yojana 2017
Read Blog
IIFL Home Loans | Dec 28 12:15 PM
20 views
|
0 Likes
Financial Education
16 views
|
0 Likes
Financial Education
Read More About CLSS Scheme of PMAY
Read Blog
IIFL Home Loans | Dec 27 2:45 PM
60 views
|
0 Likes
Financial Education
Rent Vs Buy: To Rent or Buy a Home?
Read Blog
IIFL Home Loans | Dec 19 11:45 AM
23 views
|
0 Likes
Financial Education
Own a Home with Pradhan Mantri Awas Yojana
Read Blog
IIFL Home Loans | Dec 19 11:00 AM
78 views
|
0 Likes
Financial Education
What is the perfect CIBIL score for a home loan?
Read Blog
IIFL Home Loans | Dec 04 12:15 PM
530 views
|
0 Likes
Financial Education
Things That Can Go Wrong With Your CIBIL Report
Read Blog
IIFL Home Loans | Dec 04 11:15 AM
40 views
|
0 Likes
Financial Education
Is your CIBIL score getting you down? Cibil Score
Read Blog
IIFL Home Loans | Dec 04 10:45 AM
1 view
|
0 Likes
Financial Education
How to get a personal loan with low CIBIL score?
Read Blog
IIFL Home Loans | Dec 04 10:30 AM
200 views
|
0 Likes
Financial Education
Why You Should Consider Raj Nagar Extension for an Investment?
Read Blog
IIFL Home Loans | Nov 15 12:45 PM
31 views
|
0 Likes
Financial Education
What are the Requirements for availing PMAY Subsidy?
Read Blog
IIFL Home Loans | Oct 09 5:00 PM
74 views
|
0 Likes
Financial Education
Dwarka Expressway: Booming High
Read Blog
IIFL Home Loans | Sep 01 1:15 PM
30 views
|
0 Likes
Financial Education
Independence Day Anniversary: Housing Sector on a Path to Development
Read Blog
IIFL Home Loans | Aug 24 12:30 PM
18 views
|
0 Likes
Financial Education
Franking and Stamping: What the difference?
Read Blog
IIFL Home Loans | Aug 14 2:45 PM
119 views
|
0 Likes
Financial Education
Customer Service Department Driving Revenue & Profitability
Read Blog
IIFL Home Loans | Jul 07 2:45 PM
58 views
|
0 Likes
Financial Education
Challenges towards Housing for All by 2022
Read Blog
IIFL Home Loans | Jul 07 11:15 AM
66 views
|
0 Likes
Financial Education
Policies Increase the Efficiency of the Work Process!
Read Blog
IIFL Home Loans | Jun 01 12:45 PM
22 views
|
0 Likes
Financial Education
Do You Know the 6 Types of Mortgages?
Read Blog
IIFL Home Loans | Apr 27 2:00 PM
27 views
|
0 Likes
Financial Education
Appraisals On Your Way: 5 Smart Ways To Invest Your Annual Bonus
Read Blog
IIFL Home Loans | Apr 27 11:30 AM
23 views
|
0 Likes
Financial Education
What Are The Benefits Of Buying A House in 20s
Read Blog
IIFL Home Loans | Apr 06 5:45 PM
31 views
|
0 Likes
Financial Education
How Union Budget 2017-18 Benefits India Middle Class Population
Read Blog
IIFL Home Loans | Mar 30 12:30 PM
24 views
|
0 Likes
Financial Education
What is The Significance Of A Credit Score For Buying A House?
Read Blog
IIFL Home Loans | Mar 10 9:45 AM
22 views
|
0 Likes
Financial Education
What Is The Right Age To Buy A Home?
Read Blog
IIFL Home Loans | Jan 31 4:30 PM
45 views
|
0 Likes
Financial Education
Everything You Need to Know About Your CIBIL Score
Read Blog
IIFL Home Loans | Nov 02 12:00 PM
192 views
|
0 Likes
Financial Education
10 Simple Ways to Make Your Home a Happier Place
Read Blog
IIFL Home Loans | Oct 29 2:30 PM
195 views
|
0 Likes
Financial Education
Hacked!!! Why Indian Sailors Get a Loan Rejection?
Read Blog
IIFL Home Loans | Oct 21 2:15 PM
35 views
|
0 Likes
Financial Education
81 views
|
0 Likes
Financial Education
You Need Good CIBIL Score for Home Loans
Read Blog
IIFL Home Loans | Aug 28 4:00 PM
238 views
|
0 Likes
Financial Education
The Importance of Home in Your Daily Lives
Read Blog
IIFL Home Loans | Jul 29 3:30 PM
51 views
|
0 Likes
Financial Education
Kushal Bhartiyo! Labh Uthaye Pradhan Mantri Awas Yojana Ka Aur Banaye Apna Khud ka Ghar
Read Blog
IIFL Home Loans | May 15 3:15 PM
70 views
|
0 Likes
Financial Education
This Festive Season, zaadi from Excess Cost & Give Your Home Smart Look
Read Blog
IIFL Home Loans | Apr 23 9:45 AM
30 views
|
0 Likes
Prelude to Building Green - IIFL Home Loan's Guide to Sustainable Affordable Housing
Download report
Most Read Blogs
Financial Education
10 Simple Ways to Make Your Home a Happier Place
Read Blog
IIFL Home Loans | Oct 29 2:30 PM
195 views
|
0 Likes
Financial Education
5 Books You Can Read While At Home If You Are Bored
Read Blog
IIFL Home Loans | Apr 27 4:30 PM
62 views
|
0 Likes
Financial Education
5 Growing Job Opportunities In Fintech Domain
Read Blog
IIFL Home Loans | Sep 14 8:53 AM
98 views
|
0 Likes
Financial Education
5 Things to Consider Before Refinancing a Home Loan
Read Blog
IIFL Home Loans | Feb 21 3:30 PM
90 views
|
0 Likes
Financial Education
All about the Angikaar Campaign - What is it, How Does it Work, Benefits & More
Read Blog
IIFL Home Loans | Jan 03 5:30 PM
83 views
|
0 Likes
Financial Education
Appraisals On Your Way: 5 Smart Ways To Invest Your Annual Bonus
Read Blog
IIFL Home Loans | Apr 27 11:30 AM
23 views
|
0 Likes
Financial Education
Best Ways To Improve Your Home On Low Budget
Read Blog
IIFL Home Loans | May 23 6:30 PM
39 views
|
0 Likes
Financial Education
Challenges towards Housing for All by 2022
Read Blog
IIFL Home Loans | Jul 07 11:15 AM
66 views
|
0 Likes
Financial Education
Customer Service Department Driving Revenue & Profitability
Read Blog
IIFL Home Loans | Jul 07 2:45 PM
58 views
|
0 Likes
Financial Education
Do You Know the 6 Types of Mortgages?
Read Blog
IIFL Home Loans | Apr 27 2:00 PM
27 views
|
0 Likes
Financial Education
Dwarka Expressway: Booming High
Read Blog
IIFL Home Loans | Sep 01 1:15 PM
30 views
|
0 Likes
Financial Education
Everything You Need to Know About Your CIBIL Score
Read Blog
IIFL Home Loans | Nov 02 12:00 PM
192 views
|
0 Likes
Financial Education
Franking and Stamping: What the difference?
Read Blog
IIFL Home Loans | Aug 14 2:45 PM
119 views
|
0 Likes
Financial Education
Hacked!!! Why Indian Sailors Get a Loan Rejection?
Read Blog
IIFL Home Loans | Oct 21 2:15 PM
35 views
|
0 Likes
Financial Education
81 views
|
0 Likes
Financial Education
How can Current Loans and Credit Report- CIBIL impact your loan eligibility?
Read Blog
IIFL Home Loans | Nov 02 9:30 AM
72 views
|
0 Likes
Financial Education
How to get a personal loan with low CIBIL score?
Read Blog
IIFL Home Loans | Dec 04 10:30 AM
200 views
|
0 Likes
Financial Education
How to Improve Your Credit Score Before Applying for Home Loan
Read Blog
IIFL Home Loans | Apr 12 6:27 AM
147 views
|
0 Likes
Financial Education
How Union Budget 2017-18 Benefits India Middle Class Population
Read Blog
IIFL Home Loans | Mar 30 12:30 PM
24 views
|
0 Likes
Financial Education
Impact Of COVID - 19 On Finance Industry
Read Blog
IIFL Home Loans | May 27 2:45 PM
59 views
|
0 Likes
Financial Education
Independence Day Anniversary: Housing Sector on a Path to Development
Read Blog
IIFL Home Loans | Aug 24 12:30 PM
18 views
|
0 Likes
Financial Education
Investment In NCD May Manifest A Good And Safe Deal Than Equities!
Read Blog
IIFL Home Loans | Nov 23 4:12 AM
652 views
|
0 Likes
Financial Education
Is your CIBIL score getting you down? Cibil Score
Read Blog
IIFL Home Loans | Dec 04 10:45 AM
1 view
|
0 Likes
Financial Education
Kushal Bhartiyo! Labh Uthaye Pradhan Mantri Awas Yojana Ka Aur Banaye Apna Khud ka Ghar
Read Blog
IIFL Home Loans | May 15 3:15 PM
70 views
|
0 Likes
Financial Education
94 views
|
0 Likes
Financial Education
Myth Vs Facts - RBI COVID-19 Moratorium
Read Blog
IIFL Home Loans | May 27 2:45 PM
39 views
|
0 Likes
Financial Education
NCD Vs FD: What Is The Difference Between The Two?
Read Blog
IIFL Home Loans | Nov 23 4:12 AM
1 view
|
0 Likes
Financial Education
Own a Home with Pradhan Mantri Awas Yojana
Read Blog
IIFL Home Loans | Dec 19 11:00 AM
78 views
|
0 Likes
Financial Education
38 views
|
0 Likes
Financial Education
PMAYU: Your Dream Home Just Got Bigger by 33%
Read Blog
IIFL Home Loans | Jun 13 3:30 PM
105 views
|
0 Likes
Financial Education
Policies Increase the Efficiency of the Work Process!
Read Blog
IIFL Home Loans | Jun 01 12:45 PM
22 views
|
0 Likes
Financial Education
Read About DDA Aawasiya Yojana 2017
Read Blog
IIFL Home Loans | Dec 28 12:15 PM
20 views
|
0 Likes
Financial Education
Read About Home Decor Ideas for Small Spaces - IIFL Finance Blogs
Read Blog
IIFL Home Loans | Dec 28 3:00 PM
21 views
|
0 Likes
Financial Education
Read More About CLSS Scheme of PMAY
Read Blog
IIFL Home Loans | Dec 27 2:45 PM
60 views
|
0 Likes
Financial Education
Recruitment Trends in Housing Finance Sector
Read Blog
IIFL Home Loans | Feb 05 11:00 AM
24 views
|
0 Likes
Financial Education
16 views
|
0 Likes
Financial Education
Rent Vs Buy: To Rent or Buy a Home?
Read Blog
IIFL Home Loans | Dec 19 11:45 AM
23 views
|
0 Likes
Financial Education
Safety Tips for Homes
Read Blog
IIFL Home Loans | Jan 23 3:45 PM
3,071 views
|
0 Likes
Financial Education
Section 80EEA for Under-Construction Properties - How to Claim Tax Benefits
Read Blog
IIFL Home Loans | Oct 20 10:06 AM
258 views
|
0 Likes
Financial Education
Smart Cities of India- Mission 2022
Read Blog
IIFL Home Loans | Jan 29 6:15 PM
63 views
|
0 Likes
Financial Education
The Benefits of PMAY
Read Blog
IIFL Home Loans | Jan 23 4:15 PM
338 views
|
0 Likes
Financial Education
The Importance of Home in Your Daily Lives
Read Blog
IIFL Home Loans | Jul 29 3:30 PM
51 views
|
0 Likes
Financial Education
Things That Can Go Wrong With Your CIBIL Report
Read Blog
IIFL Home Loans | Dec 04 11:15 AM
40 views
|
0 Likes
Financial Education
This Festive Season, zaadi from Excess Cost & Give Your Home Smart Look
Read Blog
IIFL Home Loans | Apr 23 9:45 AM
30 views
|
0 Likes
Financial Education
Tips to Buy Affordable Homes in India
Read Blog
IIFL Home Loans | Oct 20 10:06 AM
38 views
|
0 Likes
Financial Education
Understanding the Different Kinds of Loan Frauds and Staying Vigilant
Read Blog
IIFL Home Loans | Aug 04 7:08 AM
81 views
|
0 Likes
Financial Education
Unlock the Value of Your Property with a Loan: No ITR Required
Read Blog
IIFL Home Loans | May 19 6:42 AM
2,571 views
|
0 Likes
Financial Education
Vastu and Astrology Tips for Your Home Design
Read Blog
IIFL Home Loans | Jan 23 2:15 PM
107 views
|
0 Likes
Financial Education
1 view
|
0 Likes
Financial Education
What Are The Benefits Of Buying A House in 20s
Read Blog
IIFL Home Loans | Apr 06 5:45 PM
31 views
|
0 Likes
Financial Education
What are the Requirements for availing PMAY Subsidy?
Read Blog
IIFL Home Loans | Oct 09 5:00 PM
74 views
|
0 Likes
Financial Education
What is the perfect CIBIL score for a home loan?
Read Blog
IIFL Home Loans | Dec 04 12:15 PM
530 views
|
0 Likes
Financial Education
What Is The Right Age To Buy A Home?
Read Blog
IIFL Home Loans | Jan 31 4:30 PM
45 views
|
0 Likes
Financial Education
What is The Significance Of A Credit Score For Buying A House?
Read Blog
IIFL Home Loans | Mar 10 9:45 AM
22 views
|
0 Likes
Financial Education
Why You Should Consider Raj Nagar Extension for an Investment?
Read Blog
IIFL Home Loans | Nov 15 12:45 PM
31 views
|
0 Likes
Financial Education
You Need Good CIBIL Score for Home Loans
Read Blog
IIFL Home Loans | Aug 28 4:00 PM
238 views
|
0 Likes
Disclaimer: The information contained in this post is for general information purposes only. IIFL Home Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment, etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness, or of the results, etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability, and fitness for a particular purpose. Given the changing nature of laws, rules, and regulations, there may be delays, omissions, or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan product specifications and information that may be stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan.