Overview of PMAY Scheme
In 2015, a scheme named Pradhan Mantri Awas Yojana (PMAY) was launched by the Government of India.
PMAY scheme aims to provide affordable housing to all by 2022. At ICICI Home Finance, we have aligned with the ‘Housing for All’ mission of the Central Government and provide benefits as mentioned in the Pradhan Mantri Awas Yojana (PMAY).
Ministry of Housing and Urban Poverty Alleviation (MoHUPA) in June 2015 under Pradhan Mantri Awas Yojana (Urban) – Housing for All, to meet the housing demands in India, home purchase/construction of EWS/LIG/MIG segment. To meet the needs of / expansion / improvement, introduced an interest subsidy scheme called Credit Linked Subsidy Scheme (CLSS).
Our home loan plan, Apna Ghar, is designed as an extension of the Pradhan Mantri Awas Yojana (PMAY), in which you get subsidy benefits of up to ₹ 2.67 lakh. From the application process to eligibility criteria to repayment options, we are committed to helping you and your family make your dreams come true.
If your dream home takes you beyond the gated communities to village panchayats and regular colonies, we will help you. If you cannot arrange formal income proofs like ITR, we will assist you. If you have found it difficult to get a home loan in the past or have never thought that you can actually get a home loan, we are here to help! At each of our 135-plus ICICI HFC branches, you’ll find friendly, helpful local experts who will change the way you think about becoming your own home owner.
PMAY Benefits
CLSS under PMAY makes home loans affordable as the subsidy on interest component reduces the outflow on the home loan. The amount of subsidy under the scheme largely depends on the income category to which you belong as well as the size of the asset unit to be funded.
When can you apply for PMAY?
The scheme is being implemented in three phases, the first two phases of which have been completed. Currently, the last phase is in progress; It started on 1st April, 2019 and will end on 31st March, 2022.
So if you want to take advantage of PMAY, this is the time.
Income Group (for PMAY purposes)
EWS/LIG Scheme – This mission was effective from 17th June, 2015 and is valid till 31st March, 2022.
MIG-I and MIG-II Scheme – The mission was effective from March 31, 2020 and is valid till March 31, 2021, subject to further extension.
Definition of beneficiary family: Husband, wife, unmarried sons and/or unmarried daughters. (An adult earning member can be treated as a detached household in the MIG category, irrespective of marital status)
other conditions
Apart from income, there is another important condition: the beneficiary family should not have a pucca house in his name or in the name of any member of his family in any part of India;
For EWS/LIG – Women’s Ownership / Co-Ownership: Women’s ownership is mandatory only for new purchases and for new constructions on an already existing plot, or enhancement/repair of an existing house. For MIG-I & MIG-II: Not mandatory.
If you are married and want to take advantage of PMAY, then you or either of your spouse or both can apply jointly;
Your income as a couple will be treated as one unit; However, if another adult in the family is also the earning member, he/she may be treated as a separate household unit irrespective of his/her marital status;
You should not have received any other assistance from the Central Government for purchase/construction of the house;;
You need to submit a self-declaration about your total family income and desired property title to your loan provider
All loan accounts under PMAY will be linked with your Aadhar card
PMAY Scheme Eligibility
First, the property itself:
To avail the subsidy, the residential property chosen by you should be a single unit or a unit in a multi-storey building.
The eligible unit must have basic amenities and infrastructure like toilets, water, sewerage, roads, electricity, etc.;
Second, the carpet area (not including walls) should not exceed the following:
EWS – 30 sq m (323 sq ft)
LIG – 60 sq m (646 sq ft)
MIG-I – 160 sq m (1722 sq ft)
MIG-II – 200 sq m (2153 sq ft)