Housing Loan For Public – PMAY – Middle Income Group

Pradhan Mantri Awas Yojana – Housing For All – Credit Linked Subsidy Scheme – Middle Income Group (MIG)
Objective To ensure availability of Housing Loan to Individuals from Middle Income Group (MIG) I and II categories at attractive rates and ensure a house for all.

For acquisition/ construction of house (including re-purchase) of 160 square meters and 200 square meters carpet area (Area enclosed within the walls, actual area to lay the carpet. This area does not include the thickness of the inner walls) as per income eligibility with basic civic infrastructure like water, toilet, sanitation, sewerage, road, electricity etc.

Loans considered for Repair/ Renovation/ Extension will not be eligible for subsidy under the Scheme. Dwelling units of larger carpet area will not be eligible for Subsidy.

Coverage All Statutory Towns as per Census 2011 and towns notified subsequently will be eligible for coverage under CLSS for MIG.
Eligibility Individuals from Middle Income Group (MIG) category. Joint owners from the same family are also eligible.
  • MIG I households - households having an annual income above Rs. 6,00,000 (Rupees Six Lakhs) and up to Rs.12,00,000 (Rupees Twelve Lakhs) and house size with carpet area upto 160 square meter.
  • MIG II households - households having an annual income above Rs. 12,00,000 (Rupees Twelve Lakh) and up to Rs. 18,00,000 (Rupees Eighteen Lakhs) and house size with carpet area upto 200 square meter.
Beneficiary Family A beneficiary family will comprise of husband, wife, unmarried sons and/or unmarried daughters. An adult earning member (irrespective of marital status) can be treated as a separate household;
  • Provided that he / she does not own a pucca (an all weather dwelling unit) house in his / her name in any part of India.
  • Provided also that in the case of a married couple, either of the spouses or both together in joint ownership will be eligible for a single house, subject to income eligibility of the household under the Scheme.
Quantum of Finance Need Based as per the existing housing loan scheme to public.
Margin (Borrower`s contribution)
Loan up to Rs. 75 lac 20%
Loans above Rs. 75 lac 25%
However Cost of stamp duty, registration and other documentation charges may be added to the cost of the house/dwelling unit for the purpose of calculating LTV ratio in cases where the cost of the house/dwelling unit does not exceed Rs.10 lac.
Disbursement As per extant housing loan scheme to public.
Credit Linked Subsidy
Particulars MIG I MIG II
Interest Subsidy (% p.a.) 4.00% 3.00%
Maximum loan tenure (in years) 20 20
Eligible Housing Loan Amount for Interest Subsidy (Rs.) 9,00,000.00 12,00,000.00
Dwelling Unit Carpet Area 160 Sq. m. 200 Sq. m.
Discount Rate for Net Present Value (NPV) calculation of interest subsidy (%) 9.00% 9.00%
Maximum Subsidy Amount 235068.00 230156.00
  • The subsidy is available at the applicable rates for tenure of 20 years or during tenure of the loan whichever is lower.
  • Subsidy will be available only for loan amounts indicated above and additional loans beyond the aforesaid limit, if any, will be at non-subsidized rate.
  • The Net present value of the interest subsidy will be calculated at a discounted rate of 9%.
  • Interest subsidy will be credited upfront to the loan account of beneficiaries.
Security Equitable/registered mortgage of the property in question.
Repayment Up to age of 70 years or 30 years, including moratorium period, whichever is earlier.
The income of the spouse and earning children (whether married or unmarried) and of the joint owners can be added for determining the income for the purpose of borrowers` repaying capacity. In such cases, they should be made co-borrower.
Subsidy will be available for a maximum loan tenure of 20 years.
Repayment Holiday/ Moratorium For Construction/ Additions of House/ Flat: Till completion of construction (including additions) or 18 months, from the date of disbursement of first installment of the loan, whichever is earlier.

For purchase of ready built House/ flat: Till the date of possession or 3 months from the date of advance, whichever is earlier.
For under-construction flats/houses built by approved private builders:
Till possession is handed over to the purchaser (borrower);
36 months from the date of disbursement of first installment of the loan;
Whichever is earlier, subject to interest being collected on monthly basis (as and when debited) during the moratorium period.
Rate of Interest Click Here
Loan will be allowed under Floating Rate Option only
Processing Charges/ Upfront fee Click Here
Documentation Charges Click Here
Read More
The Ministry of Housing & Urban Affairs (GOI) Notifications No.I-11016/15/2016-HFA-4(Pt.)/E.9029212 dated 31.12.2018 Read More

Above are only salient features of the scheme. For details please contact nearest branch

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