The Credit Linked Subsidy Scheme (CLSS) for housing offers an interest subsidy of 6.5% p.a. (up to 2.67 Lakhs) under Pradhan Mantri Awas Yojana (PMAY). It helps lower your monthly EMIs substantially, thus making your home buying decision more affordable.
|Scheme duration||17.06.2015 to 31.03.2022||01.01.2017 to 31.03.2021|
|Household income||Up to 3,00,000/-||3,00,001/- to 6,00,000/-||6,00,001/- to 12,00,000/-||12,00,001/- to 18,00,000/-|
|Dwelling Unit carpet area (up to) in sqm||30#||60#||160||200|
|Interest subsidy (% p.a)||6.50%||4.00%||3.00%|
|Maximum Loan Tenure||15 Years (17.06.2015 to 31.12.2016)||Not Applicable|
|20 Years (01.01.2017 Onwards)|
|Eligible housing loan amount for interest subsidy*||6,00,000/-||9,00,000/-||12,00,000/-|
|Discounted rate for Net Present Value (NPV) of interest subsidy calculation||9%|
|Upfront amount for subsidy for a 20 years loan||2,67,280/-||2,35,068/-||2,30,156/-|
|Saving in Monthly EMI (₹) Approx. @Loan Interest of 10%||2,500/-||2,250/-||2,200/-|
|Total Savings (₹) Approx.||6,00,000/-||5,40,000/-||5,28,000/-|
Interest subsidy is credited upfront to the loan accounts of beneficiaries through Primary Lending Institutions resulting in reduced effective housing loan and Equated Monthly Instalment (EMI). Net Present Value (NPV) of the interest subsidy is calculated at a discount rate of 9 %.
# The beneficiary, at his/her discretion, can build a house of larger area but interest subvention would be limited to the first Rs. 6 lakh only.
* Loans beyond this limit will not get interest subvention.