Pradhan Mantri Awas Yojana

In order to empower people to get their dream home, honorable Prime Minister has announced a comprehensive and a progressive mission, 'Pradhan Mantri Awas Yojana – Housing for All' on 17 June, 2015.

One of the major verticals of Pradhan Mantri Awas Yojana (PMAY) is Credit Linked Subsidy Scheme (CLSS) for Lower Income Group/Economically Weaker Section (EWS/LIG) and Middle Income Group (MIG – I & II). Under this scheme, Central government provides financial assistance through lending Institutions to eligible beneficiaries across all statutory towns and their adjacent planning area (updated by the government from time to time).

The interest subsidy is channelized through two central nodal agencies - National Housing Bank (NHB) and Housing & Urban Development Corporation (HUDCO). The apex government bodies channelize subsidy to the lending institutions and they help the eligible applicants to avail subsidy.

Magma Housing Finance Ltd is an approved lender for PMAY-Urban and loan applications which meet eligibility criteria for CLSS subsidy are forwarded to National Housing Bank (NHB) for approval. An applicant can avail maximum interest subsidy of up to Rs 2.67 lacs*. Central government provides interest subsidy which is credited to eligible beneficiary’s loan account.