PMAY-U is available for
EWS/LIG: New construction, house purchase and addition of rooms, kitchen, toilet etc to existing dwelling as incremental housing.
MIG I and II: Purchase or construction of house.
Beneficiary
A beneficiary family will comprise husband, wife, unmarried sons and/or unmarried daughters. An adult earning member (irrespective of marital status) can be treated as a separate household.
Conditions to be fulfilled
1. None of the family members owns a Pucca (an all-weather dwelling unit) House in any part of India
Residential House/Flat/Villa which is self-occupied and/or rented.
2. Funded House shall have provisions for basic civic amenities like Toilet, water, sanitation, sewerage, road, electricity etc.
3. For EWS/LIG section at least one of the owners of the property should be female with following exceptions.
There is no adult woman member in beneficiary family.
Plot Purchased prior to June 2015 now loan taken for the purpose of construction of loan.
Plot inherited now loan taken for the purpose of construction of loan
4. A beneficiary family should not have availed of central assistance under any housing scheme from Govt of India
Coverage
Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana (PMAY) – Urban is available in 17,778 Statutory Towns and Planning Areas. An updated list of statutory towns and planning areas can be obtained from https://nhb.org.in/government-scheme/pradhan-mantri-awas-yojana-credit-linked-subsidy-scheme
PMAY-U Credit Linked Subsidy Scheme
Particulars | EWS | LIG | MIG I | MIG I | |
Scheme duration | 17.06.2015 to 31.03.2022 | 01.01.2017 to 31.03.2020 | |||
Household income | Up to Rs.3,00,000 | Rs.3,00,001 to Rs.6,00,000 | Rs.6,00,001 to Rs.12,00,000 | Rs.12,00,001 to Rs.18,00,000 | |
Dwelling Unit carpet area (Up to) in Sqmt | 30 Sqmt** | 60 Sqmt** | 160 Sqmt OR 1721 Sqft | 200 Sqmt OR 2152 Sqft | |
Interest subsidy (% p.a) | 6.50% | 4.00% | 3.00% | ||
Maximum Loan Tenure | 20 Years from 01.01.2017 | ||||
Eligible housing loan amount for interest subsidy* | Rs.6,00,000 | Rs.9,00,000 | Rs.12,00,000 | ||
Discounted rate for Net Present Value (NPV) of interest subsidy calculation | 9% | ||||
Upfront amount for subsidy for a 20 years loan | Rs.2,67,280 | Rs.2,35,068 | Rs.2,30,156 |
** For repairs/ renovation the area limit is 30 Sqmt for EWS and 60 Sqmt for LIG. If the borrower constructs or purchases dwelling unit beyond the prescribed area the subsidy will be limited to first 6 lacs only.
*Loans beyond this limit will not be eligible for interest subsidy
Tentative Savings
Example 1 | Example 2 | |
Loan Amount | 1,000,000 | 1,500,000 |
Saving in EMI p.m. | 3,149 | 2,769 |
Total Savings | 736,866 | 647,946 |
*Example 1 assumes annual income of 6 lacs, rate 13%** and tenor 240 months.
*Example 2 assumes annual income of 9 lacs, rate 13%** and tenor 240 months.
**Rate of interest is at the sole discretion of Magma Housing Finance Ltd based on its internal policies.
Implementation
1. Additional loan beyond the specified limit, if any, will be at non-subsidized rate.
2. Interest subsidy will be credited upfront to the loan account of the beneficiary resulting in effective reduced housing loan and EMI
Documents required
1. Adhar card of all household members.
2. Self declaration / Affidavit
Contact us
To fulfill your dream of owning a home and check your eligibility under CLSS PMAY-U scheme
Call us toll free on 1800-266-3202 or write to us on customercare@magmahfc.co.in today!