Credit Linked Subsidy Scheme (CLSS)

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.


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


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

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.


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 today!