Public Sector Bank (PSU)PMAY CLSS Subsidized Home Loan🇮🇳PMAY CLSS SubsidizedVerified: 2026-09-29

PMAY Credit Linked Subsidy Scheme (CLSS) - MIG-II Housing

Primary Lending Institution:Ministry of Housing and Urban Affairs (MoHUA)

3% interest subvention on home loans up to ₹12 Lakh for Middle Income Group families earning ₹12L–₹18L.

Connected Central Government Scheme: Pradhan Mantri Awas Yojana - Urban (PMAY-U / Housing for All)View Scheme Guidelines →

Interest Rate8.40% – 9.35% (3% interest subsidy on ₹12L slab)Floating linked to RLLR / EBLR

Loan Amount QuantumUp to ₹1.5 Crore (Subsidy on first ₹12 Lakh)Subject to LTV & income

Maximum TenureUp to 20 yearsOr up to age 70 years

Processing FeesStandard bank fee on loan amount above ₹12 Lakh

What's Missing: Crucial Fine-Print & Exclusion Gaps

This loan requires the property to be in an approved society/project — self-constructed rural properties often ineligible. Strict income ceiling of ₹18 Lakh household gross annual income.

Note: Eligo publishes these exclusions directly from RBI Master Directions and bank MITC charters to prevent unexpected rejections or non-refundable fee losses.

What is PMAY Credit Linked Subsidy Scheme (CLSS) - MIG-II Housing?

Middle Income Group II (MIG-II) category under PMAY-U providing 3% interest subvention for households earning between ₹12 Lakh and ₹18 Lakh annually.

Key Benefits & Features

Up to ₹2,30,156 upfront principal reduction; expansive carpet area up to 200 sq.m (approx. 2,152 sq. ft.); seamless credit to loan account.

PMAY Interest Subsidy Details

3.00% upfront interest subsidy on principal up to ₹12 Lakh (Max subsidy ₹2.30 Lakh)

Property & Project Eligibility Requirements

Carpet area up to 200 sq.m; statutory urban master plan approved dwelling.

Borrower Eligibility Criteria

Annual household income ₹12,00,001 to ₹18,00,000; carpet area up to 200 sq.m; first-time home buyer with no existing pucca house.

Age Requirement21 to 70 Years

Min. Monthly Income₹1,00,000

Min. CIBIL Score700+

Prepayment PenaltyZero prepayment penalties on floating rate loans

How to Apply (3 Verified Paths)

📱Path 1: Existing Customers

Submit PMAY MIG-II undertaking through your lending institution's mortgage operations.

🌐Path 2: Fresh Online Portal

Apply at bank portal selecting MIG-II home loan under PMAY framework.

🏢Path 3: Branch / RACPC Walk-In

Visit retail asset hub of any commercial bank with salary documents and property agreements.

Eligo does not collect loan applications or borrower information. Apply exclusively on the verified official domain:

Visit Official Portal↗

Documents Required Checklist

Form 16/ITR for 2 years, salary slips for 3 months, Aadhaar card, Sale agreement, Affidavit of first pucca home.

Frequently Asked Questions

What is the maximum subsidy credited in MIG-II?

Under MIG-II, the maximum subsidy credited is ₹2,30,156 calculated on a ₹12 Lakh loan component at a 9% NPV discount rate.

What is the carpet area ceiling under MIG-II?

The dwelling unit carpet area is capped at 200 square metres (approximately 2,152 square feet).

Does the loan tenure have to be exactly 20 years?

No. The loan tenure can be up to 30 years depending on bank norms, but the subsidy calculation is capped at a 20-year repayment schedule.

Can parents and married son take two separate subsidies for two flats in same building?

Yes, if the married son qualifies as a separate household with independent income and neither owns another pucca house.