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PM Awas Yojana Loan Scheme 2017 for MIG Under CLSS – Interest Rates & Subsidy

Pradhan Mantri Awas Yojana home loan scheme 2017 for middle income group (MIG) has been announced by the central government. The government has now included middle income group under the credit linked subsidy component of the scheme to provide interest subsidy on the housing loans. Under the scheme, the monthly installment for the housing loans taken in 2017 will come down by Rs. 2000. The government has introduced two MIG categories, MIG-1 and MIG-2 under the new loan scheme.

Persons who have taken/applied for housing loan on or after January 1st 2017 would be eligible to take benefits of up to Rs. 2.35 Lakh under the scheme. Under the new PMAY home loan scheme for MIG, urban families with household income of up to Rs. 18 lakh per annum would be able to take benefits of the scheme. The government has signed MoU with 70 lending institutions for providing home loans to beneficiaries under CLSS for MIG.

The central government has recently extended the last date for availing subsidy on home loan under the CLSS component for MIG. The deadline has been extended by 15 month, i.e. interested MIG applicants can now avail PMAY home loan subsidy till March 2019.


PM Awas Yojana Loan Scheme for MIG – Interest Rates, Subsidy & EMI


   MIG – 1

  MIG – 2

   Household income per annum

  12 Lakh

   18 Lakh

   Interest Subsidy (per annum)



   Maximum loan tenure in years



   Eligible loan amount for interest subsidy under CLSS for MIG

   9 Lakh

   12 Lakh

   Discount rate for Net Present Value (9%) calculation of interest subsidy



   Maximum interest subsidy

   2.35 Lakh

   2.3 Lakh

   Dwelling unit maximum carpet area

  120 Sq. Mt.

  150 Sq. Mt.

   Monthly EMI @ 8.65% without interest subsidy

   Rs. 7,894

   Rs. 10,528

   Monthly EMI @ 8.65% with interest subsidy

    Rs. 5,834

   Rs. 8,509


The total interest subsidy accruing on these loan amounts will be paid to the loan account of beneficiaries up front in one go there by reducing the burden of Equated Monthly Installment (EMI). Additional loans beyond the aforementioned specified limit, if any, will be at non-subsidized rate. There would be no processing fee charged by the PLI’s for applications under the CLSS. The scheme initially would be implemented for one year with effect from 01-01-2017.


CLSS for MIG – Eligibility & Guidelines

Apart from the family as comprising of wife, husband and unmarried daughters and sons, single unmarried youth and earning young adults can also apply for the subsidy under the CLSS for MIG loan scheme. Women with overriding preference to widows, single working women, persons belonging to SC/ST, BC, Differently abled and Transgender people would be given preferences for loans under the scheme.

To be eligible to interest subsidy under CLSS for MIG

1. The beneficiary family should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India.

2. A beneficiary family should not have availed of central assistance under any housing scheme from Government of India.