PMAY 2.0 is applicable for home loans sanctioned and disbursed on or after 1st September 2024. The earlier Credit Linked Subsidy Scheme (CLSS), which provided a subsidy of up to ₹2.67 lakh, has been discontinued. In its place, a new Interest Rate Subsidy scheme has been launched, offering an interest subsidy of up to ₹1.8 lakh. While the annual household income criteria remain the same—₹3 lakh (EWS), ₹6 lakh (LIG), and ₹9 lakh (MIG)—the eligibility related to loan amount and property value has been revised to ₹25 lakh and ₹45 lakh, respectively, with a standard carpet area limit of 120 sq. metres. Under PMAY 2.0, the subsidy is available on the first ₹8 lakh of the loan, at an effective rate of interest reduction of 4%, and is credited in five equal instalments, adjusted against the principal outstanding.
Attached herewith is a quick calculator for up to 3,000 loan accounts. Data from Sheet 1 can be directly entered from the system, while Sheet 2 is provided for further analysis and mining.
PMAY 2.0
The Government has introduced PMAY 2.0, effective for home loans sanctioned and disbursed on or after 1st September 2024. Unlike the earlier model, PMAY 2.0 provides an interest rate subsidy benefit of up to ₹1.8 lakh, credited in five equal instalments and directly adjusted against the principal outstanding. The scheme retains the existing annual household income categories—EWS (up to ₹3 lakh), LIG (up to ₹6 lakh), and MIG (up to ₹9 lakh)—but revises the loan and property eligibility norms to a maximum loan amount of ₹25 lakh, property value of ₹45 lakh, and standard carpet area of 120 sq. metres. The subsidy is available only on the first ₹8 lakh of the sanctioned loan, with an interest subsidy rate of 4%.
Old Credit Linked Subsidy Scheme (CLSS)
The earlier Credit Linked Subsidy Scheme (CLSS) under PMAY provided an upfront discounted subsidy of up to ₹2.67 lakh to eligible beneficiaries. The benefit was directly credited to the borrower’s home loan account, effectively reducing the principal amount and thereby lowering EMIs from the very beginning of the loan tenure. CLSS eligibility was based on household income categories—EWS, LIG, and MIG—and the subsidy amount varied depending on the income slab and sanctioned loan amount. The scheme was designed to give immediate relief to first-time homebuyers, but it has now been discontinued with the launch of PMAY 2.0.
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Disclaimer : Brief details hereinabove and annexed sheet is only for understanding purpose only.
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