Pradhan Mantri Awas Yojana (Urban) for ensuring housing for all in urban areas was launched on 25th June 2015 providing pucca houses to all eligible beneficiaries by 2022.

Key Points to be considered:

1. In this scheme Economically Weaker Section (EWS), Low Income Group (LIG) and Medium Income Group (MIG) can avail home loans at reduced EMIs with the help of an interest subsidy.
2. The benefits as per the income categories are as follows:
   1. CLSS EWS/LIG Scheme: LIG and EWS categories are defined as those whose annual household incomes are above ₹3 lakh but below ₹6 lakh .These categories are eligible for a maximum interest subsidy of 6.5%, provided that the unit being constructed or purchased does not exceed the carpet area requirement of 60 square meter (approximately 645.83 square feet). The interest subsidy is limited up to a maximum loan amount of ₹6 lakh.
   2. CLSS MIG 1 Scheme: MIG 1 category is defined as the one with household income of above ₹6 lakh but below ₹12 lakh. The beneficiaries in this category are eligible for a maximum interest subsidy of 4 %, provided that the unit being constructed or purchased does not exceed the carpet area requirement of 160 square metres (approximately 1,722.23 square feet). This subsidy is however limited to a maximum loan amount of ₹9 lakh over a home loan tenure of up to 20 years.
   3. CLSS MIG 2 Scheme: This category is defined as the one with household income of above ₹12 lakh but below ₹18 lakh. The beneficiaries of this category are eligible for a maximum interest subsidy of 3%, provided that the unit being constructed or purchased does not exceed the carpet area requirement of 200 square metres (approximately 2,152.78 square feet). This subsidy is however limited to a maximum loan amount of ₹12 lakh over a home loan tenure of up to 20 years.
3. A beneficiary is defined as a family comprising of husband, wife and unmarried children. Such beneficiary 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 to receive Central Assistance under the Mission.
4. Adult earning member irrespective of marital status are also eligible.
5. Preference under the Scheme will be given to Manual Scavengers, Women (with overriding preference to widows), persons belonging to Scheduled Castes/ Scheduled Tribes/ Other Backward Classes, Minorities, Persons with disabilities and Transgenders subject to beneficiaries being from EWS / LIG segments.
6. A beneficiary who has taken a housing loan and availed of interest subvention under the scheme but later on switches to another PLI for balance transfer will not be eligible or claim the benefit of interest subvention again. Beneficiary can claim interest linked subsidy on only one loan account. In such cases, the subsidy is to be recovered and refunded to the Central Government.
7. Time Period of scheme: For EWS/LIG the validity is 31.03.2022 and for MIG 1 & MIG 2 validity of scheme is 31.03.2021.