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Credit Linked Subsidy Scheme (CLSS), Nov 2021

Credit Link Subsidy Scheme: Details

Last Updated 29th Nov 2021

  • Credit Linked PM Awas Yojana Subsidy Scheme, was launched by the Modi government in June 2015 to promote “Housing for All”.
  • Under the CLSS scheme, the Government provides interest subsidy of up to 6.5% on housing loans for a tenure of 20 years.
  • Credit Link Subsidy Scheme can only be availed by first time home loan borrowers if they meet specific eligibility criteria for the loan amount, annual income and carpet area of the house.
  • The CLSS scheme is categorised into 4 groups which are EWS, LIG, MIG-1 & MIG-2.
  • You can apply for the PMAY CLSS scheme online through PMAY website or at MyLoanCare.
PMAY Subsidy Calculator
Best Offers on Home Loan offerOffers
Bank/NBFCs Rate* EMI per Lakh* Action
SBI6.65%₹ 642Check Eligibility
HDFC6.70%₹ 645Check Eligibility
ICICI Bank6.70%₹ 645Check Eligibility

* Starting From

What is PMAY CLSS?

PMAY CLSS or Pradhan Mantri Awas Yojana Credit Linked Subsidy Scheme is a Central Government scheme under which you can avail an Interest subsidy on the first home loan for purchase, construction, renovation or extension of the house. The Interest subsidy is credited upfront upto 6.5% to the loan amount and is deducted from the loan amount for a maximum tenure of 20 years.

Who is Eligible for CLSS?

To avail of the benefits of the PMAY CLSS scheme, you must fulfil the eligibility criteria as mentioned below:

  • You can avail home loan subsidy only if you are a first-time home loan borrower.
  • If you have previously availed any Government scheme for the house, you cannot avail a home loan subsidy under the PMAY scheme.
  • The loan is available to all Indian citizens, including women citizens.
  • In case of married couples, either the spouse or both together in joint ownership can get a single subsidy.
  • The amount of credit linked subsidy schemes differs from individual to individual based on the income level.

CLSS for Economically Weaker Section (EWS) and Low Income Groups (LIG)

Individuals with income of up to ₹ 6 Lakh fall under EWS (Economically Weaker Sections) and LIG (Low Income Group). Under this category, you can get an interest subsidy of 6.5% for a loan amount of up to ₹ 6 Lakh and a carpet area of 60 sqm.

CLSS scheme type EWS And LIG
The maximum annual income of the applicant Upto ₹ 6 Lakh
Max carpet area (sq m) of house 60 sqm
Interest subsidy (%) 6.50%
Subsidy calculated on Maximum Loan amount of ₹ 6 Lakh
PMAY CLSS Subsidy Amount ₹ 2.67 Lakh

CLSS for Middle Income Group (MIG-1)

Individuals with income of up to ₹ 12 Lakh fall under the MIG (Middle Income Group) group. Under this category, you can get an interest subsidy of 4% for a loan amount of up to ₹ 9 Lakh and carpet area of 160 sqm.

CLSS Scheme Type MIG 1
The maximum annual income of the applicant Upto ₹ 12 Lakh
Max carpet area (sq m) of house 160 sqm
Interest subsidy (%) 4.00%
Subsidy calculated on Maximum Loan amount of ₹ 9 Lakh
Maximum Interest subsidy (Rs) ₹ 2.35 Lakh

CLSS for Middle Income Group (MIG-2)

Individuals with income of up to ₹ 18 Lakh fall under the MIG (Middle Income Group) group 2. Under this category, you can get an interest subsidy of 3% for a loan amount of up to ₹ 12 Lakh and carpet area of 200 sqm.

CLSS Scheme Type MIG 2
The maximum annual income of the applicant Upto ₹ 18 Lakh
Max carpet area (sq m) of house 200 sqm
Interest subsidy (%) 3.00%
Subsidy calculated on Maximum Loan amount of ₹ 12 Lakh
Maximum Interest subsidy (Rs) ₹ 2.30 Lakh

How is Interest Subsidy calculated under CLSS?

The Interest Subsidy under CLSS is credited upfront to the loan amount, and the amount of subsidy is deducted from the loan amount for the calculation of EMI. Consider this example to understand better:

Suppose you avail a home loan amount of ₹ 12 Lakh at a 9% Rate of Interest, then home loan EMI equals to ₹ 10,796 . If you are eligible for a maximum subsidy amount of ₹ 2.30 Lakh, the reduced loan amount will be ₹ 12 Lakh- ₹ 2.30 Lakh= ₹ 9,70,000. The new home loan EMI will now be calculated at a 9% interest rate.

Eligible Loan Amount (A1) ₹ 12,00,000
At 9% EMI (A) ₹ 10,797
NPV at 3%( Max Subsidy Amount) B1 ₹ 2,30,000
Reduced Loan Amount( A1-B1) ₹ 9,70,000
At 9% EMI (B) ₹ 8,727
EMI Saved(A-B) -₹ 2,069
Total Interest Saved (C-D) -₹ 2,66,649

Key points on CLSS

Some key points of the CLSS subsidy scheme are listed as follows:

  • The Credit Link Subsidy Scheme under Pradhan Mantri Awas Yojana was introduced by the Government in the year 2015 to provide affordable Pucca houses to 20 million households by the year 2022.
  • Under this scheme, you can avail home loan subsidy of 6.5% per annum.
  • To avail CLSS, you must be a first time home loan borrower.
  • Under the PMAY CLSS scheme, there is no cap on the maximum loan amount you can apply for. If the loan amount you apply for is beyond the specified limits, then the interest rate for an additional loan amount will be calculated at regular home loan rates.

How to avail CLSS?

You can also apply for the PMAY scheme through online and offline modes. To apply for the CLSS scheme online, follow the steps as mentioned below:

  • Visit the PMAY official website on pmaymis.gov.in.
  • Next, under the citizen assessment option, choose between 'For slum dwellers' and 'Benefit under the other three components' and enter the Aadhar details on the page displayed.
  • Also, fill in necessary information such as name, contact number and others in the application form.
  • After filling the form, enter the Captcha code and click on the Save button.

CLSS Helpline Number

If you have any concerns or queries regarding Credit Linked Subsidy Scheme, you can contact the CLSS Helpline Number mentioned below:

Central Nodal Agency Helpline Number
National Housing Board 1800-11-3377, 1800-11-3388
Housing and Development Corporation (HUDCO) 1800-11-6163
SBI 1800-11-2018

FAQs

How is PMAY subsidy credited?

The PMAY subsidy is credited upfront to the home loan account of the beneficiary. The subsidy amount is deducted from the loan amount and the beneficiary needs to pay the EMI on Actual Home Loan Amount- PMAY subsidy on the agreed home loan rate.

How much time does it take to get a PMAY CLSS subsidy?

After the verification of documents, the eligible beneficiaries can receive the subsidy amount between 3-4 months. This however, may depend upon the home loan lender and also on the eligibility parameter fulfilled by the applicant.

How can you check CLSS status?

Once you have applied for CLSS, you can track the status of your application on the official website of PMAY. To know your status you need to click on ‘Select Beneficiary’, then on ‘Track your Assessment Button’. On the new page displayed enter your details such as mobile number or Assessment ID . You can also track your CLSS status by calling toll-free numbers 1800-11-3377, 1800-11-3388 and 1800-11-6163.

What is the maximum subsidy under PMAY CLSS?

Under the CLSS scheme, the Government provides an interest subsidy of up to 6.5% on housing loans for a tenure of 20 years. The amount of CLSS subsidy depends on the eligible loan amount under PMAY CLSS scheme.

Is there any loan limitation on the PMAY - Credit Linked Subsidy Scheme?

No, there is no limit on the loan you can avail. However, the maximum limit on CLSS is limited to ₹ 6 Lakh.

Are the Interest Rates on Pradhan Mantri Awas Yojana - CLSS floating or fixed?

The interest rate on the Pradhan Mantri Awas Yojana CLSS varies for different income groups and is fixed at 3%, 4% and 6.5%.

How to avail the CLSS?

You can avail Interest Subsidy if you fulfill the PMAY eligibility criteria through PMAY website. For this, you are required to enter aadhar details, name, contact number and others in the application form. After filling the form, enter the Captcha code and click on the Save button.

How to get subsidy on Credit linked Subsidy Scheme?

You can avail credit-linked subsidy if you fulfil the following eligibility criteria:

  • You are a first-time home loan borrower.
  • Your annual household income falls upto ₹ 18 Lakh.
  • You have not previously availed any home loan benefit from the State or Central Government.

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