Pradhan Mantri Awas Yojana
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Pradhan Mantri Awas Yojana (PMAY - CLSS)

Under the Pradhan Mantri Awas Yojana, the Government of India aims to fulfil the dream of every first time home buyer in India, by offering him/her an affordable home loan to buy a ‘pucca’ residential house

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The maximum term of your home loan can be up to 30 years and it cannot extend beyond your retirement age or 60* years (whichever is lower).

*70 years for self-employed individuals.

Your home loan amount depends on your annual income and your ability to repay the loan.

    Following are the key criteria for your home loan eligibility:

  • First-time home buyers, who will be the end users.
  • Loan applicant should not have availed any Central/State Government subsidy or benefit for housing under PMAY.
  • Individual loan applicants should not own property under their name at present and along with any of the family members (including dependants).
  • Self-Construction, renovation or improvement loans only for EWS & LIG categories.
  • The property should be in urban areas basis 2011 Census.

For the eligible customers falling under Economically Weaker Sections (EWS) and Low Income Groups (LIG), the credit linked subsidy will be available only for loan amounts up to Rs. 6 Lakh at the rate of 6.5% p.a. for tenure of 20 years (or the tenure of loan, whichever is lower).

The Middle Income Group 1 (MIG 1) the credit linked subsidy will be available only for loan amounts up to Rs. 9 Lakh at the rate of 4% p.a. for tenure of 20 years (or the tenure of loan, whichever is lower).

The Middle Income Group 2 (MIG 2) the credit linked subsidy will be available only for loan amounts up to Rs. 12 Lakh at the rate of 3% p.a. for tenure of 20 years (or the tenure of loan, whichever is lower).

CLSS Scheme TypeEligibility Household Income ()Carpet Area-Max (sqm) Interest Subsidy (%)Subsidy calculated on max. loan ofLoan Purpose Validity of scheme Max Subsidy (Rs.)Woman Ownership
EWS & LIGUp to 6,00,000 60 sqm6.50%6,00,000Purchase/Self Construction/ Extension31/03/20222.67 LakhYes+
MIG 1++6,00,000 to 12,00,00090 sqm4.00%9,00,000Purchase/Self Construction31/12/20172.35 LakhNot Mandatory
MIG 2++12,00,000 to 18,00,000110 sqm3.00%12,00,000Purchase/Self Construction31/12/20172.30 LakhNot Mandatory

+Woman ownership is not mandatory for construction/extentsion ++for MIG - 1 & 2 loan should be approved on/or after 1/1/2017

For Example:

ExampleExample 1Example 2Example 3
Value of your Property (Find out the value of your home in today’s market)6,70,00010,00,00013,50,000
Loan to Value (A comparison between value of your loan and value of your home)90%90%90%
Loan Amount(The total amount of loans available)6,03,0009,00,00012,15,000
Loan Duration(The time duration to pay back loan)20 years20 years20 years
CLSS Subsidy @ 6.50% for 20 Years(Pradhan Mantri Awas Yojana) – ESW & LIG2,40,5512,67,2802,67,280
CLSS Subsidy @ 4% for 20 Years(Pradhan Mantri Awas Yojana) – MIG 11,41,0402,35,0682,35,068
CLSS Subsidy @ 3% for 20 Years 2,30,156 (Pradhan Mantri Awas Yojana) – MIG 21,03,5701,72,6172,30,156

You can pay your home loan EMIs through:

  • Electronic Clearing Service (ECS)/ National Automated Clearing House(NACH)- based on standing instructions, given to your bank
  • Post Dated Cheques (PDCs) - Drawn on your salary/savings account. (Only for locations where ECS/NACH facility is not available.)

Your home loan makes you eligible for certain tax benefits* as per the prevailing laws. This means that you can save more money by claiming deductions in your income tax, against principal and interest amount repaid.

*As per Income Tax Act 1961 rules, the current applicable exemption under section 24(b) is Rs. 2,00,000/- for the interest amount paid in the financial year and up to Rs. 1,50,000/- (under section 80 C) for the principal amount repaid in the same year.

  • What is an EMI?

    EMI (Equated Monthly Installment) is the amount payable to the lending institution every month, till the loan is completely paid off. It comprises of the interest as well as the principal amount.

  • Who can be an applicant?

    To qualify for a home loan with DHFL, you must be:

    • An Indian resident or Non Resident Indian (NRI)
    • Above 21 years of age at the beginning of the loan
    • Below 65 years of age, when the loan matures
    • Either salaried or self-employed (businessman or professional)
  • What are the interest rates offered for home loans? What are daily reducing, monthly reducing and yearly reducing balance?

    Interest rates vary according to the market conditions and are dynamic in nature. The interest on home loans in India is usually calculated either on monthly reducing or yearly reducing balance. In some cases, daily reducing basis is also adopted.

    • Annual Reducing: The principal amount, for which you pay interest, reduces at the end of the year. Thus, you continue to pay interest on a certain portion of the principal which you have actually paid back to the lender. The EMI for the monthly reducing system is effectively less than the annual reducing system.
    • Monthly Reducing: The principal amount, for which you pay interest, reduces every month as you pay your EMI.
    • Daily Reducing: The principal, for which you pay interest, reduces from the day you pay your EMI. The installments that you pay in the daily reducing system is less than the monthly reducing system

    DHFL calculates EMI on monthly reducing basis only.

  • Are securities required for home loans?

    The property to be purchased itself becomes the security and is mortgaged to the lending institution till the entire loan is repaid. Sometimes additional security such as life insurance policies, FD receipts and share or savings certificates are required.

  • What are the tax benefits of home loans?

    Resident Indians are eligible for certain tax benefits on principal and interest components of a home loan. As per Income Tax Act 1961 rules, the current applicable exemption under section 24(b) is Rs. 2,00,000/- for the interest amount paid in the financial year and up to Rs. 1,50,000/- (under section 80 C) for the principal amount repaid in the same year.

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  • Home Loan EMI Calculator

  • Home Loan Eligibility Calculator

Loan Amount
1 Lakh
5 Crore

I authorise DHFL and its representative to call me or SMS me with reference to this enquiry.

Loan Amount
1 Lakh
5 Crore
Calculate EMI
Hi ! Your Loan EMI will be

15,000

p.m.
Loan Amount
1 Lakh
5 Crore
Loan Tenure
1 Year
30 Years
Interest Rate
1%
15%
Apply Online What’s Your Eligibility
Hi Ankit ! EMI you need to pay is

15,000 p.m.

Loan Amount1,55,000
Loan Tenure20 years
Rate of Interest8.05 %
Monthly Income
10,000
10 Lakh

I authorise DHFL and its representative to call me or SMS me with reference to this enquiry.

Hi ! Your Monthly Income is
10,000
10 Lakh
Hi ! Your Loan Eligibility will be

15,000

EMI 12,000p.m.
Monthly Income
10,000
10 Lakh
Loan Tenure
1 Year
30 Years
Interest Rate
1%
15%
Apply Online
Hi ! You are eligible for loan amount of

25,000

EMI 12,000 p.m.
Monthly Income15,000
Loan Tenure 20 years
Rate of Interest 8.05 %

ID & Address proof (any one required)

  • Aadhaar card
  • PAN card (Mandatory, if income is considered for loan eligibility calculation)
  • Valid Passport
  • Voter ID card
  • Driving license
  • Aadhar Card

Driving license

  • Utility Bill: Electricity, Telephone, Postpaid mobile, water bill etc.
  • Ration card
  • Letter from employer
  • Bank statement /copy of Pass book reflecting address
  • Valid Rent Agreement
  • Sale Deed

*National Housing Bank (NHB) had introduced Know Your Customer (KYC) guidelines for housing finance companies. We request you to co-operate with us in complying with these guidelines. – The aforesaid sentence need to reframed with the help of concerned Dept. For eg instead of “Introduced” you can specify as NHB had set guidelines etc.

Salaried individuals

  • Salary slips for the last 2 months or salary certificate*
  • Cash Salary – Income details on Company Letterhead (Salary upto Rs.30, 000 p.m.)
  • Copy of bank statements for the past 3 months (salary account)

*If variable components like over time and incentives are reflected, then salary slips for the past 6 months are required.

Self-employed professional

  • Certificate of qualification for professionals : CA, Doctors or Architects
  • Copy of last two years’ income tax returns, along with computation of income
  • Copy of last two years’ P/L account with all schedules and audited balance sheet, wherever applicable.
  • VAT or Service Tax returns or TDS Certificate
  • Bank statement for the last 6 months (Savings account, current account and O/D account)

Self-employed Non Professionals

  • Copy of your last two years’ income tax returns, along with computation of income
  • Copy of last two years’ P/L account with all schedules and audited balance sheet, wherever applicable
  • VAT or Service Tax returns or TDS Certificate
  • Bank statement for the last 6 months (Savings account, current account or an O/D account)
  • Allotment letter from builder
  • Agreement of Sale
  • Registration and stamp duty receipt
  • Index- ii
  • NOC from builder
  • Own Contribution Receipt (OCR )
  • All builder linked documents (Applicable for cases which are not approved or previously not funded by DHFL)
  • Development Agreement
  • Tripartite Agreement
  • Partnership Deed
  • Sale Deed
  • Title Search Report
  • NA order

Note: Original documents are required for verification purpose only

Customer Stories

DHFL Pradhan Mantri Awas Yojana

 

Pradhan Mantri Awas Yojana is a special initiative from Indian Government.. The core objective of the Pradhan Mantri Awas Yojna is to ensure that affordable housing is provided to everyone, especially to the urban poor. The proposal to build houses through Pradhan Mantri Awas Yojna for the economically weaker sections of society is a mission that DHFL shares with the Government of India.

Following the goal of ‘Housing for all by 2022’, DHFL under the Credit Linked Subsidy Scheme offers affordable home loans for economically weaker sections, low income groups and middle income groups. First time home buyers, who don’t own a pucca residential house can benefit under this special scheme. This is DHFL’s continuous effort in ensuring permanent homes for every Indian, ever since its inception.