The Interest Subsidy Scheme (ISS) is part of the Pradhan Mantri Awas Yojana – Urban 2.0 (PMAY-U 2.0). It helps eligible families get home loans at a lower interest rate. This makes it easier for you to afford a home by reducing the cost of your loan.

Here are the key points to know when using our Subsidy Calculator for the ISS:

Who Is Eligible for the Interest Subsidy?

Income Groups:

• EWS (Economically Weaker Section) – Annual income up to ₹3 lakh
• LIG (Lower Income Group) – Annual income up to ₹6 lakh
• MIG (Middle Income Group) – Annual income up to ₹9 lakh

• Loan Amount: You can get a subsidy for loans up to ₹25 lakh.
• Property Value: The property value must be ₹35 lakh or less.
• Size of the House: The house can be up to 120 square meters in size.

How Much Subsidy Can You Get?

• You can get an interest subsidy of 4% on the first ₹8 lakh of your home loan.
• The maximum subsidy you can receive is ₹1.80 lakh, which will be given in 5 equal yearly installments.

What Are the Key Requirements to Qualify?

• Loan Date: The loan must be approved and disbursed on or after September 1, 2024.
• Proof of Income: You need to show your income with a self-certificate or affidavit.
• Loan Duration: The loan must have a tenure of more than 5 years.

What Makes You Ineligible for the Subsidy?

• You can only claim the subsidy once per property. If you sell the house, the new owner cannot use the subsidy.
• If you transfer your loan to another bank, you cannot claim the subsidy again.

Use our Subsidy Calculator to quickly check if you qualify for the subsidy and see how much financial help you can get. It’s a simple tool that helps you make the most of the PMAY-U 2.0 scheme.

Official Source:

• Official PMAY 2.0 Urban Guidlines