Good news for home buyers!govt extends deadline for loan subsidy on interest to March 31

It is good news for those who nourish the dream to have their own home. As per information, the Prime Minister’ Awas Yojana (PMAY),which was launched by Narendra Modi led NDA government in June 2025 has been granted extension up to March 31 this year. As per the scheme, an interest subsidy of 2.67 lakh is given to the first time buyers of home. With the extension of the scheme, the buyers residing in both urban and rural areas would be able to get interest subsidy to buy affordable homes.

However, since January 2017, the scheme was made applicable to buyers belonging to middle income group. In LIG and EWS categories, buyers with income up to 6 lakh per annum can enjoy benefits of CLSS upto March 22. In MIG 1 and MIG 2 buyers with annual income respectively between 6 lakh- 12 lakh and 12 lakh-18 lakh can, however, reap benefits of the scheme only up to March 31, 2020. Under the scheme, people belonging to LIG and EWS category are entitled to interest subsidy up to 2.67 lakh while those from MIG I and MIG II category can get subsidy up to 2.35 lakh.

Earlier, the scheme was valid for MIG-I and MIG-II up to March 31, 2019.After increasing demand for homes from industry and individual buyers, the scheme has been extended up to March 31, 2020.