The
Pradhan Mantri Awas Yojana (PMAY) Credit Linked Subsidy Scheme (CLSS) -
‘Housing for All’ is a home loan scheme launched by our honourable Prime
Minister Shri Narendra Modi. The scheme envisions 'Housing for All' by the year
2022. It benefits people belonging to the Economically Weaker Section (EWS),
Low Income Group (LIG), Middle Income Group-I (MIG-I), and Middle Income
Group-II (MIG-II) of society. Beneficiaries availing this scheme are eligible
to avail interest subsidy on the purchase or construction of a house or the
enhancement of dwelling unit.
Eligibility
· * People belonging to the Economically
Weaker Section (EWS), Low Income Group (LIG),Middle
Income Group-I (MIG-I) and Middle Income Group-II (MIG-II) are eligible for
this scheme
· * Age of the applicant must be 70
years or less
· * Income range of the applicant must
be below Rs. 3 lakhs per annum for economically weaker sections and between Rs.
3 - 6 lakhs per annum for lower income groups
· * Women who are citizens of India are
eligible
Beneficiary
· * They must meet the income requirement
of the scheme.
· * The beneficiary family should not
already own a ‘pucca’ house anywhere in India under their own name.
· * The beneficiary family should not
have already availed any other central assistance under any housing scheme from
the Government of India or benefit under any scheme in Pradhan Mantri Awas
Yojana (PMAY).
· * The beneficiary family shall
comprise of husband, wife and unmarried children. However, under the MIG
category, an adult earning member irrespective of his/her marital status can
also be treated as a separate household.
· * For married couples, either spouse
or both of them together in joint ownership can be eligible for a single
subsidy.
· * Exception: An adult earning member (irrespective of marital status) can
be treated as a separate household – which means a bachelor availing a loan can
also avail subsidy if he/she is buying property in his/her name.
Coverage
All Statutory Towns as per Census 2011 and towns notified subsequently will be eligible for coverage under the Scheme.
How to apply
The borrower can apply for the Housing Loans and CLSS subsidy through the PLIs (Prime Lending Institutions). Financial Institutions will perform due diligence and check the fulfilment of the eligibility criteria for the scheme. If the required criteria are satisfied, Financial Institutions will submit the borrowers claim to Central Nodal Agency (CNA). The CNA processes the claim and releases the subsidy amount through Financial Institutions. Financial Institutions thereafter, adjust the same by crediting to the borrower’s Loan account resulting in reduced loan outstanding and the effective EMI.
Key
Features
· * Interest subsidy of 6.50%* p.a. up
to a loan amount of ₹6 lakh for 20 years or the actual term, whichever is
lower, credited upfront
· * Actual subsidy amount credited is as
approved by the National Housing Bank (NHB)
· * Family means husband/wife/unmarried
children
· * Applicable for customers who are
purchasing/constructing their first home. The beneficiary family should not own
any other house in their name.
· * The carpet area should not exceed 30
sq. mt. for EWS (annual household income up to Rs. 3 lakh PA), 60 sq. mt. for
LIG (annual household income between Rs. 3 lakh to Rs. 6 lakh PA), 120 sq. mt.
for MIG-I (annual household income between Rs. 6 lakh to Rs. 12 lakh PA), and
150 sq. mt. for MIG-II (annual household income between Rs. 12 lakh to Rs. 18
lakh PA)
· * The construction/extension must be
completed within 36 months
· * A woman has to be owner/co-owner of
the property
·
Benefits
The Subsidy once released will be directly credited to the borrower’s account and adjusted against the principal loan amount of the borrower. Hence the outstanding principal of loan will get reduced, resulting in reduced Equated Monthly Installment (EMI).
Annual Household Income (Rs.) | Categories | Interest Subsidy (%) | Subsidy Calculated on Max. Loan of (Rs.) | Max. Interest Subsidy of | Max. Carpet Area of the Property |
Upto 3 lakh | EWS | 6.50% | 6,00,000 | 2.67 lakh | No Limit ** |
3 lakh to 6 lakh | LIG | 6.50% | 6,00,000 | 2.67 lakh | No Limit ** |
6 lak to 12 lakh | MIG-1 | 4.00% | 9,00,000 | 2.35 lakh | 1291 sq. ft. |
12 lakh to 18 lakh | MIG-2 | 3.00% | 12,00,000 | 2.30 lakh | 1614 sq. ft. |
The Subsidy once released will be directly credited to the borrower’s account and adjusted against the principal loan amount of the borrower. Hence the outstanding principal of loan will get reduced, resulting in reduced Equated Monthly Installment (EMI).