About Pradhan Mantri Awas Yojana
Ministry of Housing and Urban Poverty Alleviation (MoHUPA) has introduced in June 2015, an interest subsidy scheme called Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana (URBAN)-Housing for All, for purchase/ construction/ extension/ improvement of house to cater Economical Weaker Section(EWS)/Lower Income Group(LIG)/Middle Income Group (MIG), given the projected growth of urbanization & the consequent housing demands in India.
PMAY Benefits
Credit Linked Subsidy Scheme (CLSS) under PMAY makes the home loan affordable as the subsidy provided on the interest component reduces the outflow of the customer on the home loan. The subsidy amount under the scheme largely depends on the category of income that a customer belongs to and the size of the property unit being financed.
The benefits as per the income categories are as follows:
CLSS EWS/LIG Scheme under PMAY
LIG and EWS categories are defined as those whose annual household incomes are above ₹3 lakh but below ₹6 lakh.
The scheme was extended to include the Middle Income Groups (MIG) in 2017.This scheme was divided into two parts i.e. MIG 1 and MIG 2
CLSS MIG 1 Scheme under PMAY
MIG 1 category is defined as the one with household income of above ₹6 lakh but below ₹12 lakh.
End Date : 31 march 2021
CLSS MIG 2 Scheme under PMAY
MIG 2 category is defined as the one with household income of above ₹12 lakh but below ₹18 lakh.
End Date : 31 march 2021
Features
Eligibility
- The beneficiary family should not own a pucca house in his/her or in the name of any member of his/her family in any part of India.
- In case of married couple, either of the spouse or both together in joint ownership will be eligible for a single subsidy.
- The beneficiary family should not have availed of central assistance under any housing scheme from Government of India or any benefit under any scheme in PMAY.
Beneficiary
- The beneficiary family will comprise husband, wife and unmarried children.
Coverage
- All statutory towns as per Census 2011 and towns’ notified subsequently, including planning area as notified with respect to statutory town.
PMAY Scheme Details
| Particulars | EWS | LIG | MIG – I | MIG – II |
|---|---|---|---|---|
| Household Income ( Up to Rs. p.a) | 3,00,000 | 6,00,000 | 12,00,000 | 18,00,000 |
| Interest Subsidy (% p.a.) | 6.50% Max – 2,67,280 | 6.50% Max - 2,67,280 | 4.00% Max – 2,35,068 | 3.00% Max – 2,30,156 |
| Maximum loan tenure (In years) | 20 | 20 | 20 | 20 |
| Eligible Housing Loan amount (Rs.) | 6,00,000 | 6,00,000 | 9,00,000 | 12,00,000 |
| Dwelling Unit Carpet Area | NA | NA | 120 sq. m. | 150 sq. m. |
| Women ownership on property* | Yes | Yes | NA | NA |
| Loan Purpose | Construction/ Extension | Construction | ||
Additional Eligibility Criteria
- The beneficiary can apply for this scheme only if he not availed of any central assistance under any housing scheme from central/state government of India.
- An adult earning member will be treated as a separate household provided he/she does not own a pucca house in his/her name in any part of the country.
- In case of a married couple, either of the spouses/both in joint partnership should be eligible for a single house, considering the income eligibility of the household.
- Customer or his/her family should not have a pucca house before.
- Property should be built as per the approved plan by the competent authority and applicable by laws.
- Scheme is not applicable to Balance transfer Cases.
- The property should not be built on Agriculture Land. All residential properties should be built on non- agriculture land as per approved plans.
