Get your new home avail PMAY subsidy upto Rs. 2.67 Lakhs
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Details of the Scheme are given Below :
Pradhan Mantri Awas Yojana (PMAY) - Credit Linked Subsidy Scheme ( CLSS)
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.
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. (An adult earning member irrespective of marital status can be treated as a separate household in MIG category)
Coverage:
All statutory towns as per Census 2011 and towns’ notified subsequently, including planning area as notified with respect to statutory town.
Scheme Details
| CLSS Scheme Type | Eligibility Household Income ( Rs.) | Carpet Area-Max (sqm) | Interest Subsidy (%) | Subsidy calculated on a max loan of | Loan Purpose | Validity of scheme | Max Subsidy (Rs.) | Woman Ownership |
|---|---|---|---|---|---|---|---|---|
| EWS and LIG | Upto Rs. 6,00,000 | 60 sqm | 6.50 % | Rs. 6,00,000 | Purchase/Self Construction/Extension | 31/03/2022 | 2.67 Lacs | Yes * |
| MIG 1 ** | Rs. 6,00,001 to Rs. 12,00,000 | 90 sqm | 4.00 % | Rs. 9,00,000 | Purchase/Self Construction | 31/12/2017 | 2.35 Lacs | Not Mandatory |
| MIG 2 ** | Rs. 12,00,001 to Rs. 18,00,000 | 110 sqm | 3.00 % | Rs. 12,00,000 | Purchase/Self Construction | 31/12/2017 | 2.30 Lacs | Not Mandatory |
* woman ownership is not mandatory for construction / extension
Credit Linked Subsidy Scheme for EWS/LIG
Beneficiaries of Economically Weaker section (EWS) and Low Income Group (LIG) seeking housing loans from Banks, Housing Finance Companies and other such institutions would be eligible for an interest subsidy at the rate of 6.5% for a tenure of 20* years or during tenure of loan whichever is lower.
The credit linked subsidy will be available only for loan amounts upto Rs 6 lakhs and additional loans beyond Rs. 6 lakhs, if any, will be at nonsubsidized rate. Credit linked subsidy would be available for housing loans availed for new construction and addition of rooms, kitchen, toilet etc. to existing dwellings as incremental housing. The carpet area of houses being constructed under this component of the mission should be upto 30 square metres and 60 square metres for EWS and LIG, respectively in order to avail of this credit linked subsidy. The beneficiary, at his/her discretion, can build a house of larger area but interest subvention would be limited to first Rs. 6 lakh only.
Credit Linked Subsidy Scheme for MIG*
The newly launched CLSS for MIG covers two income segments in the MIG viz. Rs.6,00,001 to Rs.12,00,000 (MIG-I) and Rs.12,00,001 to Rs.18,00,000 (MIG-II) per annum. In the MIG-I, an interest subsidy of 4% has been provided for loan amounts up to Rs.9 lakh while in MIG-II, an interest subsidy of 3% has been provided for loan amount of Rs.12 lakh. The interest subsidy will be calculated at 9% NPV over a maximum loan tenure of 20 years or the actual tenure, whichever is lesser. Housing loans above Rs. 9 lakh and Rs. 12 lakh will be at non-subsidized rates.
CLSS for MIG will support acquisition/ construction of house (including re-purchase) of 90 square meters and 110 square meters carpet area as per income eligibility
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