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Home > Pradhan Mantri Awas Yojana (PMAY) – CLSS

Pradhan Mantri Awas Yojana (PMAY) – CLSS

Pradhan Mantri Awas Yojana, a government initiative, following the goal of “Housing for all by 2022” while aiming to make the dream of owning a house for thousand a reality.Under the initiative, the Credit Linked Subsidy Scheme (CLSS) offers affordable home loans for Economically Weaker Section (EWS), Low Income Group (LIG) and Middle Income Group (MIG) 1 & 2 customers.

The product aims to target EWS, LIG and MIG 1 and MIG 2 customers in the urban market. First time home buyers i.e. a household who does not own, at present, any pucca residential house in India and wishes to buy a dream home for his/ her stay may avail the benefit under this scheme.


Features and Benefits of Pradhan Mantri Awas Yojana

  1. Loan Amount: For EWS and LIG, avail a Home Loan of up to ` 25 lacs including insurance, and for MIG avail a home loan up to ` 140 lacs including insurance (minimum loan amount ` 50,000 excluding insurance).
  2. Tenure & Term: The tenure of your Home Loan ranges from 1 to 30 years. The term, however, does not extend beyond the retirement age or 60 years, whichever is earlier (70 years for self-employed individuals).
  3. Purpose: Credit Linked Subsidy will be available for housing loans availed for new/ resale purchase of home, construction loan for all segment and additionally for EWS/ LIG, extension/improvement of rooms, kitchen, toilet, etc., to existing dwelling can be done.
  4. Interest Subsidy: For EWS and LIG, the credit linked subsidy will be available only for loan amounts up to ` 6 lacs and such loans would be eligible for an interest subsidy at the rate of 6.50% p.a. (Approx. ` 2.67 lacs), for tenure of 20 years or during the tenure of loan whichever is lower, to the eligible customers under the scheme.* For MIG 1 customers, subsidy will be applicable for loan amounts up to ` 9 lacs and such loans would be eligible for an interest subsidy at the rate of 4% p.a. for tenure of 20 years. For MIG 2 customers, subsidy will be available for loan amounts up to ` 12 lacs and such loans would be eligible for an interest subsidy at the rate of 3% p.a. for tenure of 20 years.
  5. Processing Fees: Nil**
    Processing Fees on loan amount as per maximum subsidy applicable (as per customer applicability) to be refunded once claim is received from NHB.
  6. Easy Repayments: You have 2 options for repayment of the loan based on the EMIs payable on your Home Loan
    1. Through ECS (Electronic Clearing Service) based on standing instructions to your bank.
    2. Post Dated Cheques (PDCs) drawn on your Savings/Salary account.
  7. Home Loan Tax Benefits: Resident Indians are eligible for certain tax benefits on principal and interest components of a home loan. As per Income Tax Act 1961 rules, the current applicable exemption under section 24(b) is ` 2,00,000/- for the interest amount paid in the financial year and up to ` 1,50,000/- (under section 80 C) for the principal amount repaid in the same year.
  8. Applicant and Co-Applicant: Home Loans can be applied by an individual. The loan amount can be further enhanced by including an earning co-applicant. Female property ownership is mandatory for EWS/ LIG category and not mandatory for MIG category.

*Terms and conditions apply.
**Other charges as applicable will be required to be paid for availing the Loan

Eligibility for Pradhan Mantri Awas Yojana

  1. First-time home buyers who will be the end users
  2. Female property ownership is mandatory only for EWS/ LIG and not mandatory for MIG 1 & MIG 2 category (for EWS/LIG customers, only in cases when there is no adult Female member in the family. The property can be in the name of a male member of the household, or in the case of a construction loan if the land is purchased before the scheme start date, the property may be in the name of a male member of the household).
  3. Loan applicant should not have availed any central or state government subsidy or benefit for housing under PMAY.
  4. Individual loan applicant should not own property under his or her name at present & along with any of the family members including dependents.
  5. Not applicable on renovation or improvement loans for MIG.
  6. Property should be in urban areas basis 2011 census.
  7. Customer Category
 

Economically Weaker section
(EWS)

Low Income Group
(LIG)

Middle Income Group 1
(MIG 1)

Middle Income Group 2
(MIG 2)

Household Income in `

Annual Family income up to
` 3.00 lacs

Annual Family income from
` 3.01 to
` 6.00 lacs

Annual Family income from
` 6.01 to
` 12.00 lacs

Annual Family income from
` 12.01 to
` 18.00 lacs

Subsidy

6.50%

4.00%

3.00%

Scheme Validity

31/03/2022

31/12/2017

Maximum Loan Amount (on which subsidy is available)

` 6 lacs

` 9 lacs

` 12 lacs

Maximum Tenure

30 years

30 years

Carpet Area-Max (sqm)

60 sqm

120 sqm

150 sqm

Loan Purpose

Purchase/Self Construction/Extension

Purchase/Self Construction

Purchase/Self Construction

Max Subsidy (Rs.)

` 2.67 lacs

` 2.35 lacs

` 2.30 lacs

Woman Ownership

Yes*

Not Mandatory

Subsidy Advantage of Pradhan Mantri Awas Yojana

Example

Example 1

Example 2

Example 3

Value of your Property (Find out the value
of your home in today’s market)

` 6,70,000

` 10,00,000

` 13,50,000

Loan to Value (A comparison between
value of your loan and value of your home)

90%

90%

90%

Loan Amount
(The total amount of loans available)

` 6,03,000

` 9,00,000

` 12,15,000

Loan Duration
(The time duration to pay back loan)

20 years

20 years

20 years

CLSS Subsidy @ 6.50% for 20 Years
(Pradhan Mantri Awas Yojana) – ESW & LIG

` 2,40,551

` 2,67,280

` 2,67,280

CLSS Subsidy @ 4% for 20 Years
(Pradhan Mantri Awas Yojana) – MIG 1

` 1,41,040

` 2,35,068

` 2,35,068

CLSS Subsidy @ 3% for 20 Years
` 2,30,156 (Pradhan Mantri Awas Yojana) – MIG 2

` 1,03,570

` 1,72,617

` 2,30,156

Documentation Required For Pradhan Mantri Awas Yojana

No.

Document Name

1.

KYC Documents & Photograph for all applicant.
Aadhar is mandatory for all applicants.

2.

For Salaried: Salary slip or Certificate & updated bank statement
For Self Employed: Income Tax Returns with other financial of last two years and bank statement.

3.

For identification as an EWS or LIG beneficiary under the scheme, an individual loan applicant will submit self-certificate/affidavit as proof of income.

4.

Customer declaration undertaking

5.

Additional PMAY Application form

Educational Video for Pradhan Mantri Awas Yojana

4241

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