- Pradhan Mantri Awas Yojna - Credit Linked Subsidy Scheme
- Overview
- MAY CLSS Scheme Types
- Pradhan Mantri Awas Yojna-Credit Linked Subsidy Scheme
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Credit Linked Subsidy Scheme (CLSS) of Housing Loans for Urban Poor
As a part of the implementation of Pradhan Mantri Awas Yojana (PMAY), Ministry of Housing and Poverty Alleviation, Govt. of India (GoI) has designed a Housing Loan scheme which caters to the financial requirements of beneficiaries. “Credit Linked subsidy scheme (CLSS)” is one of the pillars of the PMAY which aims at increasing the affordability of homes for target groups i.e Economically Weaker Section (EWS) and Low Income Group (LIG) and Middle Income Group (MIG) by granting interest subsidies for home loans.
How it works for beneficiary?
The quantum of interest subsidy would be paid upfront by the Govt. for crediting the same to the loan account of the beneficiaries in order to lower the EMI burden of the eligible borrowers.
PMAY CLSS Scheme Types
EWS/LIG OLD
Applicable for all eligible home Loan cases sanctioned from 17.06.2015 to 31.12.2016. In this scheme for the purpose of computation of interest subsidy the loan tenor to be restricted up to 15 years or the actual loan tenor, whichever is lower
Nature of Facility
Term Loan
Beneficiary
The beneficiary family will comprise of husband, wife, unmarried sons and /or unmarried daughters.
The beneficiary family should not own a pucca house (an all weather dwelling unit) either in his /her name or in the name of any member of his / her family in any part of India to be eligible to receive central assistance under the mission. Additional norms will be as per scheme guidelines
Household Annual Income #
EWS :
- Min (Rs. per annum) : 0
- Max(Rs. per annum) : 300000
LIG :
- Min (Rs. per annum) : 3,00,001
- Max(Rs. per annum) : 6,00,000
Property Carpet Area (Sq mtr) #
- EWS : 30
- LIG : 60
Declaration of “No Pucca House”
Yes
Female head Ownership/Co-ownership #
Not for existing property. Required for New Purchases / Re-sale Purchases
Eligible Loan Amount
As per Bank’s guidelines.
Maximum Repayment Period. Inclusive of Moratorium
Salaried - 30 years; SEP & SENP - 20 years However, for the purpose of computation of interest subsidy the loan tenor will be restricted up to 15 years or the actual loan tenor, whichever is lower.
Housing Loans Sanctioned
Housing Loans Sanctioned From 17.06.2015 To 31.12.2016
Interest Subsidy Eligibilities
- Loan Amount (Rs.) Min. : 0
- Loan Amount (Rs.) Max. : 6,00,000
- Loan Tenure (Years) Max. # : 15
- Interest Subsidy (% p.a.) : 6.5
- NPV Discount Rate (%) : 9
- Max. Interest subsidy Amount(Rs) : 2.20 Lakh (Approx)
Security- Primary, Collateral/ Guarantees
- Residential property. Tangible collateral security, if any, in addition to the primary security as per bank’s norms
- As per bank’s norms
Pricing
As per the extant pricing structure of the standard Home loan product
Repayment
EMI –Equated monthly Installments
Property Location
All Statutory Towns as per Census 2011 and towns notified subsequently.
Loan Category at the time of Crediting the subsidy
Standard Asset
Preference
Preference under the Scheme, subject to beneficiaries being from EWS/LIG/MIG segments, should be given to Manual Scavengers, Women (with overriding preference to widows), persons belonging to Scheduled Castes/Scheduled Tribes/Other Backward Classes, Minorities, Persons with disabilities and Transgender.
Approval for the Building plan
Compulsory
Basic Civic Infrastructure (Water, Sanitation, Sewerage, road, electricity etc.
Compulsory
# Details
Household Annual Income
Household Annual Income is the combined annual Income of Husband, Wife, Unmarried Sons and/or Unmarried Daughters. Income group to be arrived on gross annual income basis.
Property Carpet Area (Sq.mtr)
The carpet area of houses being constructed or purchased 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 the subsidy benefit. 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.
For extension (addition of room, kitchen, toilet etc) /repair (only for converting a kutcha or Semi Pucca house into Pucca house), the area limit will be 30 sq.m. and 60 sq.m. of carpet area for EWS and LIG category respectively.
Female Head Ownership/Co-ownership
Not for existing property i.e where is the property was in
existence prior to launch of PMAY scheme E.g- Self-construction case on plot purchased in 2012.
Required for New Purchases- Includes both fresh as well as resale purchase.
Interest Subsidy Eligibilities - Loan Tenure (Years)-15 years
Beneficiaries can apply for sanction of home loan for tenure higher than 15 years
depending on his/her borrower category. In such cases, however, the interest subsidy
would be restricted on home loans upto Rs. 6 lakhs for tenure not more than 15 years.
EWS/LIG NEW
Applicable for all eligible home Loans Sanctioned on or after 01.01.2017.In this scheme for the purpose of computation of interest subsidy the loan tenor to be restricted up to 20 years or the actual loan tenor, whichever is lower.
Nature of Facility
Term Loan
Beneficiary
The beneficiary family will comprise of husband, wife, unmarried sons and /or unmarried daughters.
The beneficiary family should not own a pucca house (an all weather dwelling unit) either in his /her name or in the name of any member of his / her family in any part of India to be eligible to receive central assistance under the mission. Additional norms will be as per scheme guidelines
Household Annual Income #
EWS :
- Min (Rs. per annum) : 0
- Max(Rs. per annum) : 300000
LIG :
- Min (Rs. per annum) : 3,00,001
- Max(Rs. per annum) : 6,00,000
MIG-I :
- Min (Rs. per annum) : 6,00,001
- Max(Rs. per annum) : 12,00,000
MIG-II :
- Min (Rs. per annum) : 12,00,001
- Max(Rs. per annum) : 18,00,000
Property Carpet Area (Sq mtr) #
- EWS : 30
- LIG : 60
- MIG-I : Up to 160
- MIG-II : Up to 200
Declaration of “No Pucca House”
Yes
Female head Ownership/Co-ownership #
EWS & LIG : Not for existing property. Required for New Purchases
MIG-I & MIG-II : No
Eligible Loan Amount
As per Bank’s guidelines.
Maximum Repayment Period. Inclusive of Moratorium
Salaried - 30 yrs; SEP & SENP - 20 yrs.
However, for the purpose of computation of interest subsidy the loan tenor to be restricted up to 20 years or the actual loan tenor, whichever is lower.
Housing Loan Sanctioned and Disbursement Period
Housing Loan Sanctioned and Disbursement Period From 01.01.2017 To As specified by Govt. of India
Interest Subsidy Eligibilities
- Loan Amount (Rs.) Min. : 0
- Loan Amount (Rs.) Max. :
EWS & LIG : 6,00,000
MIG-I : 9,00,000
MIG-II : 12,00,000 - Loan Tenure (Years) Max.# : 20
- Interest Subsidy (% p.a.) :
EWS & LIG : 6.50
MIG-I : 4.00
MIG-II : 3.00 - NPV Discount Rate (%) : 9.00
- Max. Interest subsidy Amount(Rs) :
EWS & LIG : 2,67,280
MIG-I : 2,35,068
MIG-II : 2,30,156
Security- Primary, Collateral/ Guarantees
Residential property. Tangible collateral security, if any, in addition to the primary security as per bank’s norms
Pricing
As per the extant pricing structure of the standard Home loan product
Repayment
EMI –Equated monthly Installments
Property Location
All Statutory Towns as per Census 2011 and towns notified subsequently.
Loan Category at the time of Crediting the subsidy
Standard Asset
Preference
Preference under the Scheme, subject to beneficiaries being from EWS/LIG/MIG segments, should be given to Manual Scavengers, Women (with overriding preference to widows), persons belonging to Scheduled Castes/Scheduled Tribes/Other Backward Classes, Minorities, Persons with disabilities and Transgender.
Approval for the Building plan
Compulsory
Basic Civic Infrastructure (Water, Sanitation, Sewerage, road, electricity etc.
Compulsory
# Details
Household Annual Income
Household Annual Income is the combined annual Income of Husband, Wife, Unmarried Sons and/or Unmarried Daughters. Income group to be arrived on Gross Annual income basis.
Property Carpet Area (Sq.mtr)- EWS/LIG
The carpet area of houses being constructed or purchased 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 subsidy benefit. 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.
For extension (addition of room, kitchen, toilet etc) /repair (only for converting a kutcha or Semi Pucca house into Pucca house), the area limit will be 30 sq.m. and 60 sq.m. of carpet area for EWS and LIG category respectively.
Property Carpet Area (Sq.mtr)- MIG-I/MIG-II
The carpet area of houses being constructed or purchased under this component of the mission should be upto
160 square metres and 200 square metres for MIG-I and MIG-II, respectively in order to avail subsidy benefit.
The houses of higher area than specified cannot be covered under the CLSS scheme.
Loan for Extension/renovation/repair to MIG category borrower cannot be covered under the CLSS scheme.
Female Head Ownership/Co-ownership- EWS/LIG
Not for existing property i.e where is the property was in existence prior to
launch of PMAY scheme E.g- Self-construction case on plot purchased in 2012.
Required for New Purchases- Includes both fresh as well as resale purchase.
Interest Subsidy Eligibilities - Loan Tenure (Years)-20 years
Beneficiaries can apply for sanction of home loan for tenure higher than 20 years,
depending on his/her borrower category. In such cases, however, the interest subsidy
would be restricted on home loans upto Rs. 6 lakhs (EWS/LIG), 9 lakhs (MIG-1) and 12
lakhs (MIG-II) for tenure not more than 20 years.