Pradhan Mantri Awaas Yojana (PMAY)

EXPERIENCE THE JOY OF HAVING YOUR OWN HOME

Pradhan Mantri Awas Yojana Eligibility Criteria for Pradhan Mantri Awas Yojana

Credit Linked Subsidy Scheme (CLSS), an interest subsidy scheme under Pradhan Mantri Awas Yojana - Housing for All (Urban), was recently launched by Ministry of Housing and Urban Poverty Alleviation (MoHUPA). Owing to the rising urbanisation and the growth in housing demands in India, this scheme was introduced to cater to Economical Weaker section/ Lower Income Group (LIG)/ Middle Income Group (MIG) for purchase/construction/extension/improvement of house.

Eligibility Criteria:

  • 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.
  • Preference to be given to women applicants (with overriding preference to widow, single working woman), individuals belonging to SC/ST/OBC, individuals with disabilities and transgender
  • Any adult earning member irrespective of his/ her marital status can be treated as a separate household.

Beneficiary Family:

  • Under this scheme, the beneficiary family should comprise of husband, wife and unmarried children.

Geographies Covered:

  • For EWS & LIG: Statutory Towns as per Census 2011 and towns notified subsequently would be eligible for coverage under the Mission.
    Note: States/UTs will have the flexibility to include in the Mission the Planning area as notified with respect to the Statutory Town and which surrounds the concerned municipal area.
  • For MIG: Statutory Towns as per Census 2011 and towns notified subsequently will be eligible for coverage under CLSS for MIG.
    Note: Planning Area as notified with respect to the Statutory Town and which surrounds the concerned municipal area will also be covered under the Scheme.

Scheme Details:

CLSS Scheme Type Household Income Woman Ownership Loan Purpose Carpet Area (Max) (sqm) Interest Subsidy (%) Subsidy calculated on Max Subsidy () Validity of scheme
EWS Upto 3,00,000 Mandatory Purchase / Self Construction/Extension 30 sqm 6.50 % 6 Lakhs 2.67 Lakh 31-Mar-2022
LIG 3,00,001 to 6,00,000 Mandatory 60 sqm 6.50 % 6 Lakhs 2.67 Lakh 31-Mar-2022
MIG 1 # 6,00,001 to 12,00,000 Not Mandatory 120 sqm 4.00 % 9 Lakhs 2.35 Lakh 31-Mar-2019
MIG 2 # 12,00,001 to 18,00,000 Not Mandatory 150 sqm 3.00 % 12 Lakhs 2.30 Lakh 31-Mar-2019

#For MIG - 1 & 2 loan should be approved on/or after 1-January-2017.

Documentation & Other Details:

  • 9% will be the subsidised interest rate on the Net Present Value (NPV)
  • The subsidy of the interest is available for a maximum tenure of 20 years or the loan tenure whichever is lower
  • The subsidised interest rate amount will be credited to the loan account of beneficiaries. This will result in lower Equated Monthly Installment (EMI) of the home loan, which beneficiaries have taken
  • Any additional loan beyond the specified limits under this scheme, will be treated at non-subsidised rate
  • It is mandatory for the members of beneficiary family to provide Aadhaar number(s) and PAN Card/Form 60
  • There is no limit on the loan amount or the cost of the property

* Loans are at the sole discretion of Fullerton India Home Finance Co. Ltd.

*Visit www.mhupa.gov.in for more details on the scheme.

Please Note:

Government of India/NHB reserves the sole discretion to award benefits under this scheme by assessing the eligibility of beneficiaries. The above contents herein is a brief summary of the related announcement.

*Terms & conditions and charges apply. Details available on request. Loans at the discretion of Grihashakti (Fullerton India Home Finance Company Limited.)

FAQSPradhan Mantri Awas Yojana

Know everything that will help you to create your own space.


Who Can Avail Subsidy Under Credit Linked Subsidy Scheme (CLSS)?

A beneficiary family not owning a house in any part of the India is eligible for this subsidy subject to income criteria as defined for the family.

What Is The Definition Of Beneficiary Family?

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)

What Are The Income Norms For EWS, LIG And MIG Categories?

Please refer scheme detail as above.

Is This Applicable For Properties In Rural Areas?

No.

Is Woman Ownership Mandatory To Be Eligible For This Subsidy?

Woman ownership or co-ownership is mandatory for EWS and LIG. However, this condition is not mandatory for self construction/extension or MIG categories.

What Is The Process Of Claiming Interest Subsidy?

After the loan is disbursed, the required details are sent by Grihashakti to NHB for validation of data and other checks. NHB after necessary due diligence approve the subsidy to eligible borrowers.

How Will I Receive The Interest Subsidy Benefit?

After the loan is disbursed, the Grihashakti will claim subsidy for eligible borrowers from National Housing Bank (NHB).
NHB after due diligence would approve & credit the subsidy amount to Grihashakti for all eligible borrowers.
The subsidy will be calculated on the NPV (Net Present Value) method at a discount rate of 9
On receipt of subsidy amount from NHB , same is credited to respective home loan account of the borrower and EMI is reduced proportionately.

What Happens When The Subsidy Has Been Disbursed But Due To Certain Reasons, The Construction Of The House Is Stalled?

In such cases, the subsidy is to be recovered and refunded to the Central Government.

Can A Beneficiary Family Get A Loan Term Beyond 20 Years?

Yes, beneficiary can avail a longer term beyond 20 years as per Grihashakti credit norms but the subsidy will be restricted to a max term of 20 years.

Is There Any Limit On The Loan Amount Or The Cost Of The Property?

No, but the subsidy will be limited to the loan amount defined against each category and additional amount will be at non- subsidized rate of interest. The interest component constitutes the major portion of the EMI payment in the initial stages. As the loan progresses along the tenure, the portion of interest repayment reduces and contribution towards the principal repayment increases.

How Will The Interest Subsidy Work In Case I Transfer My Home Loan To Another Lender?

In case a borrower who has taken a housing loan and availed of interest subsidy under this scheme but later on switches to another lending institution for balance transfer, such beneficiary will not be eligible to claim the benefit of this scheme again.

Where Can I Apply For Credit Linked Subsidy Scheme (CLSS)?

You can apply for housing loan under CLSS at any Grihashakti branches.

Do I Have To Give Any Additional Documents To Avail This Subsidy?

No, there are no additional documents except a self declaration of not owning a pucca house in the format as available in Grihashakti offices.

Can NRI Avail This Subsidy?

Yes.

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