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Monday, 21-May-2018  12:39:12 PM
 
 
Pradhan Mantri
 
 

PRADHAN MANTRI AWAS YOJANA-CREDIT LINKED SUBSIDY SCHEME

“Pradhan Mantri Awas Yojana (Urban ) – Housing for All” Mission for urban areas is being implemented with effect from 17th June, 2015 to provide central assistance to implementing agencies through States and UTs for Providing houses to all eligible families/beneficiaries. Credit Linked Subsidy Scheme (CLSS) component of the Mission initially provided interest subsidy on home loans taken by eligible urban poor [Economically Weaker Section (EWS)/Lower Income Group (LIG)] for acquisition (including through resale)/construction/repair/renovation of house. The scheme for EWS/LIG was modified with effect from 1st January, 2017 so as to increase maximum tenor for calculation of subsidy, resultant enhancement of maximum possible subsidy and extension of date upto which the scheme will be valid.

Ministry of Housing and Urban Poverty Alleviation also introduced an interest subsidy scheme for acquisition(including through resale)/construction of house to cater to the Middle Income Group (MIG) called “Credit Linked Subsidy Scheme (CLSS) for MIG”, (in two sub-categories namely MIG-I & MIG-II) which is also being implemented as a Central Sector Scheme with effect from 1st January, 2017.

Abhyudaya Bank offers “Pradhan Mantri Awas Yojana-Credit Linked Subsidy Scheme” for EWS & LIG as well as MIG-I & MIG-II categories.

 

Salient Features of the Scheme:

  • Loans can be extended to construct/acquire dwelling units (or also for repair/ renovation of dwelling units of beneficiaries under EWS/LIG categories) in all the 4316 statutory towns per Census 2011 table,out of which lists of statutory towns in the states of Maharashtra, Gujarat & Karnataka will be considered.
  • There are category-wise ceilings on carpet area of the dwelling units, quantum of Housing Loan & its tenor for determining maximum subsidy to which borrowers are eligible. Actual amount or tenor of a loan can be higher than the respective ceiling for the category/sub-category but the subsidy will be available up to the limit as worked out on the basis of ceiling for amount or tenor of the loan.
  • Moratorium if any granted will be within the ceiling for tenor of the loan.
  • Family is defined as comprising of husband, wife, unmarried sons and/or daughters. In order to be a beneficiary for Housing Loan under CLSS, she/he or anybody in the family should not own a pucca house in any part of India. Ceiling for household income varies across categories. An adult earning member irrespective of marital status can be treated as a separate household in MIG category.
  • The scheme envisages grant of interest subsidy which will be released upfront upon disbursement of loan.The rates of interest subsidy are different across categories.
  • Beneficiary family should not have availed of central assistance under any housing scheme from Government of India.

A table containing Category/Sub-category-wise Differential Salient Features of the Scheme is as under

Sr. No.

Details/ Particulars

Economically Weaker Sector.
(EWS)

Lower Income Group.
(LIG)

1

Effective date of the scheme & tenor of loans

  1. On or between 17/06/2015 &31/12/2016

Maximum Loan Tenor Eligible is 15 Years.

  1. 01/01/2017 Onward

Maximum Tenor Eligible is 20 Years.

  1. On or between 17/06/2015 &31/12/2016

Maximum Loan Repayment Period Eligible is 15 Years.

  1. 01/01/2017 Onwards

Maximum Loan Tenor Eligible is 20 Years.

Scheme in operation up to Duration

Upto 31/03/2022

Upto 31/03/2022

2

Purpose of loan

Acquisition (including repurchase) /New construction of dwelling unit/addition of Rooms, kitchen, toilets, etc. (All houses built or expanded under the mission shall necessarily have toilet facility).

Acquisition (including repurchase) /New construction of dwelling unit/addition of Rooms, kitchen, toilets, etc. (All houses built or expanded under the mission shall necessarily have toilet facility).

3

Applicant

Female applicant (MUST), either single or jointly with male applicant. However, this will not apply in the case of Loans for Marginal extensions if the existing kaccha/semi-pucca house is in single name of a male

Female applicant (MUST), either single or jointly with male applicant. However, this will not apply in the case of Loans for Marginal extensions if the existing kaccha/semi-pucca house is in single name of a male.

4

Definition of family

Husband, wife and unmarried, children (even if adult and earning)

Husband, wife and unmarried children (even if adult and earning)

5

Annual family income/ household income in Rs.
 

Upto 3.00 Lakh p.a.

Above 3.00 Lakh up 6.00 Lakh p.a.

6

Area of house to be purchased

 

No area norms to be followed in respect of new acquisition. At their discretion borrowers can buy higher Area. However, for marginal extension of an existing house, ceiling of of 30 sq. (carpet area ) mtrs. applies

No area norms to be followed in respect of new acquisition. At their discretion borrowers can buy higher Area. However, for marginal extension  of an existing house, ceiling of of 60 sq. (carpet area ) mtrs. applies

7

Interest subsidy

6.50% p.a. for loan amount up to Rs. 6.00 Lakh on Net Present Value basis (calculated @ 9% p.a.). Loan beyond Rs. 6.00 Lakh will not be entitled for interest subsidy.

6.50% p.a. for loan amount up to Rs. 6.00 Lakh on Net Present Value basis (calculated @ 9% p.a.). Loan beyond Rs. 6.00 Lakh will not be entitled for interest subsidy.


Sr. No.

Details/ Particulars

Middle Income Group I.
(MIG I)

Middle Income Group II.
(MIG II)

1

Effective date of the scheme & tenor of loans

01/01/2017
Loan repayment period 20 years

01/01/2017
 Loan repayment period 20 years

Scheme in operation up to Duration

Upto 31/03/2019

Upto 31/03/2019

2

Purpose of loan

Acquisition(including through resale) / construction of house

Acquisition(including through resale) / construction of house

3

Applicant

Male or female applicant single AND/OR jointly. However, in case of a married couple, between the spouses (separately or together),they  will be eligible for a single house.

Male or female applicant single AND/OR jointly. However, in case of a married couple, between the spouses (separately or together),they  will be eligible for a single house.

4

Definition of family

Husband, wife and unmarried children.
Adult earning member regardless of marital status may be treated as separate family provided he/she does not own a pucca house in his/her name in any part of India.

Husband, wife and unmarried children.
Adult earning member regardless of marital status may be treated as separate family provided he/she does not own a pucca house in his/her name in any part of India

5

Annual family income/ household income in Rs.
 

Above 6.00 Lakh up to 12.00 Lakh p.a.

Above 12.00 Lakh up to Rs. 18.00 Lakh p.a.

6

Area of house to be purchased

Upto 120 sq. mtrs. (carpet area)
Carpet area beyond 120 sq. mtrs. not permitted

Upto 150 sq. mtrs. (carpet area). Carpet area beyond 150 sq. mtrs not permitted.

7

Interest subsidy

4.00% p.a. for loan amount up to Rs. 9.00 Lakh on Net Present Value basis (calculated @ 9% p.a.). Loan beyond Rs. 9.00 Lakh will not be entitled for interest subsidy.

3.00% p.a. for loan amount up to Rs. 12.00 Lakh on Net Present Value basis (calculated @ 9% p.a.). Loan beyond Rs. 12.00 Lakh will not be entitled for interest subsidy.

 
 
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