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.