Pradhan Mantri Awas Yojana (PMAY)

Pradhan Mantri Awas Yojana (PMAY) - Credit Linked Subsidy Scheme (CLSS)

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 in MIG category.

Beneficiary Family:

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

Geographies Covered:

For EWS & LIG: The scheme covers 4041 statutory towns as per Census 2011. List of 4041 statutory towns as per Census 2011 is available in www.nhb.org.in
For MIG: All Statutory towns as per Census 2011 and towns notified subsequently will be eligible for coverage.

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 Eligibility Household Income (Rs.) Carpet Area-Max (sqm) Interest Subsidy (%) Subsidy calculated on Loan Purpose Validity of scheme Max Subsidy (Rs.) Woman Ownership
EWS Upto Rs. 3,00,000 30 sqm 6.50 % Rs. 3,00,000 Purchase/Self Construction/Extension 31-March-2022 1.33 Lacs Yes
LIG Upto Rs. 6,00,000 60 sqm 6.50 % Rs. 6,00,000 Purchase/Self Construction/Extension 31-March-2022 2.67 Lacs Yes
MIG 1 # Rs. 6,00,001 to Rs. 12,00,000 90 sqm 4.00 % Rs. 9,00,000 Purchase/Self Construction 31-December-2017 2.35 Lacs Not Mandatory
MIG 2 # Rs. 12,00,001 to Rs. 18,00,000 110 sqm 3.00 % Rs. 12,00,000 Purchase/Self Construction/Extension 31-December-2017 2.30 Lacs Not Mandatory

#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 under MIG category to provide Aadhar number(s)
  • 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.