The Pradhan Mantri Awas Yojana (PMAY) scheme was brought into light by the Government of India to support the affordability of houses against an expanded land area. The scheme means to accomplish its goal of “Housing for All” by 31 March 2022, the 150th birth commemoration year of Mahatma Gandhi, by building 20 million houses the country over.
In view of the areas that it takes into account, this Yojana has two sections – Urban and Gramin.
- 1 What is Pradhan Mantri Awas Yojana (PMAY)?
- 2 What is a Credit Linked Subsidy Scheme (CLSS)?
- 3 PMAY CLSS Benefits in accordance with Income Categories
- 4 Pradhan Mantri Awas Yojana (PMAY) Scheme Details:
- 5 Eligibility Criteria for Pradhan Mantri Awas Yojana (PMAY)?
- 6 How to Apply For Pradhan Mantri Awas Yojana (PMAY)?
- 7 Pradhan Mantri Awas Yojana (PMAY) States List:
- 8 FAQs
What is Pradhan Mantri Awas Yojana (PMAY)?
Housing for All was a mission that was declared by the Government of India determined to help home proprietorship. It pointed toward accomplishing ‘Housing for All’ constantly 2022. Under this mission, a subsidy scheme called Credit Linked Subsidy Scheme (CLSS) was launched to give interest subsidies on loans benefited for procurement/development/expansion/improvement of a house. The PMAY scheme obliges the Economical Weaker Section (EWS)/Lower Income Group(LIG) and Middle Income Groups (MIG) of the general public, given the extended development of urbanization and the ensuing housing requests in India.
PMAY CLSS Benefits according to Income Categories
What is a Credit Linked Subsidy Scheme (CLSS)?
Credit Linked Subsidy Scheme (CLSS) is an advantage offered under the PMAY Scheme wherein Economically Weaker Section (EWS), Low Income Group (LIG), and Medium Income Group (MIG) can benefit home loans at decreased EMIs with the assistance of an interest subsidy. The interest subsidy will be credited forthright to the beneficiary on the chief sum which would bring about cutting down viable home loans and EMI.
Credit Linked Subsidy Scheme (CLSS) under PMAY makes the home loan affordable as the subsidy given on the interest segment decreases the surge of the client on the home loan. The subsidy sum under the scheme to a great extent relies upon the classification of income that a client has a place with, and the size of the property unit being financed.
PMAY CLSS Benefits in accordance with Income Categories
The benefits according to the income categories are as per the following:
CLSS EWS/LIG Scheme under PMAY:
LIG and EWS categories are characterized as those whose yearly family incomes are above Rs. 3 lakh however underneath Rs. 6 lakh. The beneficiaries having a place with the Economically Weaker Section (EWS) and Lower Income Group (LIG) categories are qualified for the greatest premium subsidy of 6.5%, given that the unit being built or bought doesn’t surpass the carpet area prerequisite of 60 square meters (roughly 645.83 square feet). The interest subsidy is restricted up to the greatest loan measure of Rs, 6 lakh.
The scheme was reached out to incorporate the Middle Income Groups (MIG) in 2017. This scheme was separated into two sections for example MIG 1 and MIG 2.
CLSS MIG 1 Scheme under PMAY:
MIG 1 classification is characterized as the one with a family income of above ₹6 lakh however underneath ₹12 lakh. The beneficiaries in the MIG-1 classification are qualified for the greatest premium subsidy of 4 %, given that the unit being built or bought doesn’t surpass the carpet area necessity of 160 square meters (roughly 1,722.23 square feet). This subsidy is anyway restricted to a most extreme loan measure of ₹9 lakh over a home loan residency of as long as 20 years.
CLSS MIG 2 Scheme under PMAY:
MIG 2 class is characterized as the one with a family income of above Rs.12 lakh however beneath Rs.18 lakh. The beneficiaries of the MIG-2 classification are qualified for a most extreme premium subsidy of 3%, given that the unit being built or bought doesn’t surpass the carpet area necessity of 200 square meters (around 2,152.78 square feet). This subsidy is anyway restricted to a most extreme loan measure of Rs.12 lakh over a home loan residency of as long as 20 years.
Pradhan Mantri Awas Yojana (PMAY) Scheme Details:
|CLSS Scheme Type||EWS and LIG||MIG 1 **||MIG 2 **|
|Eligibility Household Income ( Rs.)||Upto ₹6,00,000||₹6,00,001 to ₹12,00,000||₹12,00,001 to ₹18,00,000|
|Carpet Area-Max (sqm)||60 sqm||160 sqm||200 sqm|
|Interest Subsidy (%)||6.5%||4.00%||3.00%|
|Subsidy calculated on a max loan of||₹6,00,000||₹9,00,000||₹12,00,000|
|Loan Purpose||Purchase/Self Construction/Extension||Purchase/Self Construction||Purchase/Self Construction|
|Validity of scheme||31/03/2022||31/03/2021||31/03/2021|
|Max Subsidy (Rs.)||2.67 Lacs||2.35 Lacs||2.30 Lacs|
|Woman Ownership||Yes *||Not Mandatory||Not Mandatory|
* women ownership isn’t obligatory for construction/extension
*As per amendment dated 15.03.2018, a grown-up procuring part (regardless of conjugal status) can be treated as a different family. Given additionally that in the event of a wedded couple, both of mates or both together in joint ownership will be qualified for a solitary house, subject to income eligibility of the family under the scheme.
**for MIG – 1 and 2 loans ought to be endorsed on/or after 1-1-2017
• Aadhar number(s) of the beneficiary family are compulsory for MIG classification.
• The interest subsidy will be accessible for a most extreme loan residency of 20 yrs or the loan residency whichever is lower.
• The interest subsidy will be credited forthright to the loan record of beneficiaries bringing about decreased viable housing loans and Equated Monthly Installment (EMI).
• The Net Present Value (NPV) of the premium subsidy will be determined at a rebate pace of 9 %.
• The extra loan past as far as possible, if any to be at a non-financed rate.
• There is no cap on the loan sum or the expense of the property.
Eligibility Criteria for Pradhan Mantri Awas Yojana (PMAY)?
1. Beneficiary family will comprise of a spouse, wife, and unmarried children. A grown-up earning part (irrespective of marital status) can be treated as a different household.
2. In the instance of a married couple, either of the life partners or both together in joint ownership will be eligible for a single house, subject to income eligibility of the household under the scheme.
3. In an instance of EWS/LIG, the Unit ought to be for the sake of the female top of the household or in the joint name of the male top of the household and his wife. In the event that when there is no grown-up female part in the family, the house can be for the sake of male individuals from the household.
4. The beneficiary family ought not to possess a pucca house either in his/her name or for the sake of any individual from his/her family in any piece of India.
5. Should have not availed central assistance under any housing scheme from Government of India
How to Apply For Pradhan Mantri Awas Yojana (PMAY)?
There are two different ways to apply for the Pradhan Mantri Awas Yojana:
It is possible to apply directly online on the Pradhan Mantri Awas Yojana website. Depending on the kind of benefit applied for, there are different forms that must be filled up. Having an Aadhar card is mandatory for filling up the form. Beneficiaries opting for the credit-linked subsidy scheme can directly approach impaneled banks that provide home loans. The subsidy will directly be paid to the bank and diminish the loan outstanding sum for the borrower.
For those wondering how to apply for PM Awas Yojana offline, it is possible by filling up a form in the Common Service Center (CSC) worked by the State Governments. Offline forms can be filled up for Rs. 25 or more the GST. It is to be noticed that no private individuals or companies are allowed to gather cash to get benefits under this scheme.
The Pradhan Mantri Awas Yojana application method is exceptionally simple if done online on the scheme website.
Pradhan Mantri Awas Yojana (PMAY) States List:
Underneath mentioned is the list of states that goes under PMAY:
• Tamil Nadu
• Jammu and Kashmir
• Madhya Pradesh
Q. Who can avail of PMAY subsidy under Credit Linked Subsidy Scheme (CLSS)?
A beneficiary family not owning a house in any piece of India is eligible for this subsidy subject to income criteria as defined for the family.
Q. What is the definition of a PMAY beneficiary family?
The beneficiary family will comprise spouse, wife, and unmarried children. (A grown-up earning part irrespective of marital status can be treated as a different household in MIG class)
Q. What are the standards for ESW, LIG, and MIG Categories under PMAY?
Kindly allude to scheme detail as above.
Q. Is this PMAY subsidy applicable for properties in rural areas?
Q. Is lady ownership mandatory to be eligible for PMAY subsidy?
Lady ownership or co-ownership is mandatory for EWS and LIG. However, this condition is not mandatory for self-construction/extension or MIG categories.
Q. What is the method involved with claiming PMAY interest subsidy?
After the loan is disbursed, the required details are sent by HDFC to NHB for validation of information and different checks. NHB after essential due diligence endorse the subsidy to eligible borrowers.
Q. How can I check my PMAY subsidy status?
• To track the status of your PMAY subsidy, if it’s not too much trouble, visit www.pmayuclap.gov.in
• Please enter your claim Application ID on the previously mentioned website and click on ‘Get Status’.
• An OTP code would be shipped off your mobile no. registered with the home loan provider. If it’s not too much trouble, enter OTP in the required field.
• You would have the option to view the claim status in the ‘CLSS tracker’ section of the page.
Q. How will I receive the interest subsidy benefit under PMAY?
• After the loan is disbursed, the HDFC will claim a subsidy for eligible borrowers from National Housing Bank (NHB).
• NHB after due diligence would support and credit the subsidy add up to HDFC for all eligible borrowers.
• The subsidy will be determined on the NPV (Net Present Value) strategy at a discount pace of 9%.
• On receipt of subsidy sum from NHB, same is credited to respective home loan record of the borrower, and EMI is decreased proportionately.
Q. What happens when PMAY subsidy has been disbursed yet because of certain reasons, the construction of the house is stalled?
A. In such cases, the subsidy is to be recuperated and discounted to the Central Government.
Q. Can a beneficiary family get a loan term past 20 years under the PMAY CLSS scheme?
Indeed, the beneficiary can avail a more drawn-out term past 20 years according to HDFC credit standards however the subsidy will be restricted to a maximum term of 20 years.
Q. Is there any limit on the loan sum or the expense of the property?
No, yet the subsidy will be limited to the loan sum defined against every classification and the additional sum will be at the non-subsidized pace of interest.
Q. How will the interest subsidy work on the off chance that I move my home loan to another lender?
On the off chance that a borrower who has taken a housing loan and availed of interest subsidy under this scheme yet later on switches to another lending institution for balance move, such beneficiary will not be eligible to claim the benefit of this scheme again.
Q. Where can I apply for Credit Linked Subsidy Scheme (CLSS)?
You can apply for a housing loan under CLSS at any HDFC branch.
Q. Do I need to give any additional records to avail PMAY subsidy?
No, there are no additional reports with the exception of a self-declaration of not owning a pucca house in the format.
Q. Can NRI avail PMAY subsidy?
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