With the vision of providing housing for all Indians, the Ministry of Housing and Urban Poverty Alleviation, in 2015, introduced an interest subsidy scheme called the Credit Linked Subsidy Scheme. This scheme under the Pradhan Mantri Awas Yojana provides housing solutions across purchase, construction, extension, improvement of a home to cater to the Economical Weaker Section(EWS), Lower Income Group (LIG), Middle Income Group (MIG), driven by the projected growth of urbanisation and consequent housing demands of India.
ELIGIBILITY
- 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 or both spouses 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.
BENEFICIARY
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
COVERAGE
All statutory towns as per Census 2011 and towns notified subsequently, including planning area as notified with respect to statutory town.
SCHEME DETAILS
| CLSS SCHEME TYPE | ELIGIBILITY HOUSEHOLD INCOME(?) | CARPET AREA-MAX (SQM) | INTEREST SUBSIDY (%) | SUBSIDY CALCULATED ON A MAX LOAN OF | LOAN PURPOSE |
| EWS and LIG | Upto Rs.6,00,000 | 60 sqm | 6.50 % | Rs. 6,00,000 | Purchase/Self Construction |
| MIG 1 ** | Rs. 6,00,001 to ? 12,00,000 | 90 sqm | 4.00 % | Rs. 9,00,000 | Purchase/Self Construction |
| MIG 2 ** | Rs. 12,00,001 to Rs. 18,00,000 | 110 sqm | 3.00 % | Rs. 12,00,000 | Purchase/Self Construction |
- *woman ownership is not mandatory for construction / extension
- **for MIG - 1 & 2 loan should be approved on/or after 1-1-2017
- Aadhar number(s) of the beneficiary family are mandatory for MIG category.
- The interest subsidy will be available for a maximum loan tenure of 20 yrs or the loan tenure whichever is lower.
- The interest subsidy will be credited upfront to the loan account of beneficiaries through PHFL resulting in reduced effective housing loan and Equated Monthly Installment (EMI).
- The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9%.
- The additional loan beyond the specified limits, if any to be at non-subsidized rate.
- There is no cap on the loan amount or the cost of the property.
- *for more details on the scheme please refer www.mhupa.gov.in
Note : Assessment of your eligibility to avail the benefits of CLSS is at the sole discretion of the Government of India. Contents herein are parameters outlined under the scheme for assessment of entitlement.