Pradhan Mantri Awas Yojana (PMAY) home loan subsidy scheme 2017 is benefiting the people belonging to the categories of EWS (Economically Weaker Section) and LIG (Lower Income Group). Under the credit linked subsidy component of PMAY-Housing for all Scheme, the government is offering housing loan for the construction/enhancement of house.
As per the new guidelines of PMAY – Home Loan Subsidy Scheme, eligible applicants can opt a loan for a tenure of 20 years while in the previous guidelines the tenure was 15 years. Besides extending the tenure, the government has recently introduced the CLSS for MIG while in previous, the PMAY CLSS for EWS/LIG category was available.
PMAY Home Loan Scheme for EWS/LIG
PMAY Home Loan Subsidy Scheme under CLSS for EWs/LIG will provided an option of housing loan form banks for beneficiaries belonging to Economically Weaker Section (EWS) and Low Income Group (LIG) category. Eligible applicants who are seeking for a housing loan from banks, housing finance companies and other such institutions, would be eligible for the Subsidy Scheme under PMAY. They will be able to get a subsidy of 6.5 % on the loan amount of upto 6.0 lakh for a tenure of 20 years.
PMAY Subsidy Scheme for EWS/LIG Highlights
- Subsidy will only be available on the loan of upto Rs. 6.0 lakh under credit linked subsidy scheme and if the amount increases beyond Rs. 6.0 lakh, the beneficiary will not be able to get the subsidy on the additional loan amount.
- Interest subsidy on the loan will be directly credited/transferred to the beneficiaries loan account through Primary Lending Institutions (PLI), 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 home constructed/acquired under the PMAY subsidy scheme with central assistance should be in the name of the female head of the household or in the joint name of the male head of the household and his wife. The house can only be in the name of male member of the household in case of no adult female member in the family.
- All Statutory Towns as per Census 2011 and towns notified subsequently, including planning area as notified with respect to Statutory Town.
Subsidy for EWS/LIG Under PMAY Home Loan Scheme
- Maximum loan amount: The loan amount would be depended on the eligibility of customer which to decided by bank / Financial Institution based on due diligence.
- Maximum Loan Tenure: Loan tenure would be based on the guidelines of the PLI
- Maximum Tenure for Subsidy Computation: 20 years or the tenure of the loan, whichever is lower
- Maximum Loan Amount for Subsidy: Rs. 6 lakh
- Subsidy Interest Rate: 6.5%
Eligible for Subsidy
|Interest Subsidy||Balance Loan||Initial EMI @10%||
|Monthly Savings||Annual Savings|
|Rs. 3,00,000/-||Rs. 3,00,000/-||Rs. 1,33,640/-||Rs. 1,66,360/-||Rs. 2,895/-||Rs. 1,605/-||Rs. 1,290/-||Rs. 15,480/-|
|Rs. 6,00,000/-||Rs. 6,00,000/-||Rs. 2,67,280/-||Rs. 3,32,720/-||Rs. 5,790/-||Rs. 3,211/-||Rs. 2,579/-||Rs. 30,948/-|
|Rs. 10,00,000/-||Rs. 6,00,000/-||Rs. 2,67,280/-||Rs. 7,32,720/-||Rs. 9,650/-||Rs. 7,071/-||Rs. 2,579/-||Rs. 30,948/-|
Check Eligibility for CLSS for EWS/LIG
- Member including husband, wife and unmarried children would be included in the beneficiaries household.
- No pucca houses should be either in the beneficiary’s name or in the name of any family member across in India.
- EWS households annual income income should be upto Rs.3,00,000/-.
- EWS households annual income income should be in between Rs.3,00,001/- to Rs.6,00,000/-.
- Priority under the scheme for the beneficiaries belonging to EWS/LIG segments should be as follows
- Manual Scavengers,
- Women (with overriding preference to widows),
- Persons belonging to Scheduled Castes(SC)/ Scheduled Tribes(ST)/ Other Backward Classes(OBC)
- Persons with disabilities
You can also obtain the complete guidelines of PMAY CLSS for EWS/LIG scheme by following the link here
Area of Houses can be Constructed/Enhanced
EWS beneficiaries can construct/enhance the house with the carpet area of upto 30 square meter under component of the Housing Mission and the LIG beneficiary can construct/enhance the houses upto the carpet area of 60 square meters. Carpet areas limit for the incremental housing/extension of houses under the scheme will 30 sq.mt. and 60 sq.mt. of carpet area for EWS and LIG category respectively.
Other details of about the PMAY home loan scheme for EWS/LIG under CLSS component can be obtained from the official website at http://mhupa.gov.in.