Pradhan Mantri Awas Yojana
PMAY - CLSS [Affordable Housing - URBAN] | |||||||
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Particulars | Economically Weaker Section (EWS) | Low Income Group (LIG) | Middle Income Group II (MIG-I) | Middle Income Group II (MIG-II) | |||
Eligibility | Resident individual either singly or jointly, between 18 to 65 years, with independent and regular source of income. | ||||||
| Individual from MIG: MIG-I households are defined as households having an annual income between Rs 6.00 Lakh to Rs 12.00 Lakhs. | Individual from MIG: | |||||
Beneficiary Family | A beneficiary family will comprise husband, wife, unmarried sons and/or unmarried daughters. The beneficiary family should not own a pucca house (an all-weather dwelling unit) either in his/her name or in the name of any member of his/her family in any part of India. An adult earning member (irrespective of marital status) can be treated as separate household:
The houses constructed/acquired 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, and only in the cases when there is no adult female member in the family, the dwelling unit/house can be in the name of male member of the household. This female ownership condition is only for new purchases and not for new construction (on an existing piece of land) or for enhancement/repairs of an existing house. PMAY CLSS subsidy benefits cannot be extended to those beneficiaries who have received benefits under other Central Government schemes and other verticals under PMAY. | To be eligible to receive central assistance under CLSS for MIG:
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Purpose | For purchase / new construction of a dwelling/house/flat; repurchase of a new construction house and carrying out repairs / extension/ addition of rooms, kitchen, toilet etc., to existing dwelling unit. Repairing work to the existing house can be undertaken in houses which are kutcha, semi pucca and require extensive renovation, in URBAN areas only. | For acquisition/ construction of houses (including re-purchase) in URBAN areas. Loans for Repair/ Renovation/ Extension of existing dwelling unit are not eligible for subsidy under the scheme | |||||
Location of Property | All Statutory Towns as per Census 2011 and statutory towns notified subsequently would be eligible for coverage. Areas falling within notified Planning/Development area under the jurisdiction of an Industrial Development Authority/Special Area Development Authority/ Urban Development Authority or any such Authority under State Legislation which is entrusted with the functions of urban planning and regulations shall also be included for the coverage under PMAY (U). | ||||||
Loan Amount | For Salaried : 60 times of Gross Monthly Salary/ 75 times of Net Monthly Salary (Whichever is Higher) | ||||||
Margin | Up to Rs.30.00 Lakh -- 90% | ||||||
Security | Mortgage of house / flat purchased out of the bank finance. | ||||||
Repayment | Maximum Repayment period of 30 years or on borrower reaching the age of 75 years whichever is earlier including moratorium period of maximum 36 months. However, the subsidy is available for 20 years or for tenure of the loan, whichever is lower. | ||||||
Other Conditions/guidelines | Construction of the property should be completed within 36 months after the first disbursement. | ||||||
EWS | LIG | MIG 1 | MIG 2 | ||||
Loans covered | Loans sanctioned on and after 17.06 2015 | Loans sanctioned on and after 01.01.2017 | |||||
Household Income (Rs. p.a.) | Up to Rs. 3.00 Lakh | Above Rs. 3.00 Lakh and Up to Rs. 6.00 Lakh | Above Rs. 6.00 Lakh and Up to Rs. 12.00 Lakh | Above Rs. 12.00 Lakh and Up to Rs. 18.00 Lakh | |||
Interest Subsidy (%) | 6.50% p.a. | 6.50% p.a. | 4.00% p.a. | 3.00% p.a. | |||
Maximum Loan tenure (in years) for subsidy calculation | For loans sanctioned and disbursed From 17.06.2015 to 31.12.2016 - 15 Years On and after 01.01.2017 - 20 Years | 20 Years | |||||
Eligible Housing Loan Amount for interest subsidy (Rs.) | Rs. 6.00 Lakh | Rs. 6.00 Lakh | Rs. 9.00 Lakh | Rs. 12.00 Lakh | |||
Specification of property / dwelling unit carpet area (1 Sq.Mtr. = 10.76 Sq.Ft. | Upto 30 Sq. Mtr. (only in case of repair / extension) | Up to 60 Sq. Mtr. (only in case of repair / extension) | Up to 160 Sq. Mtr. | Up to 200 Sq. Mtr. | |||
In case of housing loan for purchase / construction, the beneficiary, at his / her discretion, can build a house of larger area but interest subvention would be limited to first Rs. 6.00 Lakh only. | Loan for Repair / Renovation / Extension of existing dwelling unit are not eligible for subsidy under the scheme. | ||||||
Discount rate for NPV calculation of interest subsidy (%) | 9.00% | 9.00% | |||||
Maximum Subsidy Amount | Rs. 2.67 Lakh | Rs. 2.67 Lakh | Rs. 2.35 Lakh | Rs. 2.30 Lakh | |||
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