The Pradhan Mantri Awas Yojana was established by the government of India under Housing for All (HFA) in 2015. It focuses on providing low-cost housing to the improvised urban by the year 2022. Under PMAY a scheme that is known as Credit Linked Subsidy Scheme (CLSS) was organized to give subsidy interest on the loan amount that aids in the improvement of the house, construction, purchase, and extension. The rate of interest for the PMAY Yojana scheme begins at 6.50% p.a. and should opt for a tenure of up to 20 years.
A Beneficiary of PMAY 2021 – 2022:
A Beneficiary family involves an Unmarried son, or Unmarried daughter, Husband & wife.
An earning adult member of the family should be considered as an individual household.
The CLSS or Credit Linked Subsidy Scheme was established by Prime Minister – Narendra Modi in 2015. It is a Central Sector Scheme that set a point to provide economical housing to the poor population of urban by 2022 in India. CLSS Scheme aims at helping the Middle-Income Groups (MIG), Lower Income Groups (LIG), Economically Weaker Section (EWS) by lowering their EMI for housing loans over Rs. 2000 every month by giving an interest subsidy in India. The validity of the Credit Linked Subsidy Scheme was up to 31 March 2020.
The validity of LIG & EWS is till 31st March 2022, and
The validity of MIG I and MIG II was up to 31st March 2021
| PARTICULARS | MIG I | MIG II |
| Eligibility Household Income (Rs.) | 6 Lakh to 12 lakhs | 12 lakh to 18 lakhs |
| Carpet Area-Max (sqm) | 160 sqm | 200 sqm |
| Interest Subsidy (%) | 4.00% | 3.00% |
| Subsidy calculated on a max loan of | Rs. 9,00,000 | Rs. 12,00,000 |
| Loan Purpose | Self-construction / purchase | Self-construction / purchase |
| Validity of scheme | 31/03/2021 | 31/03/2021 |
| Max Subsidy (Rs.) | 2.35 Lacs | 2.30 Lacs |
| Woman Ownership | Not Mandatory | Not Mandatory |
| PARTICULARS | LIG | EWS |
| Eligible Housing Loan Amount for Interest Subsidy | Up to Rs.6 lakh | Up to Rs.6 lakh
|
| Maximum Loan Tenure | 20 Years | 20 Years |
| Calculation of Net Present Value of Interest Subsidy at a discount rate | 9.00% | 9.00%
|
| Dwelling Unit Carpet Area (sq.m.) | Up to 60 sq.m.
| Up to 30 sq.m. |
| Duration of Scheme | 17 June 2015 to 31 March 2022 | 17 June 2015 to 31 March 2022 |
| Applicability of No Pucca House | Not for upgradation or renovation | |
| Woman Ownership/Co-ownership | Not necessary for an existing property | |
| Amount Paid in Lump Payment for application of every Sanctioned Housing Loan | Rs.3,000 | Rs.3,000
|
| Quality of Flat/House Construction | National Building Code, BIS Codes, and as per the NDMA guidelines | |
| Approvals for the Building Design | Mandatory | |
| Civic Infrastructure (Sanction, Road, Water, Electricity, etc.) | Mandatory
| |
| Maximum Interest Subsidy Amount | Rs.2,67,280 | Rs.2,67,280 |
There are two types of Pradhan Mantri Awas Yojana Scheme for both rural and urban areas:
Pradhan Mantri Awas Yojana Gramin - The Pradhan Mantri Awas Yojana Gramin also known as Indira Awas Yojana and was termed as PMAY-G in 2016. The main objective of this scheme is to access housing units to the preferable beneficiaries in the rural sector for India except for Delhi and Chandigarh.
Pradhan Mantri Awas Yojana Urban - The Pradhan Mantri Awas Yojana Urban is aimed at the urban sector in India and was termed as PMAY-U. 4,331 cities are enrolled under the PMAY-U scheme. There are three different phases where the scheme is allotted.
Phase 1: - In this phase, the government pointed to covering 100 cities in various states and union territories over the country from 2015 April to 2017 April.
Phase 2: - In this phase, the government pointed to covering 200 cities in several states and union territories over the country from 2017 April to 2019 April.
Phase 3: - In this phase, the government pointed to cover the cities that have been left out in both phases 1 and 2 to reach the target at the end of March 2022.
Planning to avail home loan by the government with a credit-linked subsidy scheme. Apply for your loan through financeseva
Also read: - Compare which bank offers Best Interest Rates on Home Loan
CA Vikas Jain - Our Mentor
9863-02-02-02