Pradhan Mantri Awas Yojana (PMAY)
Ministry of Housing and Urban Poverty Alleviation (MoHUPA), Government of India introduced in June 2015, an interest subsidy scheme called Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana (URBAN)-Housing for All, for purchase/ construction/ extension/ improvement of house to cater Economical Weaker Section (EWS)/Lower Income Group (LIG)/Middle Income Group (MIG), given the projected growth of urbanization & the consequent housing demands in India.
Under the PMAY scheme, the Indian government aims at achieving the mission of ‘Housing for All’ by 31st March 2022, the 150th birthday of Mahatma Gandhi. PMAY scheme is divided into two parts: PMAY-U (Urban) and PMAY-G (Gramin).
PMAY-U (Urban)
This scheme covers approximately 4,331 cities and towns in India. The development has been divided into three phases:
- Phase 1: To cover 100 cities in select states and UTs between April 2015 and March 2017
- Phase 2: To cover 200 more cities between April 2017 and March 2019
- Phase 3: To cover rest of the cities between April 2019 and March 2022
PMAY-G (Gramin)
Formerly called Indira Awas Yojna, the scheme was renamed as PMAY-G in March 2016. Its aim is to make affordable housing available in rural parts of India. It provides finance to the homeless and those living in decaying houses to construct pucca houses.
Pradhan Mantri Awas Yojana 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 the spouse or both 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.
Pradhan Mantri Awas Yojana 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)
PMAY Eligibility Guidelines
| Details | CLSS –EWS | CLSS –LIG | CLSS –MIG I | CLSS –MIG II |
|---|---|---|---|---|
| Beneficiary | Husband + Wife + Unmarried Children | Husband + Wife + Unmarried Children | Husband + Wife + Unmarried Children | Husband + Wife + Unmarried Children |
| Household Income (Rs.) | Upto 3,00,000 | 3,00,001-6,00,000 | 6,00,001-12,00,000 | 12,00,001-18,00,000 |
| Carpet Area (Sq. m.) | 30 sqm | 60 sqm | 160 sqm | 200 sqm |
| Property Location | All Statutory Towns as per Census 2011 and towns notified subsequently | |||
| Women Ownership/ Co-ownership | Yes (Not mandatory for construction/extension) | No | ||
| Eligible Loan Amount | As per the policy applied by the Primary Lending Institution | |||
| Identity Proof | Aadhaar Number | Aadhaar Number | ||
| Compliances with | Approvals, Basic Civic Infrastructure, and NBO,BIS & NDMA, End-use | |||
| Eligible Maximum Loan Amount | ₹6,00,000 | ₹6,00,000 | ₹9,00,000 | ₹12,00,000 |
| Maximum Loan Tenure | 20 years | |||
| Interest Subsidy p.a. | 6.50% | 4.00% | 3.00% | |
| Maximum Interest Subsidy | ₹2,67,280 | ₹2,35,068 | ₹2,30,156 | |
| Loan Category at the time of crediting the subsidy | Standard | |||
Additional Eligibility Criteria
- Aadhar cards with updated mobile numbers are required for all family members of the customer.
- Property being purchased should be built as per the approved plan by the competent authority & applicable bylaws.
- Scheme is not applicable to Balance Transfer Cases
- No capping on loan amount or property cost
- Female ownership is mandatory for Economically Weaker Section & Lower Income Group category.
- The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9 %.
For more details on the scheme please refer www.pmay-urban.gov.in
Documents Required to Apply for the Scheme
In order to apply for the scheme benefit, you will need to submit the following documents:
- Duly signed application form
- Property documents, including the deed of sale, sale agreement, NOC from society/builder, allotment letter, etc.
- Identity proof, like Aadhar card, voter ID, driving license, PAN card, etc.
- Address proof, like Aadhar card, voter card, passport, rent agreement, or latest utility bill
- Income proof
--- For salaried employees: 6 months’ salary slip, last 6 months’ bank statement, latest form 16, etc.
--- For self-employed: Balance sheet, profit & loss account, IT returns, computation, etc.
Process
- If you believe you meet the eligibility criteria for PMAY subsidy, please contact us at hello@clix.capital.
- As per pre-defined regulatory guidelines, the Company will re-verify your eligibility and process your claim request to NHB. Subsidy once received from NHB shall be credited to borrowers loan account resulting into reduction of principle loan outstanding and Equated Monthly installment.
Disclaimer
Clix Housing finance Ltd (Formerly known as Clix Housing Finance Pvt Ltd) is a facilitator of this scheme and adheres to guidelines issued by the regulatory body under the Scheme Guideline including the amendment/ modification issued from time to time.
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.
