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The Pradhan Mantri Awas Yojana (PMAY) Credit Linked Subsidy Scheme (CLSS) – ‘Housing for All’ is a home loan scheme launched by our honourable Prime Minister Shri Narendra Modi. The scheme envisions ‘Housing for All’ by the year 2022. It benefits people belonging to the Economically Weaker Section (EWS), Low Income Group (LIG), Middle Income Group-I (MIG-I), and Middle Income Group-II (MIG-II) of society. Beneficiaries availing this scheme are eligible to avail interest subsidy on the purchase or construction of a house or the enhancement of dwelling unit.
Pradhan Mantri Awas Yojana (PMAY), with two components Pradhan Mantri Awas Yojana (Urban) (PMAY-U) for the urban poor and Pradhan Mantri Awaas Yojana (Gramin) (PMAY-G and also PMAY-R) for the rural poor, is an initiative by Government of India in which affordable housing will be provided to the urban poor with a target of building 20 million affordable houses by 31 March 2022. This scheme is converged with other schemes to ensure houses have a toilet, Saubhagya Yojana electricity connection, Ujjwala Yojana LPG gas connection, access to drinking water and Jan Dhan banking facilities, etc. Cumulative total number of funded houses approved thus far is 39, 25,240 in urban area including the subsumed RAY scheme and completion of construction of 5 million rural houses by March 2018 and 10 million rural houses by March 2019 (Feb 2018).
Condition for PMAY: (a) Beneficiary max age 70 years, (b) EWS (Economic Weaker Section) annual income Less than Rupees 3 Lac and LIG (Lower Income Group) Annual Income 300001 to 600000 Lac INR as well as Mid Income group since Feb 2017, and (c) The beneficiary should not have an own dwelling unit on the name of any family member in any part of India The houses given under this scheme will be owned by females or jointly with males.
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)
3 Phases of PMAY envisage starting and completing the house construction work as follows:-
PMAY Phase-1 from April 2015 to March 2017 to cover 100 cities.
PMAY Phase-2 from April 2017 to March 2019 to cover additional 200 cities.
PMAY Phase-3 from April 2019 to March 2030 to cover the remaining cities.
Process of PMAY
The process of receiving the interest subsidy benefits of PMAY are as follows:-
All statutory towns as per Census 2011 and towns’ notified subsequently, including planning area as notified with respect to statutory town.
|CLSS Scheme Type||Eligibility Household Income ( Rs.)||Carpet Area-Max (sqm)||Interest Subsidy (%)||Subsidy calculated on a max loan of||Loan Purpose||Validity of scheme||Max Subsidy (Rs.)||Woman Ownership|
|EWS and LIG||Upto Rs. 6,00,000||60 sqm||6.50 %||Rs. 6,00,000||Purchase/Self Construction/Extension||31/03/2022||2.67 Lacs||Yes *|
|MIG 1 **||Rs. 6,00,001 to Rs. 12,00,000||90 sqm||4.00 %||Rs. 9,00,000||Purchase/Self Construction||31/12/2017||2.35 Lacs||Not Mandatory|
|MIG 2 **||Rs. 12,00,001 to Rs. 18,00,000||110 sqm||3.00 %||Rs. 12,00,000||Purchase/Self Construction||31/12/2017||2.30 Lacs||Not Mandatory|
* woman ownership is not mandatory for construction / extension
**for MIG – 1 & 2 loan should be approved on/or after 1-1-2017
*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.