Pradhan Mantri Awas Yojana (PMAY) - Credit Linked Subsidy Scheme (CLSS)
In June 2015, the Ministry of Housing and Urban Poverty Alleviation (MoHUPA) introduced an interest subsidy scheme called Credit Linked Subsidy Scheme (CLSS). Declared under the Pradhan Mantri Awas Yojana (URBAN)-Housing for All, the scheme was conceptualised for the purchase/construction/extension/improvement of a house, to cater to the Economical Weaker Section (EWS)/Lower Income Group (LIG)/Middle Income Group (MIG), given the projected growth of urbanization and the consequent housing demands in India.
The beneficiary family of the Credit Linked Subsidy Scheme (CLSS) should not have a pucca or built-up house registered in his/her name or in the name of any member of his/her family in any part of India.
- In case of CLSS for EWS/LIG, female ownership of the property is mandatory unless the family has no female member.
- If CLSS is for a married couple under the MIG, either spouse or both together in joint ownership are eligible for a single subsidy.
- The CLSS beneficiary family should not have availed of central assistance under any other housing scheme from Government of India or any benefit under any scheme in PM Awas Yojana.
Beneficiary of PMAY CLSS
The beneficiary family of the Credit Linked Subsidy Scheme will comprise of a husband, wife and unmarried children. Adult children who are earning members of the family will be treated as a separate household, irrespective of their marital status.
All statutory towns as per Census 2011 and towns’ notified subsequently, including planning area as notified with respect to statutory town. For the list of towns that fall under the CLSS coverage area, please refer NHB website https://nhb.org.in/.
|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 ||120 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 ||150 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
- Aadhar number(s) of the PM Awas Yojana CLSS beneficiary family are mandatory for MIG category.
- The interest subsidy will be available for a maximum loan tenure of 20 years or the loan tenure, whichever is lower.
- Beneficiaries of the PMAY CLSS will receive the interest subsidy credited upfront to their loan account through Reliance Home Finance, resulting in reduced effective housing loan and Equated Monthly Instalment (EMI).
- A discounted rate of 9% will be applied when calculating the Net Present Value (NPV) of the interest subsidy.
- The additional loan beyond the specified limits, if any to be at non-subsidized rate.
- Under the PMAY Scheme there is no restriction on the loan amount or the cost of the property.
Note: Assessment of your eligibility to avail the benefits of the Pradhan Mantri Awas Yojana - Credit Linked Subsidy Scheme, is at the sole discretion of the Government of India. Contents herein are parameters outlined under the scheme for assessment of entitlement.
Increase in Eligibility*
- The Cabinet increased the carpet area of houses eligible for interest subsidy under the PMAY CLSS. This gives the MIG a wider selection of housing projects and boosts the sale of ready flats under the affordable housing segment.
- The carpet area for eligibility in MIG I is now 120 square meters.
- The carpet area for eligibility in MIG II is now 150 square meters.
*Can be included under eligibility