Ministry of Housing and Urban Poverty Alleviation (MoHUPA) has initiated in June 2015, an interestInterest: The Cost of Borrowing Interest is the price you pa 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 anticipated evolution of urbanization & the ensuing housing demands in India.
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.
Beneficiary
The beneficiary family will encompass husband, wife and unmarried children. (An adult earning member regardless of marital status can be treated as a independent household in MIG category)
Coverage:
All statutory towns as per Census 2011 and towns’ notified subsequently, including planning area as notified with respect to statutory town.
Scheme Details
CLSS Scheme Type | Eligibility Household Income ( Rs.) | Carpet Area-Max (sqm) | InterestInterest: The Cost of Borrowing Interest is the price you pa Subsidy (%) | Subsidy calculated on a max loanLoan: A Borrower's Best Friend A loan is a financial arrange of | LoanLoan: A Borrower's Best Friend A loan is a financial arrange 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 loanLoan: A Borrower's Best Friend A loan is a financial arrange should be approved on/or after 1-1-2017
- Aadhar number(s) of the beneficiary family are mandatory for MIG category.
- The interestInterest: The Cost of Borrowing Interest is the price you pa subsidy will be available for a maximum loan tenureThe duration or period for which a loan is taken. It is usua of 20 yrs or the loan tenureThe duration or period for which a loan is taken. It is usua whichever is lower.
- The interestInterest: The Cost of Borrowing Interest is the price you pa subsidy will be credited upfront to the loanLoan: A Borrower's Best Friend A loan is a financial arrange account of beneficiaries through respective banks like ICICI Bank, HDFC Limited, etc resulting in reduced effective housing loanLoan: A Borrower's Best Friend A loan is a financial arrange and Equated Monthly InstallmentA fixed amount paid periodically towards the repayment of a (EMIEquated Monthly Installment. It is the fixed amount paid by).
- The Net Present Value (NPV) of the interestInterest: The Cost of Borrowing Interest is the price you pa subsidy will be calculated at a discount rate of 9 %.
- The additional loanLoan: A Borrower's Best Friend A loan is a financial arrange beyond the specified limits, if any to be at non-subsidized rate.
- There is no cap on the loanLoan: A Borrower's Best Friend A loan is a financial arrange amount or the cost of the property.
*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 considerations outlined under the scheme for assessment of entitlement.
