Pradhan Mantri Awas Yojana (PMAY) – Credit Linked SCubsidy Scheme ( CLSS)

Ministry of Housing and Urban Poverty Alleviation (MoHUPA) has initiated 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 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

* woman ownership is not mandatory for construction / extension

**for MIG – 1 & 2 loan should be approved on/or after 1-1-2017

• Aadhar number(s) of the beneficiary family are mandatory for MIG category.
• The interest subsidy will be available for a maximum loan tenure of 20 yrs or the loan tenure whichever is lower.
• The interest subsidy will be credited upfront to the loan account of beneficiaries through respective banks like ICICI Bank, HDFC Limited, etc resulting in reduced effective housing loan and Equated Monthly Installment (EMI).
• The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9 %.
• The additional loan beyond the specified limits, if any to be at non-subsidized rate.
• There is no cap on the loan 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.