Pradhan Mantri Awas Yojana home loan scheme 2017
One of the biggest advantages for the middle-income groups is the Pradhan Mantri Awas Yojana home loan scheme. The central government has announced the home loan scheme for the MIGs (middle income group). This means that the central government has now incorporated middle-income group under the credit linked subsidy component of the scheme to provide interest subsidy on the housing loans.
About The Scheme:
- Under the scheme, the monthly installment for the housing loans taken in 2017 will come down by Rs. 2000.
- The government has introduced two MIG categories, MIG-1 and MIG-2 under the new loan scheme.
- The persons who have taken or applied for housing loan on or after 1st January 2017 would be eligible to take benefits of up to Rs. 2.35 Lakh under the scheme.
- Under the new Pradhan Mantri Awas Yojana home loan scheme for MIG, urban families with household income of up to Rs. 18 lakh per annum would be able to take benefits of the scheme.
- The government has signed MoU with 70 lending institutions for providing home loans to recipients under CLSS for MIG.
PM Awas Yojana Loan Scheme for MIG – Interest Rates, Subsidy and EMI
How The Scheme Works:
The total interest subsidy accumulated on these loan amounts will be paid to the loan account of the receiver up front in one go. This is a very helping scheme because the amount will be paid on one go, this shall reduce the burden of Equated Monthly Installment (EMI).
Additional loans beyond the abovementioned specified limit, if any, will be at a non-subsidized rate. There would be no processing fee charged by the PLI’s for applications under the CLSS. The scheme initially would be implemented for one year effective from 1st January 2017.
Guidelines for the PMAY Home Loan Scheme:
- Apart from the family consisting of a wife, husband and unmarried daughters and sons even single unmarried youth and earning young adults can also apply for the subsidy under the CLSS for MIG loan scheme.
- With prime preference to widows, single working women, persons belonging to SC/ST, OBC, physically challenged and transgender people would be given special preferences for loans under the scheme.
The detailed operational guidelines of CLSS for MIG are available at the link: http://mhupa.gov.in/writereaddata/CLSS-MIG-Guidelines.pdf
Eligibility Criteria for the PMAY Home Loan Scheme:
- The recipient family should not own a ‘pukka’ house either in his/her name or in the name of any member of his/her family in any part of India.
- A recipient family should not have the benefit of central assistance under any housing scheme formerly from the Government of India.
Application Procedure and Steps for PMAY Loan for MIG
EMI Calculator – PMAY Loan for MIG
The government has also increased the loan tenure of the CLSS for EWS/LIG from 15 years to 20 years.
Features of PMAY Credit Linked Subsidy Scheme for MIG:
|S.No.||Details||MIG I||MIG II|
|1||Household Annual Income (Rs.)|
|2||Income Proof for Claiming Subsidy||Self Declaration|
|3||Property Carpet Area (sq.m.) Upto||90||110|
|4||Property Location||All Statutory Towns as per Census 2011 and towns notified subsequently|
|5||Applicability of No Pucca House||Yes|
|7||Due Diligence Process||As per the process of the Primary Lending Institution|
|8||Eligible Loan Amount||As per the policy applied by the Primary Lending Institution|
|9||Identity Proof||Aadhaar No.|
|10||Housing Loan Sanction and Disbursement Period|
|11||Interest Subsidy Eligibility|
|i.||Loan Amount (Rs.) Min.||0||0|
|ii.||Loan Amount (Rs.) Max.||9,00,000||12,00,000|
|iii.||Loan Tenure (Years) Max.||20||20|
|iv.||Interest Subsidy (% p.a.)||4.00||3.00|
|v.||NPV Discount Rate (%)||9.00||9.00|
|vi.||Max. Interest Subsidy Amount (Rs.)||2,35,068||2,30,156|
|12||Loan Category at the time of crediting the subsidy||Standard Asset|
|13||Lump sum amount paid per sanctioned Housing Loan application in lieu of processing fee (Rs.)||2,000||2,000|
|14||Quality of House/Flat Construction||National Building Code, BIS Codes and as per NDMA Guidelines adopted|
|15||Approvals for the Building Design||Compulsory|
|16||Basic Civic Infrastructure (water, sanitation, sewerage, road, electricity etc.)||Compulsory|
|17||Monitoring and Reporting the Completion of Property Construction||Responsibility of the Primary Lending Institution|
|18||Default Repayment of Loan||Recover and Payback subsidy to CNA on proportionate basis|
|19||Data Submission & Accuracy, and Record Keeping & Maintenance||Responsibility of the Primary Lending Institution|
PMAY CLSS Home Loan Helpline:
Below are the contact & helpline details of the CNA’s
- National Housing Bank (wholly owned by Reserve Bank of India)
Core 5-A, India Habitat Centre, Lodhi Road, New Delhi 110 003
CLSS Toll-free No: 1800-11-3377; 1800-11-3388
- Housing and Urban Development Corporation Ltd. (A Govt. of India Enterprise)
Core 7-A, India Habitat Centre, Lodhi Road, New Delhi – 110 003
CLSS Tollfree No: 1800-11-6163
The home loans subsidy under CLSS scheme of PMAY will be processed through the Central Nodal Agencies.
The assessment applications for PMAY-U are being invited through the online mode through official website pmaymis.gov.in of PM Awas Yojana. You can visit: https://www.sarkariyojna.co.in/pradhan-mantri-awas-yojana-online-application-forms-pmaymis-gov/