Pradhan Mantri Awas Yojna – How to claim home loan Subsidy under PMAY?

Meaning of Pradhan Mantri Awas Yojna

PMAY is an initiative of our Government of India which wants to provide affordable homes to the urban poor people by 2022 it is launched on 1 june, 2015. The deadline of availing the PMAY CLSS scheme for MIG-I and MIG-II category has been extended to 31 march, 2021. The same Limit has been extended to 31 march, 2022 for LIG and EWS categories CLSS scheme is basically launched to help economically weaker section of society (EWS), Middle Income Group (MIG)-I and Middle Income Group (MIG)-II, Low Income Group (LIG) who are seeking loans from banks. This scheme offers subsidy on home loan based on your household income. The benefit can be taken on the purchase of a new /resale house to avail the benefit first you have to prove the eligibility for this. we will guide you how to avail this benefit.

Official website-https://pmaymis.gov.in/

CLSS Toll free helpline Number 1800-11-6163

PMAY -Pradhan Mantri Awas Yojna Features

1. This scheme provides you subsidy interest rate 6.50% on housing loan for the term of 20 Years to all beneficiaries.

2. Differently abled and senior citizens will be given preference in allocation of ground floors.

3.  eco-friendly technologies would be used for construction.

3.  This scheme covers entire urban area in the country which includes 4041 statuary towns and first priority given to 500 class I cities All things will be done in 3 phases.

4.  To prove the eligibility in LIG and EWS beneficiary the applicant has to submit an affidavit as income proof to the authority.           

PMAY Eligibility for CLSS Scheme

Interest Subsidy up to Rs.2.67 lakh per house is admissible for beneficiaries of Economically Weaker Section (EWS) [annual household income upto Rs.3 lakh]/ Low Income Group (LIG) [annual household income exceeding Rs.3 lakh and upto Rs.6 lakh], Middle Income Group I (MIG-I) [annual household income exceeding Rs.6 lakh and upto Rs.12 lakh] and Middle Income Group II (MIG-II) [annual household income exceeding Rs.12 lakh and upto Rs.18 lakh] seeking housing loans from Banks, Housing Finance Companies (HFCs) and other such institutions for acquiring/ constructing houses. The interest subsidies of 6.5%, 4% and 3% on loan amounts up to Rs.6 lakh, Rs.9 lakh and Rs.12 lakh are admissible for house with carpet area of up to 60 m2, 160 m2 and 200 m2 for EWS/LIG, MIG I and MIG II respectively. The scheme for MIG category was initially valid up to 31st March, 2019 which has been now extended up to 31st March, 2020. The benefit for EWS/LIG beneficiaries under CLSS works out to as high as Rs.6 lakh over a loan period of 20 years.

A citizen can become beneficiary under PMAY (U) If she /he belongs to EWS,LIG, or MIG category as per details below

CategoryAnnual  Household Income(Rs in lakh)Carpet of House (Sq .m)Eligible for vertical
EWSUp to 330 SqmAHP,BLC,CLSS &ISSR
LIG3-660 SqmCLSS
MIG-I6-12160 SqmCLSS
MIG-II12-18200 SqmCLSS

Ownership of PMAY (Urban) House

For ownership, it is provisioned that house is to be allotted in the name of adult female member or in joint name and all houses to have toilet facility, drinking water and power supply. Preference is given to persons with disabilities, ST/ SC/ OBCs, minorities and transgender.

How to claim PMAY Interest subsidy Benefit

The Home loan subsidy can be done through 2 central agencies First is HUDCO-Housing & Urban development corporation And NHB. The process for banks to be followed is as follows.

1.  First your home loan should be dispersed after that the lender will send the required details to National Housing (NHB) for check the validity.

2.  NHB after checking all the data approves the subsidy to the eligible Borrower.

3.  The subsidy amount will be disbursed to the lender.

4. On receiving the subsidy amount from NHB the lender and will credit the same to the respective home loan account of the borrower will be adjusted in the loan amount accordingly.

PMAY CLSS Scheme Details For EWS/LIG And MIG Segment

ParticularsEWSLIGMIG IMIG II
Scheme Duration17.06.2015 to 31.03.202217.06.2015 to 31.03.202201.01.2017 to 31.03.202001.01.2017 to 31.03.2020
Household Income (Rs.)Up to 3,00,000/3,00,001/- to 6,00,000/6,00,001/- to 12,00,000/12,00,001/- to 18,00,000/
Dwelling Unit Carpet Area (Up to) in sq. m3060160200
Interest Subsidy (% p.a.)6.5%6.5%4.0%3.0%
Maximum Loan Tenure15 Years (17.06.2015 to 31.12.2016)15 Years (17.06.2015 to 31.12.2016)Not ApplicableNot Applicable
Maximum Loan Tenure20 Years (01.01.2017 Onwards)20 Years (01.01.2017 Onwards)20 Years (01.01.2017 Onwards)20 Years (01.01.2017 Onwards)
Eligible Housing Loan Amount for Interest Subsidy (Rs)*6,00,000/-6,00,000/-9,00,000/-12,00,000/-
Discounted Rate for Net Present Value (NPV) calculation9%9%9%9%
Upfront Amount for Subsidy (Rs.) for a 20 Year Loan2,67,280/-2,67,280/-2,35,068/-2,30,156/-
Savings in Monthly EMI (Rs.) Approx. @ Loan Interest of 10%2,500/2,500/2,250/-2,200/
Total Savings (Rs.) Approx.6,00,000/6,00,000/5,40,000/-5,28,000/-

Note: The Details in the Table Above is as per the information of the Government Of India Under PMAY . This information is subject to change as and when there is a change in scheme by the Government of India will happen

CLSS Awas Portal (CLAP)

CLSS Awas Portal (CLAP) has been designed, developed and implemented by the Ministry of Housing and Urban Affairs, Government of India, in collaboration with National Informatics Center (NIC) and Central Nodal Agencies (CNAs) to provide a transparent and robust real time web-based monitoring system for CLSS beneficiaries. The potential beneficiary can also track his/her application status through a CLSS tracker which is developed as a CLSS feature of CLAP.

CLAP software works in tandem on a real time basis with the UIDAI, CNAs, PLIs and PMAY(U) MIS system for Aadhaar validation and de-duplication with other verticals of PMAY (U). Dashboard and reports have also been introduced in CLAP software to monitor the progress of CLSS vertical for various stakeholders.

SMS Alerts at every stage starting from generation of Application ID up to credit of subsidy amount into his/her home loan account will be sent to each borrower and co-borrower.

Link Of CLAP Portal https://pmayuclap.gov.in/

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