Pradhan Mantri Awas Yojana

 

 

 

 

 

Pradhan Mantri Awas Yojana (Urban)-Housing - Credit Linked Subsidy Scheme for Economically Weaker Section/Low Income Group (CLSS for EWS/LIG) & Credit Linked Subsidy Scheme for Middle Income Group (CLSS for MIG) - “Housing for All by 2022Government Mission.

i

Purpose

Home Loan for EWS/LIG and MIG

ii

Eligibility

Eligibility: Credit linked subsidy on principal amount would be available for housing loans availed by the eligible urban poor (EWS/LIG and MIG) as follows:

Particulars

EWS

LIG

MIG I

MIG II

Household Income (Rs)

3,00,000

6,00,000

12,00,000

18,00,000

Interest Subsidy (%p.a.)

6.5%

6.5%

4.00%

3.00%

Maximum loan tenure (in Years)

20

20

20

20

Eligible Housing Loan amount  for Interest Subsidy (Rs.)

6,00,000

6,00,000

9,00,000

12,00,000

Dwelling Unit Carpet Area

30 sq.m

60 sq.m

90sq.m.

110Sq.m

 Note: 1. Women ownership/co-ownership is required for new acquisition of property.

Note . 2. A beneficiary family (household) will comprise husband, wife and unmarried children. The beneficiary family should not own a pucca house (an all weather dwelling unit) either in his/her name or in the name of any member of his/her family in any part of India.

Note.3. Applicant should submit self declaration/affidavit as proof of income  if the income is below the taxable limit.

iii

Repayment Period

25 years including moratorium period depending upon the repayment capacity of the borrower. However, the interest subsidy is available for a repayment period of not more than 20 years including moratorium period, if any, or during the tenure of loan whichever is lower.

 

 

 

 

 

Iv

 

 

 

 

 

 Rate of Interest

  Prevailing rate of interest for Home Loans.


V

 

 

 

 

 

Security

Mortgage of house/flat to be acquired/constructed/renovated

 

 

VI

 

 

 

 

 

How to apply

The eligible beneficiary may directly submit application to the Bank or through the ULB or the local agencies identified by the States /ULBs.

 

vii

 

 

 

 

 

Charges

EWS/LIG loans:- No Processing Charges

MIG-1/MIG-2 Loans:- No Processing Charges up to the loan amount eligible for interest subsidy as per income criteria, above that limit processing charges as per Home loan guidelines. i.e 0.50% of the loan amount with minimum of Rs.1000/- and Maximum of Rs.20000/- + ST

Inspection Charges:

EWS/LIG :- One time inspection charges of Rs.1000/- ST

MIG-1 / MIG-2 :-

ONE TIME INSPECTION CHARGES ON

Up to Rs.10 lakhs

Rs.2000+ST

Above Rs 10 lakhs

Rs.4000+ST

 

 

 

show