Housing for All

PMAY CLSS SCHEME is applicable in SILVER GHAR category:

Pradhan Mantri Awas Yojana - “Housing for All” Mission for urban area has been implemented during period 2015-2022 and this Mission will provide central assistance to implementing agencies through States and UTs for providing houses to all eligible families/beneficiaries by 2022.
Under this scheme credit linked interest subsidy @ 6.50% for 15 years or actual tenor of the loan, whichever is lower, will be provided to the eligible beneficiaries in EWS/LIG category by the Government of India.
The central government today announced that the benefit of interest subsidy of about Rs.2.60 lakh on home loans under Pradhan Mantri Awas Yojana (Urban) will now be available for beneficiaries belonging to Middle Income Groups (MIG) Subsidy of up to Rs.2.60 lakh now available till March, 2019 .

Eligibility for EWS| LIG


The ownership of the house should either in the sole name of the female member of the household or joint ownership with the wife. However, this condition will not be made mandatory in cases of construction of house on an existing plot or extension/renovation of existing Kuccha/Semi-pucca house.

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.

The carpet area of house under this Scheme should be upto 30 sq. mts. for EWS beneficiaries and upto 60 sq. mts. for LIG beneficiaries.

Credit Linked Subsidy is available for housing loans availed for acquisition/construction of house and repair/extension of Kucha/Semi Pucca house.

Maximum term of loan on which the subsidy will be calculated is 15 years.

parallax background
 

Eligibility for MIG-1 | MIG-2


The beneficiaries have been defined as a family comprising of husband, wife and unmarried children. An adult earning member (irrespective of marital status) can be treated as a separate household and can avail subsidy independently.

In case of married couple, either of the spouses or both together in joint ownership will be eligible for a single house subject to income eligibility of the household under the scheme.

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.


The carpet area of house under this Scheme should be up to 160 sq. mts. for MIG-I beneficiaries and up to 200 sq. mts. for MIG-II beneficiaries.

Banks shall have to submit a consolidated certificate on completion of the housing unit within one year period from the completion of construction or a maximum of 36 months from the date of the disbursement of the 1st installment of the loan amount. In case of default in not providing utilization/end use certificate the Bank shall refund the amount of subsidy to the CNA.

In case a borrower who has taken a Home Loan under the Scheme and has availed interest subvention benefit under the Scheme but later on switches to another Bank, such beneficiary will not be eligible for the benefit of interest subvention again.

Home Loan under this scheme will be available by way of Term loan and Maxgain (for loan limits of Rs. 20 lakh and above) with a maximum tenor of 30 years. However, subsidy is available for a maximum tenor of 20 years only.

Though the interest subvention under CLSS (MIG) is available upto Rs. 9 or12 lacs, loan limits over and above Rs. 9 and 12 lacs will also be sanctioned to the eligible borrowers based on the eligibility criteria stipulated under our existing Home Loan Scheme.

All loans accounts under the Scheme will be linked to Aadhaar

Quick Reference Table


Classification Annual Income Eligible Loan Amt. for Interest Subsidy (Rs) Annual interest subsidy (%) Purpose Max. Carpet Area (sq mtr) Validity till
EWS 3 Lac Up to 6 Lac 6.5% Buy/Build/Extension 30 sq mtr (Approx 322.92 Sqft) March 2022
LIG 3.01 Lac – 6 Lac Up to 6 Lac 6.5% Buy/Build/Extension 60 sq mtr (Approx 645.84 Sqft) March 2022
MIG-1 6.01 Lac – 12 Lac 9 Lac 4.0% Buy/Build 160 sq mtr (Approx 1722.24 sqft) March 2019
MIG-2 12.01 Lac – 18 Lac 12 Lac 3.0% Buy/Build 200 sq mtr (Approx 2152.8 sqft) March 2019