Ministry of Housing and Urban Poverty Alleviation (MoHUPA) has come with new subsidy scheme called Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana (PMAY-URBAN)-Housing for All.
PMAY – Credit Linked Subsidy Scheme
Credit Linked Subsidy Scheme (CLSS) aims to provide financial support to the Economically Weaker Sections (EWS) and Low Income Group (LIG) for purchasing or construct residential units under affordable housing scheme.
The Loan amounts under Credit Linked Subsidy Scheme will be available upto Rs.6 lakh. The seeking housing loans from banks, Housing Finance companies and other such institutions would be eligible for an interest subsidy at the rate 6.5 % for a tenure of 15 year.
So far 43,166 beneficiaries has applied for CLSS & interest subsidy of Rs. 824 crore has been provided to them.
Eligibility for Credit Linked Subsidy Scheme (CLSS)
- The beneficiary family should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India to be eligible to receive central assistance under the mission.
- EWS Annual household income upto 3 lakh
- LIG Annual household income upto 6 lakh
- The beneficiary family should comprise husband, wife, unmarried sons /unmarried daughter
- The beneficiary family should not have availed of central assistance under any housing scheme from government of India
PMAY – Credit Linked Subsidy Scheme Details
|Type of CLSS Scheme||Income (Rs)||Carpet Area||Interest Subsidy (%)||Subsidy calculated on a max loan||Loan Purpose||Validity of scheme||Max subsidy (Rs)||Woman ownership|
|EWS and LIG*||Upto Rs. 6,00,000||60 sqm||6.50 %||Rs. 6,00,000||Purchase/Self construction/Extension||31/03/2022||2.67 Lacs||Yes|
|MIG 1**||Rs.6,00,001 to Rs. 12,00,000||90 sqm||4.00%||Rs.9,00,000||Purchase/Self Construction||31/12/2017||2.35 Lacs||Not Mandatory|
|MIG 2**||Rs. 12,00,001 to Rs. 18,00,000||110 sqm||3.00 %||Rs.12,00,000||Purchase/Self Construction||31/12/2017||2.30 Lacs||Not Mandatory|
* Woman ownership is not mandatory for construction/Extension
** for MIG-1 and 2 loan should be approved on or after 01/01/2017
Credit Linked Subsidy Scheme is valid upto 1st December 2017. Candidates will not be able to get subsidy on interest under PM Awas Yojana.