PMAY CLSS Pradhan Mantri Awas Yojana Credit Linked Subsidy Scheme at pmayuclap.gov.in
PMAY CLSS
You must have heard of PMAY CLSS, but do you know its full form? It is Pradhan Mantri Awas Yojana Credit Linked Subsidy Scheme. It is a scheme under which the rural, as well as the urban poor people of the country, gets interest subsidy on their house loans. In actuality, CLSS is a part of PMAY U (Urban).
Under PMAY, the Urban poor can get a subsidy of up
to Rs. 2.67 lakh. This subsidy can be provided for the
purchase/construction/improvement/extension of a home. The amount of subsidy
depends on the household income of the applicant.
1. It is beneficial for those
citizens of India who are poor or are differently-abled. In some cases, it also
offers benefits to the senior citizens of the country.
2. It not only helps in the
construction or purchase of a new house but also in the up-gradation of ‘kutcha
house’ to ‘pukka’ house.
3. This scheme makes the
construction of houses affordable as it reduces the total interest rate to be
paid by the borrower.
Eligibility for PMAY CLSS: -
- The first condition to be
eligible to get benefits under PMAY CLSS is you must fit into one of the pre-decided
income categories – EWS, LIG, MIG – I, and MIG – II. Let us know about all
these categories –
(A) Low-Income Groups (LIGs) –
Those who have salaries between Rs. 3 lakh to Rs. 6 lakh. LIGs get Credit Linked interest Subsidies at about 6.5% for maximum maximums. Of 6 lakh.
(B) Middle Income Groups
(MIGs) –
There are two groups in this category.
(a)
MIG I - Those who have salaries between Rs. 6 lakh to Rs. 12 lakh.
MIG I get Credit Lia naked Interest Subsidy of 4.00% p.a. for a maximum loan of
Rs. 9 lakh.
(b) MIG II - Those who have salaries between Rs. 12 lakh to Rs. 18 lakh. MIG II gets a Credit Linked Interest Subsidy of 3.00% p.a. for a maximum loan of Rs. 12 lakh.
(C )EWS (Economically Weaker Section) - In the Economically weaker section g, roups slum dwellers, etc. are included. Those people are also included who do not have access to drinking facilities, have poor sanitation conditions around them, and do not have adequate infrastructure for living. EWS gets full assistance under this scheme. LIGs get Credit Linked interest Subsidies at about 6.5% for a maximum loan of Rs. 6 lakh.
- For all the households
falling under the category EWS/LIG, woman ownership is necessary. The pattern
may be the joint ownership with a woman or house ownership in the name of a
woman’s household. However, it is not mandatory for the renovation/extension of
a house.
- The applicant must not
have taken any prior benefit from any other government scheme for home
construction.
- Any family member of the
applicant as well as the applicant must not possess a ‘pucca’ house anywhere
else in India.
- The location of the
property must be under the identified towns only which are chosen to be
included under the scheme.
- Those applicants who fall
under the MIG category must possess an Aadhaar card.
- There is a fixed maximum
carpet area for which applicants can get a subsidy. For different categories,
the fixed carpet area is as such –
(a) EWS -30 sq.m.
(b) MIG 1 – 160 sq.m.
(c) MIG 2 – 200 sq.m
(d) LIG – 60 sq.m.
How can one get benefits from PMAY CLSS?
For getting the benefits, one has to
contact financial institutions that give home loans. You first need to specify
clearly that you want a home loan under this scheme. You will then be given a
loan subsidy application. Fill it out and attach the desired documents. The
loan officers will scrutinize your application and will check your eligibility,
etc. After successful verification of all the details with the nodal agencies, your
lender will disburse the subsidy to which you are entitled directly to your
bank account.
How to calculate subsidy under PMAY CLSS?
The calculation is simple. Let us
assume that you fall under MIG II groups and you want to avail loan of 30 lakh
Rupees. For a peri 20 years. If the local rate of the loan is 8% in this case,
you have to pay an amount of Rs. 25,093 as every month installment. If you
apply for benefits under PMAY, you are not eligible to get benefits on the
entire loan amount of Rs. 30 lakh. You will get a subsidy of 10 lakh rupees
only. If you get a 3% subsidy on this amount, you will find that your loan
amount gets reduced by about Rs. 5500 per month. To calculate EMI with subsidy,
you can use the PMT formula.
There are some online Home loan EMI
calculators also. You can take help from them to calculate the total EMI to be
paid for the loan you have taken.
For more details visit and check : pmayuclap.gov.in
I hope, the process is clear to you. In case of any doubt, please do write to us in the comment box.