Pradhan Mantri Awas Yojana home loan scheme 2017 for middle income group (MIG) has been announced by the central government. The government has now included middle income group under the credit linked subsidy component of the scheme to provide interest subsidy on the housing loans. Under the scheme, the monthly installment for the housing loans taken in 2017 will come down by Rs. 2000. The government has introduced two MIG categories, MIG-1 and MIG-2 under the new loan scheme.
Persons who have taken/applied for housing loan on or after January 1st 2017 would be eligible to take benefits of up to Rs. 2.35 Lakh under the scheme. Under the new PMAY home loan scheme for MIG, urban families with household income of up to Rs. 18 lakh per annum would be able to take benefits of the scheme. The government has signed MoU with 70 lending institutions for providing home loans to beneficiaries under CLSS for MIG.
The central government has recently extended the last date for availing subsidy on home loan under the CLSS component for MIG. The deadline has been extended by 15 month, i.e. interested MIG applicants can now avail PMAY home loan subsidy till March 2019.
PM Awas Yojana Loan Scheme for MIG – Interest Rates, Subsidy & EMI
|Particulars||MIG – 1||MIG – 2|
|Household income per annum||12 Lakh||18 Lakh|
|Interest Subsidy (per annum)||4%||3%|
|Maximum loan tenure in years||20||20|
|Eligible loan amount for interest subsidy under CLSS for MIG||9 Lakh||12 Lakh|
|Discount rate for Net Present Value (9%) calculation of interest subsidy||9%||9%|
|Maximum interest subsidy||2.35 Lakh||2.3 Lakh|
|Dwelling unit maximum carpet area||120 Sq. Mt.||150 Sq. Mt.|
|Monthly EMI @ 8.65% without interest subsidy||Rs. 7,894||Rs. 10,528|
|Monthly EMI @ 8.65% with interest subsidy||Rs. 5,834||Rs. 8,509|
The total interest subsidy accruing on these loan amounts will be paid to the loan account of beneficiaries up front in one go there by reducing the burden of Equated Monthly Installment (EMI). Additional loans beyond the aforementioned specified limit, if any, will be at non-subsidized rate. There would be no processing fee charged by the PLI’s for applications under the CLSS. The scheme initially would be implemented for one year with effect from 01-01-2017.
CLSS for MIG – Eligibility & Guidelines
Apart from the family as comprising of wife, husband and unmarried daughters and sons, single unmarried youth and earning young adults can also apply for the subsidy under the CLSS for MIG loan scheme. Women with overriding preference to widows, single working women, persons belonging to SC/ST, BC, Differently abled and Transgender people would be given preferences for loans under the scheme.
To be eligible to interest subsidy under CLSS for MIG
- 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.
- A beneficiary family should not have availed of central assistance under any housing scheme from Government of India.
Application Procedure & Steps for PMAY Loan for MIG
The detailed operational guidelines of CLSS for MIG are available at the link below
CLSS for MIG
EMI Calculator – PMAY Loan for MIG
The government has also increased the loan tenure of the CLSS for EWS/LIG from 15 years to 20 years.
Features of PMAY Credit Linked Subsidy Scheme for MIG
|S.No.||Details||MIG I||MIG II|
|1||Household Annual Income (Rs.)|
|2||Income Proof for Claiming Subsidy||Self Declaration|
|3||Property Carpet Area (sq.m.) Upto||120||150|
|4||Property Location||All Statutory Towns as per Census 2011 and towns notified subsequently|
|5||Applicability of No Pucca House||Yes|
|7||Due Diligence Process||As per the process of the Primary LendingInstitution|
|8||Eligible Loan Amount||As per the policy applied by the Primary Lending Institution|
|9||Identity Proof||Aadhaar No.|
|10||Housing Loan Sanction and Disbursement Period|
|11||Interest Subsidy Eligibility|
|i.||Loan Amount (Rs.) Min.||0||0|
|ii.||Loan Amount (Rs.) Max.||9,00,000||12,00,000|
|iii.||Loan Tenure (Years) Max.||20||20|
|iv.||Interest Subsidy (% p.a.)||4.00||3.00|
|v.||NPV Discount Rate (%)||9.00||9.00|
|vi.||Max. Interest Subsidy Amount (Rs.)||2,35,068||2,30,156|
|12||Loan Category at the time of crediting the subsidy||Standard Asset|
|13||Lumpsum amount paid per sanctioned Housing Loan application in lieu of processing fee (Rs.)||2,000||2,000|
|14||Quality of House/Flat Construction||National Building Code, BIS Codes and as per NDMA Guidelines adopted|
|15||Approvals for the Building Design||Compulsory|
|16||Basic Civic Infrastructure (water, sanitation, sewerage, road, electricity etc.)||Compulsory|
|17||Monitoring and Reporting the Completion of Property Construction||Responsibility of the Primary Lending Institution|
|18||Default Repayment of Loan||Recover and Pay back subsidy to CNA on proportionate basis|
|19||Data Submission & Accuracy, and Record Keeping & Maintenance||Responsibility of the Primary Lending Institution|
PMAY CLSS Home Loan Helpline
The home loans subsidy under CLSS scheme of PMAY will be processed through the Central Nodal Agencies. Below are the contact & helpline details of the CNA’s
National Housing Bank (wholly owned by Reserve Bank of India)
Core 5-A, India Habitat Centre, Lodhi Road, New Delhi 110 003
CLSS Tollfree No: 1800-11-3377; 1800-11-3388
Housing and Urban Development Corporation Ltd. (A Govt. of India Enterprise)
Core 7-A, India Habitat Centre, Lodhi Road, New Delhi – 110 003
CLSS Tollfree No: 1800-11-6163
The assessment applications for PMAY-U are being invited through the online mode through official website pmaymis.gov.in of PM Awas Yojana.