PM Awas Yojana Loan Scheme 2017 for MIG Under CLSS – Interest Rates & Subsidy

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.)
	Min.	6,00,001	12,00,001
	Max.	12,00,000	18,00,000
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
6	Woman Ownership/Co-ownership	No
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
	From	01.01.2017
	To	As specified
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
E-mail: clssim@nhb.org.in

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
E-Mail: hudconiwas@hudco.org

The assessment applications for PMAY-U are being invited through the online mode through official website pmaymis.gov.in of PM Awas Yojana.