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.
Vikasmishra57945794@gmail.com
Have complete my home not opening I am aligiable this lone plz tell me sir
yes good yes good yes good
Annual income 450000 Rs.plot 45×45 feet wife and husband name recorded,city_jalpaiguri,West bengal.govt servant,pls tell me about home loan,eligibla or not,procedure for applied
Hi Team I have also applied but there is no reason for the rejection..
Bank just said rejected..
Trying calling to class office but no response
i am get home loan from pnbhfl on31.07.2016 carpet area 600sq/ft iam eligible for pmay subcidy schme
Sir my name jaya.i started the pre lone 2016.but my home registration in 2018.i am eligible in this lone.this is first house to me.
how I can apply for the home loan subsidy ?
My carpet area is 92 sq mtr. But Bank is still saying that I am not eligible for subsidy because they still consider 90 sq mtr as limit for MIG-1. Can any one please suggest.Is 110 Sq mtr is eective or the one who has get loan in April 2017.
Shree मती वशुन्धरा राजे जी मुख्यामंत्री राजस्थान !
महोध्या जी निवेदन् है की में आयुष सिन्ह जो एक गरीब परिवार से हू ओर कई सालो से हम सिर्फ ओर सिर्फ भाजपा को ही वोट देते है ओर ऊमीद है की ऐसा ही करते रहेंगे पर मुझे खेद है की भाजपा को कोई ऐसी सूची बनानी चाहिये ज़िसमे ये डाठा इकठा करना चाहिये ज़िसमे की वे लोग जो सिर्फ ओर सिर्फ भाजपा को ही वोट देते है ओर देते रहेंगे ऊनं पर भाजपा द्रारा अपना ध्यान केन्द्रीत करना चाहिये !
ऊंहे गरीब परिवार जो करजे के बोज में ढ़बे है ऊंहे करजे से उभारने के लीये कम ब्याज पर लोन की व्यवश्ता की जाये ताकी वे करजा चुका सके !
ओर हर उस परिवार जो भाजपा को ही वोट देते है ऊंहे अच्छी नौकरी की व्यवश्ता की जाये !
मैडम आप से निवेदन है की प्रधानमंत्री द्रारा दी जाने वाली राशी का बुगतान जो रूपये 148000 है ओर शोचालया के लीये दी जाने वाली राशी 12000 सही लोगो को नही मिल रही है ! सभी जगह सिकायत करने के बाद भी कोई शुनवाई नही हो रही ! भामाशाह मे मिलने वाली राशी भी मेरी माताजी के खाते में नही आ रहा है !
अच्छे व्यापार के लीये रूपये नही है ! घर की बहुत ज्यादा हालत खराब है ! रूपये मांगने वाले शुबह शाम परेशांन् करते है ! इतने साल बी जे पी को वोट करने का कोई फायदा नही मिला वो ही गरीबी भरी जीन्दगी है !
अब तो हर तरफ से ही परेशानी ही परेशानी हो रही है !
कोई किसी प्रकार की मदद नही मिल रही कई बार सिकायत करने के बावजुद लोन् नही मिल रहा !
गोपाल सिन्ह चौहान
पुत्र स्वर्गिय श्री गुलाब सिन्ह
पलोट न् 75 न्यू खारदा कॉलोनी सिरसी रोड भांकरोटा
302026 वार्ड न् 33
पार्षद मुकेश शर्मा कांग्रेस पार्टी
9950330007
If i constructed the house in udpui which is belongs to Karnataka whether am i eligible for the PM awas yojana MIG II. It is a ancestors property which is belong to my mom name. Ist eligible for constructed house loan for my name, because my mom is house wife.
SIR I AM ANJU BAGADI,I BUY PLAT NON NA I AM GOVENMENT EMPOLEY I WANT PMRY LONE
Sir, I purchased apartment plot no106,at palangi village on 12-9-2017.Alahabad Bank, TANUKU given housing loan Rs1500000/-.Emi is 16000/-, May I eligible for pmay interest subsidiary,? sir
My name is uday. Does property in neral fall in PMay urban scheme or rural. Till when is the schemes open
Sir,
can i avail this facility on my existing loan which is coming since 2012
May be not, loans taken on or after 1st January 2017 are eligible for PMAY subsidy
Dear sir, I am a state govt. Employee, drawing salary Rs.5,28,000/- PA.
Can I eligible for this. Kindly tell us the last date of filing of application and how to approach, whom to approach for loan application. Kindly do the needful.
Hello, how to apply for this loan, am getting 2,00,000 income per annum, am i eligible.
can i get some details.
I have availed home loan from sbi under max gain skim. My loan was sanctioned on 22nd dec 2016, but my disbursement date is 7th feb 2017. can i avail the facility of PMAY? i lies in middle income group (MIG-1)
in basic infrastructure road is 100 metre away from the construction site . can we eligible for pmay sir?
Dear sir, I am a state govt. Employee, drawing salary Rs.5,28,000/- PA.
Can I eligible for this. Kindly tell us the last date of filing of application.
I have taken a loan about of 12lakh with tenure period of 25years. Am I eligible to avail subsidiary
I brought 605 super built up 1 BHK flat in the year 2014, my first EMI started on oct 2014. My annual income is 590000. Am I eligible for the PMAY scheme. Please respond.
Thanks
sir
Mara 15000 income hi meri KO 500000 ka loan pass kar dejaa sir
kirri me rhata ho sir