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

Dated: March 23, 2017 | Updated On: November 18, 2017 | By: Rajesh Kumar | | Beneficiary of Scheme:
Pradhan Mantri Awas Yojana Loan Scheme for MIG

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

ParticularsMIG – 1MIG – 2
Household income per annum12 Lakh18 Lakh
Interest Subsidy (per annum)4%3%
Maximum loan tenure in years2020
Eligible loan amount for interest subsidy under CLSS for MIG9 Lakh12 Lakh
Discount rate for Net Present Value (9%) calculation of interest subsidy9%9%
Maximum interest subsidy2.35 Lakh2.3 Lakh
Dwelling unit maximum carpet area120 Sq. Mt.150 Sq. Mt.
Monthly EMI @ 8.65% without interest subsidyRs. 7,894Rs. 10,528
Monthly EMI @ 8.65% with interest subsidyRs. 5,834Rs. 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

PMAY MIG Loan Steps

Pradhan Mantri Awas Yojana Loan Application Steps 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

PMAY MIG Home Loan EMI Calculator

PMAY MIG Home Loan EMI Calculator

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.DetailsMIG IMIG II
1Household Annual Income (Rs.)
Min.6,00,00112,00,001
Max.12,00,00018,00,000
2Income Proof for Claiming SubsidySelf Declaration
3Property Carpet Area (sq.m.) Upto120150
4Property LocationAll Statutory Towns as per Census 2011 and towns notified subsequently
5Applicability of No Pucca HouseYes
6Woman Ownership/Co-ownershipNo
7Due Diligence ProcessAs per the process of the Primary LendingInstitution
8Eligible Loan AmountAs per the policy applied by the Primary Lending Institution
9Identity ProofAadhaar No.
10Housing Loan Sanction and Disbursement Period
From01.01.2017
ToAs specified
11Interest Subsidy Eligibility
i.Loan Amount (Rs.) Min.00
ii.Loan Amount (Rs.) Max.9,00,00012,00,000
iii.Loan Tenure (Years) Max.2020
iv.Interest Subsidy (% p.a.)4.003.00
v.NPV Discount Rate (%)9.009.00
vi.Max. Interest Subsidy Amount (Rs.)2,35,0682,30,156
12Loan Category at the time of crediting the subsidyStandard Asset
13Lumpsum amount paid per sanctioned Housing Loan application in lieu of processing fee (Rs.)2,0002,000
14Quality of House/Flat ConstructionNational Building Code, BIS Codes and as per NDMA Guidelines adopted
15Approvals for the Building DesignCompulsory
16Basic Civic Infrastructure (water, sanitation, sewerage, road, electricity etc.)Compulsory
17Monitoring and Reporting the Completion of Property ConstructionResponsibility of the Primary Lending Institution
18Default Repayment of LoanRecover and Pay back subsidy to CNA on proportionate basis
19Data Submission & Accuracy, and Record Keeping & MaintenanceResponsibility 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: [email protected]

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: [email protected]

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

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