PMAY Home Loan Subsidy Scheme (CLSS) for EWS / LIG – Complete Details

Published on: 2019-10-09 10:27:15

PMAY Home Loan Subsidy Scheme (CLSS) for EWS / LIG – Complete Details

Pradhan Mantri Awas Yojana home loan subsidy scheme for EWS (Economically Weaker Section) and LIG (Lower Income Group) is available. Under the new scheme, the government is now offering the housing loan for up to 20 years instead of 15 years as per the previous guidelines. The government has also introduced CLSS for MIG and the previous CLSS component would be called CLSS for EWS / LIG category people.

Under the PMAY CLSS for EWS/LIG, beneficiaries of Economically Weaker Section (EWS) and Low Income Group (LIG) seeking housing loans from Banks, Housing Finance Companies and other such institutions would be eligible for an interest subsidy at the rate of 6.5 % for a tenure of 20 years or during tenure of loan whichever is lower.

PM Awas Yojana Mission with all its components has become effective from the date 17 June 2015 and will be implemented upto 31 March 2022.

PMAY Home Loan Scheme for EWS/LIG – Highlights

PMAY Home Loan for EWS/LIG Subsidy

Maximum loan amount: as per eligibility of customer decided by bank / Financial Institution based on due diligence
Maximum loan tenure: based on the guidelines of the PLI
Maximum tenure for subsidy computation: 20 years or the tenure of the loan, whichever is lower
Maximum loan amount for subsidy calculation: Rs. 6 lakh
Interest rate for subsidy: 6.5%

LIST OF BANKS
PMAY Home Loan Banks Under CLSS for EWS/LIG

Loan Amount Loan Amount eligible for Subsidy Interest Subsidy Balance Loan Initial EMI @10% Reduced EMI after credit-ing the Subsidy Monthly savings Annual Savings
3,00,000 3,00,000 1,33,640 1,66,360 2,895 1,605 1,290 15,480
6,00,000 6,00,000 2,67,280 3,32,720 5,790 3,211 2,579 30,948
10,00,000 6,00,000 2,67,280 7,32,720 9,650 7,071 2,579 30,948

Eligibility for CLSS for EWS/LIG

The detailed guidelines of the CLSS for EWS/LIG scheme are available at below link
http://mohua.gov.in/upload/uploadfiles/files/5CLSS_EWS_LIG_English_Guidelines_wb.pdf

Area which can be constructed
Carpet area of house being constructed or enhanced under this component of the Mission should be upto 30 square meters for EWS category and upto 60 square meters for LIG category. For incremental housing/extension, the area limit will be 30 sq.mt. and 60 sq.mt. of carpet area for EWS and LIG category respectively.

Credit linked subsidy would be available for housing loans availed for new construction and addition of rooms, kitchen, toilet etc. to existing dwellings as incremental housing. The beneficiary, at his/her discretion, can build a house of larger area but interest subvention would be limited to first Rs. 6 lakh only.

More details about the PMAY home loan scheme for EWS/LIG under CLSS component can be found on the official website of the Ministry of Housing and Urban Poverty Alleviation at pmaymis.gov.in

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