PRADHAN MANTRI AWAS YOJANA (PMAY) – CREDIT LINKED SUBSIDY SCHEME (CLSS)

Key Features

The Pradhan Mantri Awas Yojana (PMAY) Credit Linked Subsidy Scheme (CLSS) – ‘Housing for All’ was launched by our honorable Prime Minister Shri Narendra Modi. The scheme envisages ‘Housing for All’ by the year 2022. It will benefit people belonging to the Economically Weaker Section (EWS), Low Income Group (LIG), Middle Income Group-I (MIG-I), and Middle Income Group-II (MIG-II) of society. These categories of beneficiaries will be eligible for interest subsidies on the purchase or construction of the house.

Eligibility

• Applicant should belong to any one of the following categories. 1) Economically Weaker Section (EWS), 2) Low Income Group (LIG), 3) Middle Income Group-I (MIG-I) and 4) Middle Income Group-II (MIG-II)
• Income range of the applicant must be below Rs. 3 lakhs per annum for economically weaker sections,  between Rs. 3 – 6 lakhs per annum for lower income groups, between Rs. 6-12 lakhs per annum for MIG1, and between Rs. 12 -18 lakhs per annum for MIG2
• The beneficiary family should not already own a ‘pucca’ house anywhere in India under their own name.
• The beneficiary family should not have already availed any other central assistance under any housing scheme from the Government of India or benefit under any scheme in Pradhan Mantri Awas Yojana (PMAY).
• The beneficiary family shall comprise of husband, wife and unmarried children. However, under the MIG category, an adult earning member irrespective of his/her marital status can also be treated as a separate household.
• For married couples, either spouse or both of them together in joint ownership can be eligible for a single subsidy.
• An adult earning member (irrespective of marital status) can be treated as a separate household. Hence a bachelor availing a loan can also avail subsidy if he/she is buying property in his/her name.
• Age of the applicant must be 70 years or less
• Aadhar Number is mandatory.
• Approved building plan is mandatory.

Coverage

All Statutory Towns as notified by the government will be eligible for coverage under the Scheme. Pls check with our relationship manager for details.

How to apply

Our RM will evaluate your application and check the fulfillment of the eligibility criteria for the scheme. If the required criteria are satisfied, we will submit your claim to Central Nodal Agency (CNA). The CNA processes the claim and releases the subsidy amount through us.  We will then adjust the subsidy by crediting to your Loan account resulting in reduced loan outstanding and the effective EMI.

PMAY GRID

** Only for purchase & construction of new house