Pradhan Mantri Awas Yojana Home loan subsidy scheme is available for EWS (Economically weaker sections) and LIG (Lower income group). Under the new scheme, the government is now offering housing loans for 20 years instead of 15 years as per the previous guidelines. The government has also introduced CLSS for MIG and the previous CLSS component will be called CLSS for EWS / LIG category people.
The PM Housing Scheme Mission is effective from 2015 and will be fully implemented by 31 March 2022.
Under PMAY CLSS for EWS / LIG, beneficiaries of Economically Weaker Section (EWS) and Low Income Group (LIG), who seek housing loan from banks, housing finance companies and other such institutions at the rate of 6.5% Interest will be eligible for grant. For tenure of 20 years or during the term of loan whichever is less.
PMAY Home Loan Scheme– Features
- The interest subsidy will be credited to the loan account of the beneficiaries through Primary Lending Institutions (PLIs), resulting in effective housing loans and reduction in Equated Monthly Installment (EMI).
- Credit linked subsidy will be available only for loan amount up to Rs 6 lakhs and additional loans of more than Rs 6 lakhs, if any, will be at non-subsidized rate.
- Net present value (NPV) of interest subsidy will be calculated at a discount rate of 9%.
PMAY Home Loan Subsidy For EWS/LIG
|Maximum loan amount||As per the eligibility of the customer decided on the basis of diligence determined by the bank / financial institution|
|Maximum loan period||Based on PLI guidelines|
|Maximum tenure for calculation of subsidy||20 years or loan tenure, whichever is less|
|Maximum loan for subsidy calculation||6 lakhs|
|Subsidy interest rate||6.5%|
|Subsidy on loans above Rs 6 lakh||Non-subsidized rate|