Pradhan Mantri Awas Yojana was launched in June 2015 that intends to give housing to all by 2022. The sole objective of PM Awas Yojna was to provide housing for all by 31 March 2022. It is the flagship mission of the government of India being implemented by the ministry of housing and urban affairs. The scheme targeted the EWS/LIG/MIG categories.
Under this scheme, the government of India has constructed approximately 20 million houses and provided credit interest subsidies to the beneficiaries who opt for the housing loan.
Who can avail of the benefit under the Pradhan Mantri Awas Yojana
The beneficiary family comprises husband, wife, and their unmarried children
An adult earning member shall be treated as a separate family
The beneficiary family should not own a house in any part of India.
The beneficiary should have not availed the benefit under any housing scheme from the government of India
The beneficiary should have not availed of interest subvention benefit under any other government scheme.
The female head of the family must be the owner or co-owner of the property.
The Yojna is divided into two segments:
Pradhan Mantri Awas Yojana Urban (PMAY-U)
Pradhan Mantri Awas Yojana Gramin (PMAY-G)
Pradhan Mantri Awas Yojana Urban (PMAY-U) has covered more than 4000 towns and cities. It aims to provide housing for all urban areas by the year 2022. Under the scheme, the central government assists the states and union territories in providing houses to all eligible families.
To avail of the benefits under Pradhan Mantri Awas Yojana, the female head of the family must be the owner or co-owner of the property.
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Pradhan Mantri Awas Yojana Gramin (PMAY-G) was launched to provide houses to all rural Indians by the year 2021. Under this scheme, the Government aims to provide pucca houses with all basic amenities to the rural people who live in dilapidated kuchcha houses. The minimum size of the houses to be provided under this scheme should be 25 square meters.
Key Component of Pradhan Mantri Awas Yojana
Credit Linked Subsidy Scheme (CLSS)
Under this scheme, the beneficiaries can get a subsidy credited into their loan account for purchasing or constructing their first house. The Credit Linked Subsidy Scheme is making houses affordable for all. The central government has implemented the CLSS via nodal agencies National Housing Bank and Housing Urban Development Corp. The nodal agencies received immense support from financial institutions to implement the scheme in different parts of India. More than 70 banking and non-banking financial institutions have signed the memorandum of understanding with nodal agencies and landed their support in making the scheme successful. Credit Linked Subsidy Scheme (CLSS) is aimed to aid Economically weaker sections, Lower Income Group, Middle Income Group by reducing their equated monthly installment by over Rs.2000/- through interest subsidy. The interest subsidy will be credited into the beneficiaries' loan account in the initial stage of the loan through the lending institutions.
Credit Linked Subsidy Scheme for Economically weaker section
People who have an annual income up to Rs. 3 lac will fall into the category of economically weaker section (EWS). The carpet area of the property for the economically weaker section can go up to 30 square meters. The beneficiaries of EWS are eligible for a 6.5% interest subsidy for 20 years.
Credit Linked Subsidy Scheme for Lower Income Group
People who have an annual income between 3 lac to 6 lac will be considered in the lower-income group.
The carpet area of the property for the Lower Income Group can go up to 60 square meters. The beneficiaries of LIG are eligible for a 6.5% interest subsidy for 20 years.
Credit Linked Subsidy Scheme for Middle Income Group
The middle-Income group is divided into two parts, MIG-I and MIG-II. People having an annual income of Rs.6 lac to 12 lac will be covered in MIG-I. People who have an annual income between 12 lac to 18 lac will be considered in MIG-II.
The carpet area of the property can go up to 120 square meters for MIG-I and 150 square meters for MIG-II.
The beneficiaries of the MIG -I and MIG-II category will be eligible for 4% and 3% interest subsidy respectively. MIG-I beneficiaries can avail of loans up to Rs.9 lac while the beneficiaries of MIG-II can get a loan up to Rs. 12 lac. The loan tenure can be up to 20 years for both categories.
Process of availing subsidy under the CLSS scheme of Pradhan Mantri Awas Yojna
If you fall in any of the categories like EWS, LIG, or MIG and meet the eligibility criteria, follow the steps given below:
Submit the duly filled PMAY home loan credit link subsidy application to your bank
The concerned bank will verify the documents and disburse the loan.
After loan disbursement, your bank will contact the nodal agency to initiate the process of interest subsidy.
Then interest subsidy will be credited to your loan account.
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