PMAY-PRADHAN MANTRI AWAS YOJANA

Flourish FinServ LLP support to avail “Credit Linked Subsidy scheme (CLSS)” for EWS (Economical Weaker Section), LIG (Lower Income Group), MIG (Middle Income Group) categories under Pradhan Mantri Awas Yojana (PMYA).

The interest subsidy scheme CLSS (Credit Linked Subsidy Scheme) introduced by MoHUPA (Ministry of Housing & Urban Poverty Alleviation) was announced by our honorable Prime Minister Sh. Narendra Modi with a vision of housing for all in 2022.

Under PMAY scheme, Customer (i.e. the beneficiary) is eligible to avail interest subsidy on the purchase/construction/enhancement of a house.

Salient features of scheme:

  • Interest subsidy benefit is calculated for 20 years
  • Benefits available for the first property purchase
  • Applicants should be of immediate family including self, spouse and unmarried children only
  • Women Ownership is mandatory under EWS & LIG category for purchase of a new house

For more details on the scheme please refer www.mhupa.gov.in

INTEREST SUBSIDY BENEFITS

Interest Subsidy Benefits under Pradhan Mantri Awas Yojana

Credit Linked Subsidy Scheme (CLSS) Household Income (INR) Maximum Carpet Area*** Purpose of Loan Maximum loan amount eligible for subsidy (INR) Maximum subsidy (INR) Interest subsidy Tenure
EWS* 0 – 3,00,000 30 sqm Home purchase/
construction/improvement
6,00,000 2.67 lac 6.50% 20 yrs
LIG* 3,00,000 – 6,00,000 60 sqm Home purchase/
construction/improvement
6,00,000 2.67 lac 6.50% 20 yrs
MIG 1** 6,00,000 – 12,00,000 160 sqm Home purchase/
construction/improvement
9,00,000 2.35 lac 4.00% 20 yrs
MIG 2** 12,00,000 – 18,00,000 200 sqm Home purchase/
construction/improvement
12,00,000 2.30 lac 3.00% 20 yrs

**MIG – 1 & 2 loan should be approved on/or after 1-1-2017

  • Interest subsidy benefit is calculated on a NPV discount rate of 9%.

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