The "Credit Linked Subsidy Scheme” (CLSS) under Pradhan Mantri Awas Yojana (PMAY) was announced by our Honourable Prime Minister Shri Narendra Modi. The scheme envisages the vision of housing for all by the year 2022.
Beneficiaries
- The scheme is offered to families, comprising of husband, wife and unmarried children. (An adult earning member irrespective of marital status can be treated as a separate household in MIG category)
- The family should not own a pucca house in his/ her name or in the name of any member of the family, in any part of India
Features
- Upfront interest subsidy benefit on principal outstanding
- Aadhaar number(s) of the beneficiary family are mandatory for MIG category
- Interest subsidy will be available for a maximum loan tenure of 20 years or the loan tenure availed by the borrower whichever is lower
- There is no cap on the loan amount or on the cost of property.
- The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9 %.
- The additional loan beyond the specified limits, if any to be at non-subsidized rate.
The House constructed/acquired should be in the name of female head of the household or in the joint names of male head of the household and his wife. Only in cases, where there is no adult female member in the family, the house can be in the name of male member of the household.
However this stipulation is applicable only for new purchases and not for new construction (on an existing piece of land) or for enhancement/repairs of an existing house.
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