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The Credit-Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojana (PMAY) was announced by Prime Minister Narendra Modi and envisages the vision of ‘housing for all’ by the year 2022. Kotak Mahindra Bank offers CLSS under PMAY, which provides interest subsidy on housing loans to eligible beneficiaries from the Economically Weaker Sections (EWS) / Low-Income Group (LIG) and middle-income group (MIG) segment. Pradhan Mantri Awas Yojana subsidy can be availed for constructing or purchasing a house, as per the eligibility criteria prescribed under the scheme, and the same is b.f. below:
|Maximum household income per annum||Up to INR 6 lakhs||INR 6-12 lakhs||INR 12-18 lakhs|
|Maximum property area (carpet area)||No restriction||160 sq. m||200 sq. m|
|Maximum loan amount for PMAY subsidy calculation||INR 6 lakhs||INR 9 lakhs||INR12 lakhs|
|Maximum tenure for subsidy calculation||20 years||20 years||20 years|
|Interest subsidy (% p.a.)||6.5 percent||4 percent||3 percent|
|Pradhan Mantri Awas Yojana subsidy amount||INR 2.67 lakhs||INR 2.35lakhs||INR 2.30 lakhs|
|Women ownership on property||Yes||Not applicable||Not applicable|
|The beneficiary family should not own a pucca house in India||Applicable||Applicable||Applicable|
|Housing loan sanction date to be eligible for subsidy||After 17.06.2015||After 01.01.2017||After 01.01.2017|
Objective of the Pradhan Mantri Awas Yojana
PMAY was started in 2015 for the following purposes:
Features of Pradhan Mantri Awas Yojana
1 - The definition of ‘Beneficiary Family’ under EWS-LIG, MIG-I, and MIG-II Schemes will comprise of a husband-wife and their unmarried children. An adult earning member (irrespective of marital status) can be treated as a separate family/household
2 - Home extension/repair is included only under the EWS-LIG scheme; for this, the area limit (in terms of built-up area) for the EWS category will be 30 sq. m (323 sq. ft.) and for the LIG category it will be 60 sq. m (646 sq. ft.)
3 - EWS is defined as a household/family having an annual income of up to Rs 3 lakhs.
4 - LIG is defined as a household/family having an annual income of between Rs 2 lakhs to Rs 6 lakhs
5 - Interest subsidy on the housing loan is calculated at applicable rates for PMAY EWS/LIG/MIG-I/MIG-II Schemes respectively for a tenure of 20 years or the tenure of the loan, whichever is lower. The Government of India retains the supreme right of granting/rejecting the Pradhan Mantri Awas Yojana
subsidy, and the bank will not be held liable for the decision taken by the government.
A beneficiary family that does not have any pucca house in any part of India is eligible for a subsidy through PMAY, as per the income criteria defined for the family.
The beneficiary family as defined under PMAY will comprise of the husband-wife and their unmarried children. An adult earning member (irrespective of marital status) can be treated as a separate family/household.
Women ownership or co-ownership is mandatory for EWS and LIG only. However, this condition is not mandatory for self-construction / extension. Women ownership is not mandatory for MIG-I and MIG-II.
Once the subsidy amount is received from the NHB, it is credited to the borrower’s home-loan account as a part payment, and the EMI is proportionately reduced.
Disclaimer (Things you should know):
For loans: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.
* Rs. 5,000 Flat processing fee applicable for women applicants.