Friday, July 07, 2017

Housing loan : PMAY [ Pradhan Mantri Awas Yojana ] Online Form

"PMAY [ Pradhan Mantri Awas Yojana ]  Housing for All (Urban)” Mission for urban area will be implemented during 2015-2022 and this Mission will provide central assistance to implementing agencies through States and UTs for providing houses to all eligible families/ beneficiaries by 2022. Mission will be implemented as Centrally Sponsored Scheme (CSS) except for the component of credit linked subsidy which will be implemented as a Central Sector Scheme.Credit Linked Subsidy Scheme  for Middle Income Group to be called CLSS introduced by Ministry of Housing and Urban Poverty Alleviation (MoHUPA).was announced by our honorable Prime Minister Sh. Narendra Modi with a vision of housing for all in 2022.

PMAY Credit-Linked Subsidy Scheme ( CLSS )

Beneficiaries of Economically Weaker section (EWS) and Low Income Group (LIG) seeking housing loans from Banks, Housing Finance Companies and other such institutions would be eligible for an interest subsidy at the rate of 6.5 % for a tenure of 15 years or during tenure of loan whichever is lower. The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9 %.

The credit linked subsidy will be available only for loan amounts upto Rs 6 lakhs and additional loans beyond Rs. 6 lakhs, if any, will be at nonsubsidized rate. Interest subsidy will be credited upfront to the loan account of beneficiaries through lending institutions resulting in reduced effective housing loan and Equated Monthly Installment (EMI).

Credit linked subsidy would be available for housing loans availed for new construction and addition of rooms, kitchen, toilet etc. to existing dwellings as incremental housing. The carpet area of houses being constructed or enhanced under this component of the mission should be upto 30 square metres and 60 square metres for EWS and LIG, respectively in order to avail of this credit linked subsidy. The beneficiary, at his/her discretion, can build a house of larger area but interest subvention would be limited to first Rs. 6 lakh only.

Eligibility : 

A beneficiary family will comprise husband, wife and unmarried children. The beneficiary family should not own a pucca house,  either in his/her name or in the name of any member of his/her family in any part of India.

In case of married couple, either of the spouse or both together in joint ownership will be eligible for a single subsidy.

The beneficiary family should not have availed of central assistance under any housing scheme from Government of India or any benefit under any scheme in PMAY.

Beneficiary : Individual/s from Economically Weaker Section(EWS) and Low Income Group(LIG) seeking housing loans from Banks, Housing Finance Companies and other such institutions.

EWS :  Annual income up to Rs.3,00,000(Rs.Three lakhs). State/UTs shall have the flexibility to re-define the annual income criteria as per local conditions in consultation with the centre.

LIG :  Annual income between Rs.300,001(Rupees Three Lakhs One) upto Rs.6,00,000(Rupees Six Lakhs). States/UTs shall have the flexibility to redefine the annual income criteria as per local conditions in.

Age Limit : Maximum 70 years, at the end of repayment period.

Required Documents :

  • Aadhaar Card (UID )
  • Ration Card,
  • Bank Account Details 

Process of Application :
Beneficiary can apply for a housing loan directly or through the ULB or the local agencies identified by the State/ULBs for facilitating the applications from intended beneficiaries. In order to incentivize the designated staff of ULBs or NGOs a sum of Rs.250 per sanctioned application would be paid out of CLS scheme funds payable through State Governments.

How to apply PMAY Housing Loan online ?


PMAY Housing Loan online Registration  facilitated by the State / UT Governments at their Common Service Centers (CSCs)  through Digital Seva Portal. People can Visit your nearest CSC Center, they can apply PMAY Scheme through online application mode only.

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