In June 2015, our Honourable Prime Minister launched a scheme called the Pradhan Mantri Aawas Yojana (PMAY). The Scheme envisions Housing for all by the year 2022.

What is CLSS?

CLSS under PMAY is a scheme that makes the home loan affordable, as the subsidy provided on the interest component reduces the EMI on the housing loan. Under CLSS, beneficiaries of Economically Weaker Section (EWS) and Low-Income Group (LIG) can seek housing loans from lending institutions for acquisition/construction of house and enhancement to existing dwellings as incremental housing. The credit linked subsidy will be available only for loan amount upto Rs 6 lakhs and such loans would be eligible for an interest subsidy at the rate of 6.5 % for tenure of 20 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%. Any additional loan amount beyond Rs. 6 lakhs will be at non-subsidized rate.

We at India Shelter offer Credit Linked Subsidy Scheme (CLSS) under PMAY.

Classification of Income Groups:

• EWS: Annual household income up to Rs 3,00,000.00/-
• LIG: Annual household income up to Rs 6,00,000.00/-

Who Can Apply for Subsidy?

Economical Weaker Section (EWS)/ Lower Income Group (LIG) can avail interest subsidy on purchase/ construction/ extension/ improvement of house.

Eligibility Criteria for Beneficiaries:

• The beneficiary family should not own a pucca house in his/her or in the name of any member of his/her family in any part of India.
• In the case of a married couple, either Female 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 the Government of India or any benefit under any scheme in PMAY.
• Beneficiary family shall comprise of husband, wife and unmarried children. An adult earning member (irrespective of marital status) can be treated as a separate household.
• To avail PMAY subsidy, your city should be covered under the Central Govt. approved list for PMAY. You can check if your area is listed by clicking on the link: http://mohua.gov.in/cms/planning-areas-or-development-authorities.php 

Features:

• The maximum subsidy is up to Rs. 2.67 Lakhs*
• Interest subsidy at a rate of 6.5%* for a tenure of 20 years or tenure of loan, whichever is lower
• Subsidy available only for loan amounts up to Rs 6 lakh and additional loans beyond Rs 6 lakh, if any will be at non subsidized rate
• The beneficiary family should comprise of 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 India.
• Property to fund must be in the Urban area as enlisted by the Govt.
• The beneficiary family should not have availed of central assistance under any housing scheme from the Government of India or any benefit under any scheme in PMAY.