PMAY Home Loan Subsidy Scheme 2021 for EWS / LIG Category: Pradhan Mantri Awas Yojana home loan subsidy scheme for EWS (Economically Weaker Section) and LIG (Lower Income Group) 2021 is available. Under the new scheme, the government is now offering the housing loan for up to 20 years instead of 15 years as per the previous guidelines. The government has also introduced CLSS for MIG and the previous CLSS component would be called CLSS for EWS / LIG category people.
Under the PMAY CLSS for EWS/LIG, 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 20 years or during tenure of loan whichever is lower.
PM Awas Yojana Mission with all its components has become effective from the date 17 June 2015 and will be implemented upto 31 March 2022.
Salient Features of PMAY Home Loan Subsidy Scheme for EWS/LIG 2021
- 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 non-subsidized rate.
- Interest subsidy will be credited upfront to the loan account of beneficiaries through Primary Lending Institutions (PLI), resulting in reduced effective housing loan and Equated Monthly Installment (EMI).
- The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9 %.
- The houses constructed/acquired with central assistance under the Mission should be in the name of the female head of the household or in the joint name of the male head of the household and his wife, and only in case when there is no adult female member in the family, the house can be in the name of male member of the household.
- All Statutory Towns as per Census 2011 and towns notified subsequently, including planning area as notified with respect to Statutory Town.
Loan Amount / Interest Subsidy / Tenure in PMAY Home Loan Subsidy Scheme
Maximum loan amount: as per eligibility of customer decided by bank / Financial Institution based on due diligence
Maximum loan tenure: based on the guidelines of the PLI
Maximum tenure for subsidy computation: 20 years or the tenure of the loan, whichever is lower
Maximum loan amount for subsidy calculation: Rs. 6 lakh
Interest rate for subsidy: 6.5%
LIST OF BANKS
PMAY Home Loan Banks Under CLSS for EWS/LIG
| Loan Amount | Loan Amount eligible for Subsidy | Interest Subsidy | Balance Loan | Initial EMI @10% | Reduced EMI after credit-ing the Subsidy | Monthly savings | Annual Savings |
|---|---|---|---|---|---|---|---|
| 3,00,000 | 3,00,000 | 1,33,640 | 1,66,360 | 2,895 | 1,605 | 1,290 | 15,480 |
| 6,00,000 | 6,00,000 | 2,67,280 | 3,32,720 | 5,790 | 3,211 | 2,579 | 30,948 |
| 10,00,000 | 6,00,000 | 2,67,280 | 7,32,720 | 9,650 | 7,071 | 2,579 | 30,948 |
Eligibility for CLSS for EWS/LIG
- 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.
- EWS Households having annual income up to Rs. 3,00,000/-
- LIG Households having annual income between Rs. 3,00,001/- and upto Rs.6,00,000/-
- Preference under the scheme, subject to beneficiaries being from EWS/LIG segments, should be given to Manual Scavengers, Women (with overriding preference to widows), persons belonging to Scheduled Castes/ Scheduled Tribes/ Other Backward Classes, Minorities, Persons with disabilities and Transgender.
PMAY Housing Loan Subsidy Scheme Guidelines
| Criteria | Existing Instructions(CLSS – EWS +LIG) | Revised Instructions (CLSS – EWS +LIG) |
|---|---|---|
| Household/ Annual Income (Rs) | Upto Rs. 6 lakhs | Upto Rs. 6 lakhs |
| Property Area (Carpet Area) | 30/60 sqm | 30/60 sqm |
| Location | 17778 towns | 17778 towns |
| Woman Ownership | Yes (except for construction) | Yes (except for construction) |
| Max Loan Amt for Subsidy | Upto 6 lakhs | Upto 6 lakhs |
| Subsidy % | 6.50% | 6.50% |
| Subsidy Amount | Rs. 2.20 lakhs | Rs. 2.67 lakhs |
| NPV | 9% | 9% |
| Max term of loan (on which subsidy will be calculated) | 15 yrs | 20 yrs |
| Property should be Family’s | 1st home | 1st home |
| Validity | 2022 | 2022 |
| Applicability | Loans approved on/after 17/06/2015 | Loans approved on/after 01/01/2017 |
The detailed guidelines of the CLSS for EWS/LIG scheme are available at below link
http://mohua.gov.in/upload/uploadfiles/files/5CLSS_EWS_LIG_English_Guidelines_wb.pdf
Area which can be constructed in PMAY Home Loan Subsidy Scheme
Carpet area of house being constructed or enhanced under CLSS component of the PMAY Home Loan Subsidy Scheme should be upto 30 square meters for EWS category and upto 60 square meters for LIG category. For incremental housing/extension, the area limit will be 30 sq.mt. and 60 sq.mt. of carpet area for EWS and LIG category respectively.
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 PMAY Home Loan Subsidy Scheme beneficiary, at his/her discretion, can build a house of larger area but interest subvention would be limited to first Rs. 6 lakh only.
More details about the PMAY home loan subsidy scheme for EWS/LIG under CLSS component can be found on the official website of the Ministry of Housing and Urban Poverty Alleviation at pmaymis.gov.in
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