Pradhan Mantri Awas Yojana Loan Scheme 2021 Tenure: Central government cabinet has approved the extension of the loan tenure under the Credit Linked Subsidy Scheme component of Pradhan Mantri Awas Yojana – Urban. The loan tenure which was earlier maximum 15 years has been extended to 20 years, means lower EMI’s for the home loan borrowers. In addition to CLSS for EWS, LIG Category, the government has also introduced a new CLSS loan scheme for the middle income group of the society.
Pradhan Mantri Awas Yojana Loan Scheme Tenure for MIG
| Criteria | CLSS (MIG-I) | CLSS (MIG-II) |
|---|---|---|
| Household/ Annual Income (Rs) | Rs. 6.01-12.00 lakhs | Rs. 12.01-18.00 lakhs |
| Property Area (Carpet Area ## ) | 160sqm | 200sqm |
| Location | Urban -2011* | Urban -2011* |
| Woman Ownership | NA | NA |
| Max Loan Amt for Subsidy | Upto 9 lakhs | Upto 12 lakhs |
| Subsidy % | 4% | 3% |
| Subsidy Amount | Rs. 2.35 lakhs | Rs. 2.30 lakhs |
| NPV | 9% | 9% |
| Max term of loan (on which subsidy will be calculated) | 20 yrs | 20 yrs |
| Property should be Family’s | 1st home** | 1st home** |
| Applicability | Loans approved on/after 01/01/2017 | Loans approved on/after 01/01/2017 |
PMAY Loan Scheme 2021 for MIG
The government has made a huge budgetary allocation for the proposed Credit Linked Subsidy Scheme for Economically Weaker Sections (EWS), Lower Income Group (LIG) and Middle Income Group (MIG).
Now along with EWS / LIG category people, the middle income group of the society can also take home loans under the PMAY-U. If they are found eligible by the primary lending institutions, the interest subsidy will be credited to the home loan account of the beneficiaries.
The new Pradhan Mantri Awas Yojana loan scheme for Middle Income Group of the society will help reach the PMAY-U benefits to a larger group and help strengthen the mission of housing for all by 2022.
Recently Narendra Modi has also announced increase in the loan amount under PMAY from 6 lakh to 12 Lakh. Read the complete details about PMAY home loan subsidy / interest rates which were announced by Narendra Modi.
The government is inviting online applications for PMAY-U through two modes, first is assessment application through pmaymis.gov.in and second is through the common service centers across the country.
The complete details of the release about the amendment in CLSS for EWS/LIG and introduction of CLSS for MIG is available.
PMAY EWS / LIG Loan Scheme Tenure
The latest Pradhan Mantri Awas Yojana Loan Scheme Tenure for EWS / LIG Category people is as follows:-
| 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 |
How to Apply for PMAY-U Loan Scheme
The eligible beneficiaries of PMAY can directly contact the banks and lending institutions to avail the housing loan under the scheme. The loan facility under Pradhan Mantri Awas Yojana Loan Scheme is being provided by several banks and non banking finance companies as listed at the link here – https://sarkariyojana.com/list-pmay-home-loan-banks-housing-finance-companies/
For more details, visit the official website of Pradhan Mantri Awas Yojana Urban at https://pmaymis.gov.in/
from सरकारी योजना
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