Home Loan Benefits for Women
Buying a home remains one of the major financial goals of most families. The home loan tenure can…
Read MoreThe PMAY (Pradhan Mantri Awas Yojana) scheme, introduced in June 2015 focuses on providing affordable housing for selected categories of the society by the year 2020. The scheme was introduced by Prime Minister Narendra Modi to provide affordable housing for the poor in the urban areas of the country.
PMAY scheme has four components namely :
- In-situ slum redevelopment,
- Affordable housing through credit linked subsidy,
- Affordable housing in partnership with private and public sector and
- Beneficiary led house construction or enhancement.
Under the credit linked subsidy of the PMAY scheme, focus is placed on the Economic Weaker Section (EWS), Lower Income Group (LIG) and Middle Income Group (MIG-I) and Middle Income Group (MIG-Il).
Below is a description of the four categories, their eligibility criteria and the other details related to the scheme:
| Particulars | EWS | LIG | MIG – I | MIG – II |
| Household Income ( Up to Rs. p.a) | 3,00,000 | 6,00,000 | 12,00,000 | 18,00,000 |
| Interest Subsidy (% p.a.) | 6.50% Max – 2,67,280 | 6.50% Max-2,67,280 | 4.00% Max – 2,35,068 | 3.00% Max – 2,30,156 |
| Maximum loan tenure (In years) | 20 | 20 | 20 | 20 |
| Eligible Housing Loan amount (Rs.) | 6,00,000 | 6,00,000 | 9,00,000 | 12,00,000 |
| Dwelling Unit Carpet Area | NA | NA | 120 sq. m. | 150 sq. m. |
| Women ownership on property (women should be the co-owner of the property and the co-borrower of the loan.) | Yes | Yes | NA | NA |
| Housing loan sanction date to be eligible for subsidy | After 17.06.2015 | After 17.06.2015 | After 01.01.2017 | After 01.01.2017 |
| Loan Purpose | Purchase/ Self Construction/ Extension | Purchase/ Self Construction | ||
| Additional Eligibility Criteria: | |
| 1 | The beneficiary can apply for this scheme only if he not availed of any central assistance under any housing scheme from central/state government of India.. |
| 2 | An adult earning member will be treated as a separate household provided he/she does not own a pucca house in his/her name in any part of the country. |
| 3 | In case of a married couple, either of the spouses/both in joint partnership should be eligible for a single house, considering the income eligibility of the household. |
| 4 | Customer or his/her family should not have a pucca house before. |
| 5 | Property should be built as per the approved plan by the competent authority and applicable bylaws. |
| 6 | Scheme is not applicable to Balance transfer Cases |
| 7 | The property should not be built on Agriculture Land. All residential properties should be built on non- agriculture land as per approved plans. |
Important Facts:
- Home renovation loans are not eligible under the CLSS scheme of Pradhan Mantri Awas Yojna.
- Balance transfer of an existing home loan will be eligible for subsidy if the loan sanction date eligibility criteria are met.
- The family of the beneficiary should comprise of the husband, wife and unmarried sons/daughters children to avail the benefits of the scheme.
Credit Linked Subsidy Scheme(CLSS) Tracker
Earlier there was no provision for Primary Lending Institution (PLI) and beneficiaries to track the application status for interest subsidy. Due to processing of application in batches, subsidy release was delayed which resulted in inconvenience to public. To address this issue the Ministry of Housing and Urban Affairs (MoHUA) has come up with a web based real time monitoring system CLSS Awas Portal (CLAP). It is common platform where all stakeholders like MoHUA, Central Nodal Agencies, PLIs, Beneficiaries and Citizens are integrated.
Individuals will not have to run to banks to check the status of their application. There are 5 stages which have been incorporated in CLSS tracker as mentioned below.
Step 1: The Application id is generated and due diligence done by the Housing finance companies
Step 2: Claim is uploaded on the Central Nodal Agency -CNA periodically to raise the subsidy claim. After this stage the customers can start tracking their subsidy claim status online.
CLSS AWAS Portal (“CLAP”) at https://pmayuclap.gov.in/ has a tracking system for beneficiaries to track their application status after entering Application ID Cxxxxxxxxxxx and an OTP code ( Note : CLAP will send Application ID and an OTP Code on registered mobile number of borrower / co-borrower ).
Step 3: NHB cross-checks the data on the basis of PMAY scheme norms and approves / rejects the claim
Step 4: NHBreleases the subsidy in favor of the HFC (Housing finance company)
Step 5: Subsidy is transferred into the loan account of the customer and the EMl of the customer is reduced.
The HFC (Housing Finance Company) acts as an enabler in availing the subsidy scheme. The final decision of the sanction lies with the regulatory bodies.
For checking your subsidy status click on : https://pmayuclap.gov.in/ and use the application ID and OTP code received on your registered mobile to know your subsidy status. For any queries please reach out to us on 18002128800 or write to us on customer.care@herohfl.com