Pradhan Mantri Awas Yojana is a government initiative that is driven by the motive of providing “Housing to All” by the year 2022. The benefit of the scheme for now will be extended in all statutory towns as per Census 2011 and towns notified subsequently will also be eligible for coverage under the mission.
At present, around 300 cities are covered. Initially, the scheme was drafted to fulfill the housing requirement of economically weaker section and low income group. However, now the middle income group with income above ₹6 lakhs but less than ₹ 18,00,000 will also be eligible to get a loan at subsidized rates.
To avail the benefit of the scheme, Pradhan Mantri Awas Yojana guidelines are to followed.
The eligibility criteria for groups covered under the scheme is different. The details of the CLSS EWS/LIG and CLSS MIG are as follows:
CLSS EWS/LIG Scheme
- The scheme is applicable from June 17th 2015 – March 31st 2022
- The house acquired/constructed under the scheme should be in the name of female member of the family or jointly with them. It is only when there is no adult female in the household, the house can be in name of male member.
- The beneficiary should not own a pucca house either in his/her name or in the name of any member of the family.
- The loan is offered for the maximum tenure of 20 years.
- Interest subsidy to Economically Weaker Section and Lower Income Group will be given for new house.
- The income criteria for EWS is Up to ₹ 3,00,00 and for LIG ranges from ₹ 3,00,001 to 6,00,000
- For candidates of EWS category the carpet area should be up to 30 sq.mt. and for LIG permissible area is up to 90 sq.mt.
- The interest subsidy of 6.50% is offered
- The loan subsidy is available on the loan amount of up to ₹ 2,20,000
CLSS MIG Scheme
- The scheme is in effect from January 1st 2017 till December 31st 20.
- Any member of the beneficiary family should not own a pucca house in any part of the country
- Interest subsidy will be provided only on construction, acquisition of new house and repurchase
- The beneficiary shouldn’t have availed central housing assistance under any other scheme
- The income should be between ₹6,00,001 to 12,00,000 MIG I category and for MIG II – the income should be between ₹12,00,001 to 18,00,000
- The loan is offered for the maximum tenure of 20 years
- The maximum carpet area of house for candidates belonging to MIG – I is 90 sq. mt and 110 sq.mt. for MIG – II category
- The MIG-I category is entitled to get the interest subsidy of 4% and MIG-II will get 3% of subsidy
- The loan subsidy is available to the candidates belonging to MIG- I category on the amount of up to ₹ 9,00,000 and ₹ 12,00,000 for MIG – II.
The candidates eligible for the subsidized loan scheme can apply for it either online or offline. To apply the candidates have to fill the application form. This application form comprises of the following fields:
- Name of the applicant
- Contact Details
- Date of Birth
- Annual Income
- Aadhar Number
- BPL certificate details
- House loan details
The applicants have to provide the mandatory documents along with the application form. Aadhar Card is must and all applicant have to submit it. Beside it, the applicant has to provide BPL certificate, income certificate identity proof and address proof.
This CLSS Pradhan Mantri Awas Yojana scheme is very useful for the people having low income. By enrolling in this scheme people can fulfill their dream of having a own house. The unique features of this scheme are as follows:
- The people eligible are entitled to get a home loan at subsidized rates. The subsidized interest rate of 6.5% will be offered under the scheme.
- The subsidized loan is available for the long tenure of 15 years.
- Female applicants will be given preference under the scheme.
- The house constructed under the scheme should strictly follow the eco-friendly construction technology.
- The loan at subsidized rate will be available for the amount ranging up to Rs. 6 lakhs.