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In the year 2014, the Pradhan Mantri Awas Yojana scheme was introduced by our Hon'ble Prime Minister Shri Narendra Modi in the Joint Session of Parliament. This scheme aims to fulfil the housing needs of all by constructing affordable and sustainable houses by 2022, on the occasion of the 75th year of independence. This scheme is especially aimed at benefitting the Economically Weaker Section (EWS), Lower Income Group (LIG) and the Middle Income Group (MIG) of society where they can avail a subsidy up to Rs. 2.67 Lakhs. Any family consisting of a husband, wife and unmarried children is eligible to apply for this scheme, considering they don’t own any pucca house in the name of any family member in any part of India. In line with this, SwarnaGriha, an initiative by Felicity Adobe LLP, has been constructing quality affordable houses in Tumakuru and nearby areas of Karnataka. These houses are available at a subsidised rate of interest, which can be availed from the PMAY listed banks and financial institutions.

About PMAY Scheme

Own a home and save up to Rs. 2.67 Lakhs

- Aadhaar number(s) of the applicants are mandatory for MIG category. Interest subsidy depends on the loan tenure borrowed by the borrower or a maximum loan tenure of 20 years

- There is no cap on the loan amount or on the cost of property.

- This mission seeks to address the housing requirements of our urban poor, including slum dwellers, through the following program verticals:

* This scheme is available only for loan amounts of up to Rs. 18 lakhs and would have a subsidized interest rate of 6.5% for 15 years or for the tenure of loan, whichever is lower.

* The Net Present Value (NPV) of the interest subsidy will be calculated at a discounted rate of 9%.

* Any additional loans beyond Rs. 6 lakhs will be at a non-subsidized rate. Interest subsidy will be credited upfront to the loan account of beneficiaries through lending institutions, resulting in a reduced effective housing loan and equated monthly instalments (EMI).

* This scheme is beneficial for first time homeowners only. A family consisting of a husband, wife, and unmarried children can own only one house under this scheme. A married son/daughter is considered as a different individual/family and they can’t apply for it under the name of the same family.

* Any individual who owns a pucca house anywhere in India does not qualify for this scheme.

* Any individual who has already availed the benefits of any government housing related scheme does not qualify for this scheme.

* PMAY benefits can also be availed to renovate the already owned pucca house.

FAQ

A family comprising of a husband, wife and unmarried children. Such a beneficiary should not own a pucca house in the name of any member of his / her family in any part of India.
Houses made with high quality materials throughout, including the floor, roof and exterior walls, are called pucca houses. Houses made from mud, thatch, or other low-quality materials are called katcha houses.
The EWS/LIG categories are defined as follows:
  • Economically Weaker Section (EWS) households with an annual income up to Rs. 3.00 lakhs.
  • Low Income Group (LIG) households with an annual income between Rs. 3.00 lakhs to Rs.6.00 lakhs.
  • Middle Income Group (MIG-1) households with an annual income between Rs. 6.00 Lakhs to Rs. 12.00 Lakhs.
  • Middle Income Group (MIG-2) households with an annual income between Rs. 12.00 Lakhs to Rs. 18.00 Lakhs.
For identification as an EWS or LIG beneficiary under the scheme, an individual loan applicant will submit self-certificate/affidavit as proof of income.
A house is defined as an all-weather single unit or a unit in a multi-storeyed super structure having carpet area of upto 30 sqm for EWS category, upto 60 sqm. for LIG category, up to 120 sqm. for MIG-1 category and up to 150 sqm. for MIG-2 category, with adequate basic civic services and infrastructure services like toilet, water, electricity, etc.
Area enclosed within the walls, actual area to lay the carpet. This area does not include the thickness of the inner walls.
Yes, he can be covered under subsidy for beneficiary-led individual house construction scheme, if otherwise eligible.
Under Credit Linked Subsidy, beneficiaries can seek housing loans from Banks, Housing Finance Companies and other such institutions for new construction and enhancement to existing dwellings as incremental housing. The credit linked subsidy will be available only for loan amounts specified for each category and such loans would be eligible for an interest subsidy at the specified rate for tenure of 15 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 loans beyond the specified Loan Amount, will be at a non-subsidized rate. Interest subsidy will be credited upfront to the loan account of beneficiaries through lending institutions, resulting in a reduced effective housing loan and Equated Monthly Instalment (EMI).
Primary Lending Institutions are Scheduled Commercial Banks, Housing Finance Companies, Regional Rural Banks (RRBs), State Cooperative Banks, Urban Cooperative Banks or any other institution, as may be identified by the MoHUPA.
In an example where the borrower avails a loan for Rs. 6.00 lakhs and subsidy thereon works out to Rs. 2.20 lakhs, the amount (Rs. 2.20 lakhs) would be reduced upfront from the loan (i.e., the loan would reduce to Rs. 3.80 lakhs) and the borrower would pay EMIs on the reduced amount of Rs. 3.80 lakhs.
The carpet area of houses being constructed under this component should be up to 30 sqm for EWS category and up to 60 sqm for LIG category, up to 120 sqm for MIG-1 and up to 150 sqm for MIG-2. This means that if the carpet area exceeds the respective limits, then the beneficiaries would not be eligible to avail of the benefit under this component.
The subsidy would be disbursed to the beneficiaries account upfront by deducting it from the principal loan amount. As a result, the borrower will pay EMI on the remainder of the principal loan amount.
In such cases, the subsidy is to be recovered and refunded to the Central Government.
EWS and LIG could be grouped together at one plot, but it will be eligible for central assistance only if at least 35% in the project are for EWS category and the single project has at least 250 houses.
No. Under the mission, a beneficiary can avail of benefit of one component only.
No, household cannot take the benefit under CLSS as spouse if beneficiary family/household already owns one property
In case a borrower who has taken a housing loan and availed of interest subsidy under this scheme but later on switches to another lending institution for balance transfer, such beneficiary will not be eligible to claim the benefit of this scheme again.

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