Pradhan Mantri Awas Yojana (PMAY) – KHFL
The “Credit-Linked Subsidy Scheme” (CLSS) under Pradhan Mantri Awas Yojana (PMAY) was announced by our Honourable Prime Minister Shri Narendra Modi. The scheme envisages the vision of housing for all by the year 2022. Khush Housing Finance offers “Credit-Linked Subsidy Scheme” under Pradhan Mantri Awas Yojana
Under this scheme, interest subsidy on purchase/ construction/ extension/ improvement of house is provided to customers belonging to Economical Weaker Section (EWS)/Lower Income Group (LIG)/Middle Income Group (MIG).
- The beneficiary family should not own a pucca house in his/her or in the name of any member of his/her family in any part of India.
- In case of married couple, either of or both spouses together in joint ownership will be eligible for a single subsidy.
- The beneficiary family should not have availed of central assistance under any housing scheme from Government of India or any benefit under any scheme in PMAY.
- The scheme is offered to families, comprising of husband, wife and unmarried children. (An adult earning member irrespective of marital status can be treated as a separate household in MIG category)
- The family should not own a pucca house in his/ her name or in the name of any member of the family, in any part of India
- Upfront interest subsidy benefits on principal outstanding
- Aadhaar number(s) of the beneficiary family is mandatory for MIG category
- Interest subsidy will be available for a maximum loan tenure of 20 years or the loan tenure availed by the borrower whichever is lower.
- There is no cap on the loan amount or on the cost of a property.
- The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9 %.
- The additional loan beyond the specified limits, if any to be at non-subsidized rate.
- woman ownership is not mandatory for construction/extension
Key Parameters* :
|Particulars||EWS||LIG||MIG I||MIG II|
|Household Income (Rs.)||0-3,00,000||3,00,001-6,00,000||6,00,001-12,00,000||12,00,001-18,00,000|
|Eligible Housing Loan Amount for Interest Subsidy (Rs.)||Up to 6,00,000||Up to 6,00,000||Up to 9,00,000||Up to 12,00,000|
|Interest Subsidy (% p.a.)||6.50%||6.50%||4.00%||3.00%|
|Maximum loan tenure (in years)||20||20||20||20|
|Maximum dwelling unit carpet area||30 Sq. m.||60 Sq. m.||160 Sq. m.||200 Sq. m.|
|Discount Rate for Net Present Value (NPV) calculation of interest subsidy (%)||9.00%||9.00%||9.00%||9.00%|
|Max. Interest Subsidy Amount (Rs.)||2,67,280||2,67,280||2,35,068||2,30,156|
|Lump sum amount paid per sanctioned to PLIs in lieu of Processing Fee (Rs.) to the extent of loan amount on which subsidy is applicable.||3000||3000||2,000||2,000|
|Application of scheme on existing home loans sanctioned on or after||17.06.2015||01.01.2017|
|Applicability of No Pucca House||Not for renovation/upgradation||Yes||Yes|
|Woman Ownership/Co-ownership||Mandatory for new acquisition, Not mandatory for existing property||Not mandatory||Not mandatory|
|Quality of House/Flat Construction||National Building Code, BIS Codes and as per NDMA Guidelines adopted|
|Approvals for the Building Design||Compulsory|
|Basic Civic Infrastructure (water, sanitation, sewerage, road, electricity etc.)||Compulsory|
The Details mentioned above are based on the scheme framed by the Government of India under the Pradhan Mantri Awas Yojana (PMAY). These are subject to change as and when there is a change in the scheme by the Government of India.