“Housing for All” Mission for urban area will be implemented during 2015-2022 and this Mission will provide central assistance to implementing agencies through States and UTs for providing houses to all eligible families/beneficiaries by 2022.
The Mission, in order to expand institutional credit flow to the housing needs of urban poor will implement credit linked subsidy component as a demand side intervention. Credit linked subsidy will be provided on home loans taken by eligible urban poor (EWS/LIG) for acquisition, construction of house.
Under Affordable Housing through Credit Linked Subsidy there are 4 schemes:
Scheme: Under this scheme credit linked interest subsidy @6.50% for 15 years or actual tenor of the loan, whichever is lower, will be provided to the eligible beneficiaries in EWS/LIG category by the Government of India.
Scheme: 17th June 2015 to 31st March 2022
Government of India under the aegis of the Ministry of Housing and Urban Poverty Alleviation (MoHUPA) has launched ‘Credit Linked subsidy Scheme (CLSS)’ for Urban Areas under the ambit of Pradhan Mantri Awas Yojana. The CLSS-MIG which was implemented initially for a period of one year i.e., from 01.01.2017 to 31.12.2017 has been further extended up to 31.03.2020.
All Statutory towns as per Census 2011 and towns notified subsequently will be eligible for coverage under CLSS for MIG. Planning Area as notified with respect to the Statutory Towns and which surrounds the concerned Municipal area will also be covered under the Scheme to provide interest subsidy for Housing Loan beneficiaries belonging to Middle Income Groups (CLSS-MIG).
INTEREST RATES: The interest rates are as applicable for Home Loans in SBI
Criteria | Existing Instructions(CLSS – EWS +LIG) | Revised Instructions (CLSS – EWS +LIG) | CLSS (MIG-I) | CLSS (MIG-II) |
---|---|---|---|---|
Household/ Annual Income (Rs) | Upto Rs. 6 lakhs | Upto Rs. 6 lakhs | Rs. 6.01-12.00 lakhs | Rs. 12.01-18.00 lakhs |
Property Area (Carpet Area ## ) | 30/60 sqm* | 30/60 sqm* | 160sqm | 200sqm |
Location | 17778 towns | 17778 towns | Urban -2011* | Urban -2011* |
Woman Ownership | Yes (except for construction) | Yes (except for construction) | NA | NA |
Max Loan Amt for Subsidy | Upto 6 lakhs | Upto 6 lakhs | Upto 9 lakhs | Upto 12 lakhs |
Subsidy % | 6.50% | 6.50% | 4% | 3% |
Subsidy Amount | Rs. 2.20 lakhs | Rs. 2.67 lakhs | Rs. 2.35 lakhs | Rs. 2.30 lakhs |
NPV | 9% | 9% | 9% | 9% |
Max term of loan (on which subsidy will be calculated) | 15 yrs | 20 yrs | 20 yrs | 20 yrs |
Property should be Family’s | 1st home** | 1st home** | 1st home** | 1st home** |
Validity | 2022 | 2022 | 31/03/2020 | 31/03/2020 |
Applicability | Loans approved on/after 17/06/2015 | Loans approved on/after 01/01/2017 | Loans approved on/after 01/01/2017 | Loans approved on/after 01/01/2017 |