Under Credit Linked Subsidy Scheme, beneficiaries of Middle-Income Group (MIG) can seek housing loans from Banks, Housing Finance Companies and other such institutions for acquisit...
Department: · Level: central
1. Scheme will support the acquisition/construction of houses (including repurchase) of 160 sq. mts. (For MIG I) and 200 sq. mts. (For MIG II) carpet area as per income eligibility with basic civic infrastructure like water, toilet, sanitation, sewerage, road, electricity, etc. 1. Beneficiaries of MIG will be eligible for an interest subsidy with the following features: ParticularsMIG IMIG IIHousehold Income (₹ per annum)6,00,001 - 12,00,00012,00,001 - 18,00,000Interest Subsidy (% per annum)4%3%Maximum loan tenure (in years)2020Eligible housing loan amount for interest subsidy (₹)9,00,00012,00,000Dwelling Unit Carpet Area160 sq. mts. 200 sq. mts. Discount rate for Net Present Value (NPV) calculation of interest subsidy (%)9%9%**Note 01:** Interest subsidy will be available only for loan amounts indicated in the table for the tenure of 20 years or during the tenure of the loan whichever is lower. **Note 02:** Additional loans beyond the specified limit, if any, will be at a non-subsidized rate.
1. The beneficiary family should not own a pucca house (an all-weather dwelling unit) either in his/her name or in the name of any member of his/her family in any part of India. In in case of a married couple, either of the spouses or both together in joint ownership will be eligible for a single house, subject to the income eligibility of the household under the Scheme. 1. A beneficiary family should not have availed of central assistance under any housing scheme from the Government of India. 1. Middle Income Group-I (MIG-I) - annual household income exceeding ₹6 lakhs and up to ₹12 lakhs seeking housing loans from Banks, Housing Finance Companies (HFCs), and other such institutions for acquiring/ constructing houses. 1. Middle Income Group-II (MIG-II) - annual household income exceeding ₹12 lakhs and up to ₹18 lakhs seeking housing loans from Banks, Housing Finance Companies (HFCs), and other such institutions for acquiring/ constructing houses. **Note:** Preference from MIG segments, may be given to women (with overriding preference to widows, and single working women), persons belonging to Scheduled Castes/Scheduled Tribes/Other Backward Classes, persons with disabili...
**Offline** > **Application Processes:** **Step 01:** The eligible applicant can apply through the financial institutions or banks that participate in the PMAY initiative. **Step 02:** Collect the application form through institutions or banks and fill out it completely. **Step 03:** The completely filled form is submitted to the lender along with the required papers. **Step 04:** The loan amount will be deposited into your bank account after verification. **Step 05:** After the loan is disbursed, your lender will contact the nodal agencies to begin the process of collecting interest subsidies. **Step 06:** The interest subsidy will be credited to your loan account upon verification, and your loan amount will be reduced, lowering your Equated Monthly Installment amount. **Note 01:** Interest subsidy will be credited upfront to the loan account of beneficiaries through Primary Lending Institutions (PLIs) resulting in reduced effective housing loans and Equated Monthly Installments (EMI). **Note 02:** PLIs are identified as Scheduled Commercial Banks, Housing Finance Companies, Regional Rural Banks, State Cooperative Banks, Urban Cooperative Banks, Small Finance Banks, Non-Banking...