EWS/LIG NEW

Applicable for all eligible home Loans Sanctioned on or after 01.01.2017.In this scheme for the purpose of computation of interest subsidy the loan tenor to be restricted up to 20 years or the actual loan tenor, whichever is lower.

Nature of Facility

Term Loan

Beneficiary

The beneficiary family will comprise of husband, wife, unmarried sons and /or unmarried daughters.

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 to be eligible to receive central assistance under the mission. Additional norms will be as per scheme guidelines

Household Annual Income #

EWS :

• Min (Rs. per annum) : 0
• Max(Rs. per annum) : 300000

LIG :

• Min (Rs. per annum) : 3,00,001
• Max(Rs. per annum) : 6,00,000

MIG-I :

• Min (Rs. per annum) : 6,00,001
• Max(Rs. per annum) : 12,00,000

MIG-II :

• Min (Rs. per annum) : 12,00,001
• Max(Rs. per annum) : 18,00,000

Property Carpet Area (Sq mtr) #

• EWS : 30
• LIG : 60
• MIG-I : Up to 160
• MIG-II : Up to 200

Declaration of “No Pucca House”

Yes

Female head Ownership/Co-ownership #

EWS & LIG : Not for existing property. Required for New Purchases

MIG-I & MIG-II : No

Eligible Loan Amount

As per Bank’s guidelines.

Maximum Repayment Period. Inclusive of Moratorium

Salaried - 30 yrs; SEP & SENP - 20 yrs.
However, for the purpose of computation of interest subsidy the loan tenor to be restricted up to 20 years or the actual loan tenor, whichever is lower.

Housing Loan Sanctioned and Disbursement Period

Housing Loan Sanctioned and Disbursement Period From 01.01.2017 To As specified by Govt. of India

Interest Subsidy Eligibilities

• Loan Amount (Rs.) Min. : 0
• Loan Amount (Rs.) Max. :
  EWS & LIG : 6,00,000
  MIG-I : 9,00,000
  MIG-II : 12,00,000
• Loan Tenure (Years) Max.# : 20
• Interest Subsidy (% p.a.) :
  EWS & LIG : 6.50
  MIG-I : 4.00
  MIG-II : 3.00
• NPV Discount Rate (%) : 9.00
• Max. Interest subsidy Amount(Rs) :
  EWS & LIG : 2,67,280
  MIG-I : 2,35,068
  MIG-II : 2,30,156

Security- Primary, Collateral/ Guarantees

Residential property. Tangible collateral security, if any, in addition to the primary security as per bank’s norms

Pricing

As per the extant pricing structure of the standard Home loan product

Repayment

EMI –Equated monthly Installments

Property Location

All Statutory Towns as per Census 2011 and towns notified subsequently.

Loan Category at the time of Crediting the subsidy

Standard Asset

Preference

Preference under the Scheme, subject to beneficiaries being from EWS/LIG/MIG segments, should be given to Manual Scavengers, Women (with overriding preference to widows), persons belonging to Scheduled Castes/Scheduled Tribes/Other Backward Classes, Minorities, Persons with disabilities and Transgender.

Approval for the Building plan

Compulsory

Basic Civic Infrastructure (Water, Sanitation, Sewerage, road, electricity etc.

Compulsory

# Details

Household Annual Income

Household Annual Income is the combined annual Income of Husband, Wife, Unmarried Sons and/or Unmarried Daughters. Income group to be arrived on Gross Annual income basis.

Property Carpet Area (Sq.mtr)- EWS/LIG

The carpet area of houses being constructed or purchased under this component of the mission should be upto 30 square metres and 60 square metres for EWS and LIG, respectively in order to avail subsidy benefit. The beneficiary, at his/her discretion, can build a house of larger area but interest subvention would be limited to first Rs. 6 lakh only.

For extension (addition of room, kitchen, toilet etc) /repair (only for converting a kutcha or Semi Pucca house into Pucca house), the area limit will be 30 sq.m. and 60 sq.m. of carpet area for EWS and LIG category respectively.

Property Carpet Area (Sq.mtr)- MIG-I/MIG-II

The carpet area of houses being constructed or purchased under this component of the mission should be upto 160 square metres and 200 square metres for MIG-I and MIG-II, respectively in order to avail subsidy benefit. The houses of higher area than specified cannot be covered under the CLSS scheme.
Loan for Extension/renovation/repair to MIG category borrower cannot be covered under the CLSS scheme.

Female Head Ownership/Co-ownership- EWS/LIG

Not for existing property i.e where is the property was in existence prior to launch of PMAY scheme E.g- Self-construction case on plot purchased in 2012.
Required for New Purchases- Includes both fresh as well as resale purchase.

Interest Subsidy Eligibilities - Loan Tenure (Years)-20 years

Beneficiaries can apply for sanction of home loan for tenure higher than 20 years,
depending on his/her borrower category. In such cases, however, the interest subsidy
would be restricted on home loans upto Rs. 6 lakhs (EWS/LIG), 9 lakhs (MIG-1) and 12
lakhs (MIG-II) for tenure not more than 20 years.