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Home Loan - IDBI Bank Home Loan





Credit Linked Subsidy Scheme(CLSS) of Housing Loans for Urban Poor
    
 As a part of the implementation of Pradhan Mantri Awas Yojana(PMAY), Ministry of Housing and Poverty Alleviation, Govt. of India(GoI) has designed a Housing Loan scheme to cater the financial requirements of Economically Weaker Section(EWS) and Low Income Group (LIG) for acquisition / construction of residential units.  The said Interest Subsidy Scheme is effective from 17.06. 2015 and will continue up to 31.03.2022. As a part of the process of implementation of the scheme, every Primary Lending Institution(PLI) needs to sign Memorandum of Understanding(MoU) with one Central Nodal Agency(CNA) only for the subsidy component. Accordingly, IDBI bank had signed a MoU with NHB on August 26, 2015. The said scheme would be implemented by the GoI in Mission mode. For enabling this process, the beneficiaries should be linked to his / her Aadhaar / Voter ID card / any other unique identification Number or a certificate of house ownership from revenue authority of beneficiary. 

The features of CLSS scheme are represented in the tabular form as under are at Annexure.

Features of the CLSS scheme

Sr. No.

Features

Details

1

 

Target clientele

 

 

The applicants from Urban area belonging to EWS/LIG intending for acquisition / construction of residential units.  

  • EWS : Annual household income up to INR 3 lakhs
  • LIG : Annual household income above INR 3 lakhs and up to INR 6 lakhs.
  • The beneficiary family will comprise husband, wife, unmarried sons and /or unmarried daughters.
  • The beneficiary family should not own a pucca house 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.
  • Preference under the scheme, subject to beneficiaries being from EWS/LIG 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.  
  • The property to be located in one of the 4041 statutory towns as identified by NHB.

2

Nature of Product on offer

Term Loan. Interest Saver facility not to be extended.

3

Amount of Loan/Facility:
-Minimum
-Maximum 

The maximum and minimum loan amount would be in line with the extant Home Loan schemes. However, subsidy shall be available for loan upto first Rs.6 lakh.

4

Maximum Repayment Period
Inclusive of Moratorium (for Loan Products)

  • The maximum loan period may be extended based on borrower profile in line with the extant Home Loan norms.

 

  • Salaried  - 30 yrs.; SEP & SENP - 20 yrs.
  • However, for the purpose of computation of interest subsidy the loan tenor to be restricted up to 15 years or the actual loan tenor, whichever is lower. 

 

5

Security-Primary

 -do-    -Collateral

 
 -do-   -Guarantees

Residential property.

Tangible collateral security, if any, in addition to the primary security based on the merit of the case.

Obtaining guarantee may be explored based on the merit of the case.  

6

Pricing-Minimum

   -do-  -Maximum

As per the extant pricing structure of the standard Home loan scheme. However, for the purpose of computation of interest subsidy it would be restricted up to 6.5%. 

7

Interest Servicing Periodicity: Monthly/
Quarterly/Annual etc.

Interest servicing periodicity to be on Monthly basis in line with the extant process of the standard Home Loan. 

8

Property Norms

  • Carpet Area :  EWS : 30 sqr. meters.; LIG : 60 sqr. meters.  This carpet area norm is applicable for all types of residential properties, constructed / acquired / enhanced.    
  • The houses constructed/acquired with central assistance under the mission should be in the name of of the female head of the household or in the joint name of the male head of the household and his wife, and only in cases when there is no adult female member in the family, the house can be in the name of male member of the household. 

9

Interest Subsidy 

The Interest subsidy would be computed based on the parameters as under :

  • The loan amount to be restricted up to INR 6 lakhs i.e. actual loan amount or INR 6 lakhs, whichever is lower.
  • The loan to be restricted up to 15 yrs. i.e. actual tenor or 15 years, whichever is lower.
  • Irrespective of rate of interest charged, the subsidy would be computed for interest up to 6.5% p.a. 
  • The interest subsidy would be computed in the excel calculator as provided by NHB. Such computation would be based on Net Present Value(NPV) method, to be discounted @ 9%.    
  • The quantum of interest subsidy would be paid upfront by the Govt. for crediting the same to the loan account of the beneficiaries in order to lower the EMI burden of the eligible borrowers. This subsidy amount would have to be treated as prepayment and accordingly it has to be settled against the principal.
  • On credit of such subsidy in the loan account of the borrowers, such loan accounts have to be re-phased.     
  • In case a borrower who has taken a housing loan and availed of interest subvention under the scheme but later on switches to another PLI for balance transfer, such beneficiary will not be eligible or claim the benefit of interest subvention again.  

10

Documentation

  • As per extant Home Loan scheme of the bank. 
  • Documentation as per the checklist provided by NHB and additional documentation, wherever required.
  • Self Declaration by the loan borrowers regarding annual household income and whether the applicants are eligible / received any subsidy under any other government sponsored schemes.
  • Self Declaration from the borrowers’ family stating that the beneficiary family do not own a pucca house 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.    
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