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SYNOPSIS

If you are looking to purchase a home using a home loan, check if you are eligible for Pradhan Mantri Awas Yojana (PMAY) - Credit Linked Subsidy Scheme (CLSS).

This scheme covers most sections of the Indian society including Economically Weaker Sections (EWS), Low Income Group (LIG) and Middle Income Groups (MIG I and II).

CLSS benefits differ depending on which section of the society you belong to.

CLSS subsidy is restricted to the stipulated loan limits under each category. However, you can borrow a higher amount of loan based on your eligibility though this amount would not be eligible for interest subsidy.

For more information and revisions to the regulations of the scheme, please refer to www.mhupa.gov.in

ARE YOU ELIGIBLE FOR CLSS UNDER PMAY?

In order to receive PMAY subsidy, you should meet these criteria:

You should be residing in any of the statutory towns according to the Census of India 2011 and those notified subsequently. You plan to purchase or construct a house in such towns.

Neither you nor any of your family members own a pucca house anywhere in India.

Neither you nor any of any of your family members (spouse and unmarried children) should have availed of any assistance under any central schemes from the Government of India or under any component of the PMAY. 1

WHAT ARE THE BENEFITS OF CLSS UNDER PMAY?

In order to receive PMAY subsidy, you should meet these criteria:

CLSS offers a subsidy on the interest payable on your home loan subject to specified conditions. CLSS benefits differ depending on which section of the society you belong to:

Benefit: You receive subsidy on interest rate up to 4% on maximum home loan amount of Rs. 9 lakh.

Category: MIG II:You are considered MIG II if your annual household income is above Rs. 12 lakh but below Rs. 18 lakh and you are constructing or purchasing a house with a maximum carpet area of 200 sq. metres.

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