PMAY - Pradhan Mantri Awas Yojana

 PMAY - Pradhan Mantri Awas Yojana

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Who can avail Pradhan Mantri Awas Yojana Credit Linked Subsidy Scheme?

A beneficiary family

• Provided that he / she does not own a pucca house (an all-weather dwelling unit) in his / her name in any part of India

• Provided also that in the case of a married couple, either of the spouses or both together in joint ownership will be eligible for a single house, subject to income eligibility of the household under the Scheme

What constitutes Household/Beneficiary family?

• A beneficiary family will comprise husband, wife, unmarried sons and/or unmarried daughters

• An adult earning member (irrespective of marital status) can be treated as a separate household

What are the income norms for various categories?

The income norms for various Household categories are defined as under:

• EWS households/individuals with an annual income up to Rs. 3.00 lakh

• LIG households/individuals with an annual income more than Rs. 3.00 lakh and up to Rs. 6.00 lak

• MIG I households/individuals with an annual income more than Rs.6.00 lakh and up to Rs.12.00 lakh

• MIG II households/individuals with an annual income more than Rs12.00 lakh to INR 18.00 lakh

What are the documents required to apply for the PMAY subsidy scheme?

Following documents needs to be submitted to avail PMAY subsidy scheme:

• Declaration Form (Stamp duty to be the same as Affidavit, as per State Laws)

• Permanent Account Number (PAN). If PAN is not assigned, Form 60 is required.

• Aadhaar Number all the applicants in the Beneficiary family (For MIG I & MIG II category)

• Income proof of the applicant [Applicable Income Proof documents - ITR or Form 16 (1 year)/ Salary Slip (Gross Monthly Salary*12)].

• PMAY Addendum (Stamp duty to be the same as Top-up addendum, as per State Laws)

• End-Use Undertaking Certificate

How will I receive the interest subsidy benefit under Pradhan Mantri Awas Yojana?

Once the loan amount is disbursed subject to eligibility, BHFL will claim the subsidy benefit the subsidy for eligible borrowers from NHB (National Housing Bank).

For all eligible borrowers, the subsidy amount would be paid to BHFL. Once BHFL receives the interest subsidy, it will be credited upfront to the loan account and EMI will be readjusted.

Is there any limit to the loan amount or the property value?

There is no limit to the loan amount, however interest subsidy will be calculated on a maximum of Rs. 6 lacs for EWS/LIG, Rs. 9 lacs for MIG I and Rs. 12 lacs for MIG II.

Also, there is no limit to the property value but there is a limit to the carpet area for each of the category.

The carpet area of houses being constructed or enhanced under this component of the mission should be up to 30 square metres and 60 square metres for EWS and LIG, respectively in order to avail of this credit linked subsidy. 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.

The maximum carpet area of the dwelling unit is 120 sq.m./1291.67 sq. feet for MIG I category and 150 sq.m./1614.59 sq. feet for MIG II category.

What is the interest subsidy applicable for each of the category?

The applicable interest subsidy on the eligible loan amount for each of the category is given below:

a.) EWS/LIG: 6.5%

b.) MIG I: 4%

c.) MIG II: 3%

My spouse already owns a Pucca House and now I want to buy one new property on my wife’s name. Can I qualify for the CLSS scheme under PMAY?

No, household cannot take the benefit under CLSS as spouse in beneficiary family/household already owns one property.

What is the maximum tenure on which the PMAY subsidy is applicable?

The PMAY subsidy is applicable for a maximum considered tenure of 20 years. BHFL can offer tenor as per existing policy however, subsidy will be calculated, lower of

a) 20 years

b) Offered tenor by BHFL

Are there any additional eligibility norms apart from income, first pucca house and carpet area norms?The property should have basic civic infrastructure like water, toilet, sanitation, sewerage, road, electricity etc.

Is it required to provide the Aadhaar card details for all the members of the beneficiary family?

Yes. To process the case under PMAY scheme for MIG I & MIG II categories, it is mandatorily required to provide the Aadhaar card details of all the applicants in the beneficiary familyWhat is the processing fee to avail the scheme?BHFL will not take any processing charge from the beneficiary for eligible housing loan amount as per income criteria under the Scheme. For additional loan amounts beyond the eligible loan amounts for interest subsidy, processing fees will be charged by BHFL.Whether repairing work to the existing house is covered for benefit under the Scheme?Repairing work to the existing house can be undertaken in houses which are kutcha, semi pucca and require extensive renovation to make it into a pucca house. However, this is applicable only for applicants in the EWS and LIG categories.What is the TAT(Turn Around Time) for Foreclosure Statement?The TAT for issuance foreclosure statement is typically 12 working days.

What are exceptions in female ownership in property in EWS/LIG Scheme?

Adult female membership is required in property structure. In case of absence of an adult female member in a household, the property can be registered in the name of a male member only.

What is definition of household/beneficiary family for EWS/LIG and MIG?

For EWS/LIG - Husband, Wife and unmarried children constitute household/Beneficiary Family

For MIG - Husband, wife and unmarried children

An adult earning member (irrespective of its marital status be considered as separate household)

What is documentation requirement?

Following documents need to be submitted to the branch officer as per IIHFL Credit Policy. The list of documents is mentioned below:

Aadhaar of all household members

Notarized Affidavit cum Undertaking is mandatory

If applicant’s household already own one plot or kuccha house, can he apply for a subsidy?

As the household does not own a Pucca house, he can apply for subsidy under the scheme subject to additional qualifiers such as annual household income, property in urban/adjacent area etc.

How subsidy amount will be set off i.e. whether loan amount would be reduced or tenure?

Subsidy amount shall not be adjusted against tenure. The impact of subsidy would be adjusted against principal only, further impacting EMI amount.

Is there any capping on property value or area for EWS/LIG and MIG?

EWS/LIG - No, there is no capping on minimum/maximum property value or area as per the scheme guidelines issued by the Ministry of Housing and Urban Poverty Alleviation

160 mtrs & 200 mtrs in MIG I & II

Applicant’s wife already owns a pucca house before marriage and now applicant wants to buy one new property on her wife’s name; can he qualify for a CLSS scheme?

No, household cannot take the benefit under CLSS as spouse in beneficiary family/household already owns one property.

A household owner owns a plot, however, does not have a house. Is he eligible for a subsidy?

Scheme mentions that “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”

Therefore, beneficiary family already owning shop, commercial establishment, plot, factory but not owning a pucca house clears the eligibility parameter of 1st house ownership.

What are the income norms for various categories?

The income norms for various Household categories are defined as under:

Annual Household Income of EWS/LIG should be less than Rs. 6 Lakhs

Annual Household Income of MIG 1 should be Rs. 6-12 Lakhs

Annual Household Income of MIG 2 should be Rs. 12-18 Lakhs

How will I receive the interest subsidy benefit under Pradhan Mantri Awas Yojana?

Post disbursement of the loan amount, IIFL Home Loans may claim the subsidy benefit for eligible borrowers from National Housing Bank(CNA). .On receipt of Subsidy amount from CNA, the Principal Outstanding in Home Loan Account of the Customer is reduced to the tune of Subsidy amount. Accordingly, EMI of the Customer is reduced

How a Customer can get maximum Subsidy benefit?

A Customer is eligible for maximum subsidy if the disbursed amount is equal to or more than Rs. 6 lakhs in EWS/LIG category, 9 lakhs in MIG 1 category, 12 lakhs in MIG 2 category and loan tenure is of 20 years. In case Loan disbursement or tenure is below the above-mentioned limits, subsidy would be reduced proportionately. Kindly refer to the subsidy calculator.

What is the Subsidy amount in various categories of CLSS- PMAY

EWS/LIG - upto 2.67 Lakhs

MIG 1 - upto 2.35 Lakhs

MIG 2 - upto 2.30 Lakhs

Whether repairing work to the existing house is covered for benefit under the Scheme?

Repairing work to the existing house can be undertaken in houses which are kutcha, semi pucca and require extensive renovation to make it into a pucca house. However, this is applicable only for applicants in the EWS/ LIG categories.