Pradhan Mantri Awas Yojana – Credit Linked Subsidy Scheme – EWS & LIG
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Objective
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To ensure availability of Housing Loan to Individuals from Economically Weaker Section (EWS) & Low Income Group (LIG) category at attractive rates and ensure a house for all.
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Purpose
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For purchase, new construction and addition of rooms, kitchen, toilet etc., to existing dwelling units as incremental housing For construction of house/ flat
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Coverage
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All Statutory towns as per Census 2011 and towns notified subsequently would be eligible for coverage under the Mission.
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Eligibility
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Individuals from Economically Weaker Section (EWS) & Low Income Group (LIG) category. Joint owners from the same family are also eligible.
- EWS households - households having an annual income up to Rs.3,00,000 (Rupees Three Lakhs only).
- LIG households - households having an annual income above Rs.3,00,000 (Rupees Three Lakhs) and up to Rs.6,00,000 (Rupees Six Lakhs).
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Beneficiary Family
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A beneficiary family will comprise husband, wife and unmarried children. 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. An Affidavit to this effect is to be submitted.
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Quantum Of Finance
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Max. Rs.30 lac. Subject to maintaining Loan to Value ratio (LTV) and repaying capacity
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Margin (Borrower`S Contribution)
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Loan up to Rs. 20 lac
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10%
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Loans above Rs. 20 lac
and up to Rs. 30 lac
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20%
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However Cost of stamp duty, registration and other documentation charges may be added to the cost of the house/dwelling unit for the purpose of calculating LTV ratio in cases where the cost of the house/dwelling unit does not exceed Rs.10 lac.
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Disbursement
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As per extant housing loan scheme to public. However disbursement should be made in not more than 4 installments depending upon the progress of construction, as Subsidy will be released to the Bank by the HUDCO in maximum of four installments.
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Credit Linked Subsidy
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- The subsidy is available at the rate of 6.5% upto loan amount of Rs. 6 lac for tenure of 20 years or during tenure of the loan whichever is lower.
- Subsidy will be available only for loan amount upto Rs.6 lac and additional loan beyond Rs.6 lac, if any, will be at nonsubsidized rate.
- The Net present value of the interest subsidy will be calculated at a discounted rate of 9%.
- Maximum subsidy amount will be Rs 267280.00.
Interest subsidy will be credited upfront to the loan account of beneficiaries.
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Security
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Equitable/registered mortgage of the property in question.
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Repayment
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Up to age of 70 years or 30 years, including moratorium period, whichever is earlier.
The income of the spouse and earning children (whether married or unmarried) and of the joint owners can be added for determining the income for the purpose of borrowers` repaying capacity. In such cases, they should be made co-borrower.
Subsidy will be available for a maximum loan tenure of 20 years.
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Repayment Holiday/ Moratorium
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For Construction/ Additions of House/ Flat: Till completion of construction (including additions) or 18 months, from the date of disbursement of first installment of the loan, whichever is earlier.
For carrying out repairs/ renovation / alterations to the house/flat: Till completion of repairs/ renovation / alterations or 6 months, from the date of disbursement of first installment of the loan, whichever is earlier.
For purchase of ready built House/ flat : Till the date of possession or 3 months from the date of advance, whichever is earlier.
For under-construction flats/houses built by approved private builders:
Till possession is handed over to the purchaser (borrower);
OR
Whichever is earlier, subject to interest being collected on monthly basis (as and when debited) during the moratorium period.
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Rate Of Interest
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08.95% (Terms and Conditions Follows)
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Processing Charges/ Upfront Fee
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For loans upto Rs. 6 lac NIL
For Loans above Rs. 6 lac (As per HL to public)
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Documentation Charges
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Nil
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