Owning a home is one of the top needs of all families. If
you do not own a home and you are planning to get financial assistance for
buying one, then you may be eligible for Pradhan Mantri
Awas Yojana – Credit Linked Subsidy Scheme. It covers most segments of the
Indian society comprising of Economically Weaker Sections (EWS), Low Income
Group (LIG) and Middle-Income Groups (MIG I and II).
You may be curious about PMAY subsidy. While it is a great scheme,
the subsidy offers grants in interest rate payable on home loans to make home purchasing
more within your means.
Who is eligible for CLSS under PMAY?
You should meet these conditions to be eligible for CLSS –
Must live in any of the legislative towns according to the
Census of India 2011 and those announced subsequently.
None of your family members or you should have a pucca house
anywhere in India.
None of your family members (spouse and unmarried children)
or you should have availed of any support under any central schemes from the
Government of India or under any element of the scheme.
Keeping in mind the objectives of PMAY, adult earning member
regardless of their marital status, are deemed as a separate household.
Advantages of CLSS under PMAY:
CLSS scheme offers a subsidy on the interest payable on your
home loan depending on stipulated conditions. It aids vary depending on which segment
of the society you belong to:
Type: MIG I: You belong to MIG I if your annual household
income is above INR 6 lakh but below INR 12 lakh and the house you are buying,
or building has a maximum carpet area of 160 sq. mts.
Advantage: You get a subsidy on interest rate up to four per
cent on the maximum home loan amount of INR nine lakh.
Type: MIG II: You belong to MIG II if your annual household
income is above INR 12 lakh but below INR 18 lakhs and you are building or buying
a house with a maximum carpet area of 200 sq. mts.
Advantage: You get a subsidy on interest rate up to three
per cent on the maximum loan amount of INR 12 lakh.
Type: LIG and EWS: LIG and EWS types are defined as those
whose annual household incomes are above INR three lakh but below INR 6 lakh. CLSS
benefits are relevant if you are purchasing or building a home with a maximum
carpet area of 60 sq. mts. A female member of the family should be the owner or
co-owner of the house.
Advantage: You get a subsidy on interest rate up to percent.
The grant is limited up to a maximum loan amount of INR six lakh.
Period: For all types, the interest subsidy is given for a duration
of up to 20 years.
How to avail the subsidy?
