Basic features of the Pradhan Mantri Awas Yojana(urban) credit linked subsidy scheme for middle Income Group (PMAY CLSS MIG) .
Govt has released operation guidlines for the scheme which is reproduced as under,
Pradhan Mantri Awas Yojana (Urban) – Housing for All Credit Linked Subsidy Scheme for Middle Income Group (CLSS for MIG) :Operational Guidelines.
Govt has released operation guidlines for the scheme which is reproduced as under,
Pradhan Mantri Awas Yojana (Urban) – Housing for All Credit Linked Subsidy Scheme for Middle Income Group (CLSS for MIG) :Operational Guidelines.
Beneficiary
A beneficiary family will comprise of husband, wife, unmarried sons and/or unmarried daughters. An adult earning member (irrespective of marital status) can be treated as a separate household;
Provided that he / she does not own a pucca (an all weather dwelling unit) house 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.
Carpet Area
Area enclosed within the walls, actual area to lay the carpet. This area does not include the thickness of the inner walls.
Central Nodal Agencies (CNA)
Nodal Agencies identified by Ministry for the purposes of implementation
of Credit Linked Subsidy Scheme for Middle Income Group.
Middle Income Group
(MIG) - I: I households are defined as households having an annual
income between Rs.6,00,001 (Rupees Six Lakh One) up to Rs.12,00,000
(Rupees Twelve Lakh).
MIG - II households are defined as households having an annual income
between Rs.12,00,001 (Rupees Twelve Lakh One) up to Rs.18,00,000 (Rupees
Eighteen Lakh).
Primary Lending Institutions (PLIs)
Scheduled Commercial Banks, Housing Finance Companies, Regional Rural
Banks (RRBs), State Cooperative Banks, Urban Cooperative Banks, Small
Finance Banks, Non Banking Financial Company – Micro Finance
Institutions (NBFC-MFIs) or any other institutions as may be identified
by the Ministry.
1. Scope
1.1 “Pradhan Mantri Awas Yojana (Urban) – Housing for All” Mission for
urban areas is being implemented with effect from 17.06.2015 to provide
central assistance to implementing agencies through States and UTs for
providing houses to all eligible families/ beneficiaries. As a Central
Sector Scheme, the existing Credit Linked Subsidy Scheme (CLSS)
component of the Mission provides interest subsidy on home loans taken
by eligible urban poor [Economically Weaker Section (EWS) / Lower Income
Group (LIG)] for acquisition/construction of house.
1.2 Given the projected growth of urbanization in India and the
consequent housing demands, Ministry of Housing and Urban Poverty
Alleviation hereby introduces an interest subsidy scheme for
acquisition/ construction of house (including re-purchase) to cater to
the Middle Income Group (MIG) called “Credit Linked Subsidy Scheme
(CLSS) for MIG”, which will also be implemented as a Central Sector
Scheme.
1.3 The existing Credit Linked Subsidy Scheme under Pradhan Mantri Awas
Yojana (Urban) Mission has, accordingly, been renamed as “CLSS for
EWS/LIG”.
1.4 To be eligible to receive central assistance under CLSS for MIG:
- 1.4.1 The beneficiary family should not own a pucca1 house either in his/her name or in the name of any member of his/her family in any part of India.
- 1.4.2 A beneficiary family should not have availed of central assistance under any housing scheme from Government of India.
Provided that he / she does not own a pucca1 house 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.
1.6 CLSS for MIG will be implemented initially in 2017 for a period of one year w.e.f 
1.01.2017.
1.01.2017.
2.0 Coverage
2.1 All Statutory Towns as per Census 2011 and towns notified subsequently will be eligible for coverage under CLSS for MIG.
Note: Planning Area as notified with respect to the Statutory Town and
which surrounds the concerned municipal area will also be covered under
the Scheme.
3.0 Scheme Details
3.1 Beneficiaries of Middle Income Group seeking housing loans for
acquisition/ construction of houses (including re-purchase) from Banks,
Housing Finance Companies and other such notified institutions will be
eligible for an interest subsidy with the following features:2
3.2 CLSS for MIG will support acquisition/ construction of
house (including re-purchase) of 90 square meters and 110 square meters
carpet area as per income eligibility with basic civic infrastructure
like water, toilet, sanitation, sewerage, road, electricity etc.
3.3 Houses constructed under CLSS for MIG should conform to the
norms and standards provided in extant guidelines on construction and
structural safety in the country.
4.0 Implementation Methodology
4.1 The credit linked subsidy will be available only for loan
amounts indicated in paragraph 3.1 above for a tenure of 20 years or
during tenure of loan whichever is lower. Additional loans beyond the aforementioned specified limit, if any, will be at non-subsidized rate.
4.2
Interest subsidy will be credited upfront to the loan account of
beneficiaries through Primary Lending Institutions resulting in reduced
effective housing loan and Equated Monthly Installment (EMI).
4.3 Housing and Urban Development Corporation (HUDCO) and
National Housing Bank (NHB) have been identified as Central Nodal
Agencies (CNAs) to channelize this subsidy to the lending institutions
and for monitoring the progress. Ministry may notify other institutions
as CNA in future.
4.4 Primary Lending Institutions (PLIs), identified as
Scheduled Commercial Banks, Housing Finance Companies, Regional Rural
Banks, State Cooperative Banks, Urban Cooperative Banks, Small Finance
Banks3, Non Banking Financial Company – Micro Finance Institutions (NBFC
MFIs)4 or any other institution as may be identified by the Ministry,
can register only with one of the CNAs by signing MOU for CLSS for MIG
as provided in Annexure 1.
4.5 The Primary Lending Institutions (PLIs) that have signed
MoU with the CNAs under the existing CLSS vertical (now to be treated
under CLSS for EWS/LIG), of Pradhan Mantri Awas Yojana (Urban) Mission,
will be given the option to extend the mandate of their MoU5 to CLSS for
MIG.
4.6 Primary Lending Institutions, in the home loan
applications, shall disclose transparently the Scheme eligibility and
ascertain willingness and eligibility of applicants under CLSS for MIG.
4.7 CNAs will be responsible for ensuring proper implementation
and monitoring of the scheme and will put in place appropriate
mechanisms for the purpose. CNAs will provide periodic monitoring inputs
to the Ministry of Housing and Urban Poverty Alleviation through
regular monthly and quarterly reports, as decided by Mission Directorate
(Annexure 2).
4.8 Primary Lending Institutions (PLIs) shall link the details
of Aadhaar number(s) of beneficiary family to avoid duplication before
submitting claims to CNAs.
4.9
Preference under the Scheme, subject to beneficiaries being
from MIG segments, may be given to women (with overriding preference to
widows, single working women), persons belonging to Scheduled
Castes/Scheduled Tribes/Other Backward Classes, Persons with
disabilities and Transgender.
4.10 In cases where a borrower who has taken a housing loan from
one PLI and availed of interest subsidy under CLSS for MIG, switches to
another PLI for balance transfer, such a beneficiary will not be
eligible to claim the benefit of interest subsidy subsequently.
5.0 Mechanism for Release of Central Subsidy
5.1 An advance subsidy will be released to each CNA. Subsequent
amounts of credit linked subsidy will be released to the CNAs after 70 %
utilization of earlier amounts, on quarterly basis, and based on claims
raised by CNAs, as per format decided by Mission Directorate (Annexure
3).
5.2 Based on the loan disbursed by a PLI to MIG beneficiaries,
the CNA will release the subsidy amount to PLIs directly based on the
claims submitted on the total loans disbursed.
5.3 0.1% of total fund disbursement by the CNAs to the PLIs will be paid to the CNAs for their administrative expenses.
5.4 Subsidy will be credited by the PLI to the borrower’s
account upfront on receipt of subsidy from the CNAs by deducting it from
the principal loan amount of the borrower. The borrower will pay EMI as
per agreed document rates on the remainder of the principal loan
amount.
5.5 In lieu of the processing fee for housing loan for the
borrower under the scheme, PLIs will be given a lump sum amount of Rs.
2,000 (Rupees Two Thousand only) per sanctioned application. PLIs 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 as
indicated in Para 3.1, PLIs can charge the normal processing fee.
6.0 Monitoring and Implementation of the Scheme
6.1 CLSS for MIG will be implemented and monitored by the
Mission Directorate formed under Ministry of Housing and Urban Poverty
Alleviation to implement Pradhan Mantri Awas Yojana (Urban) Mission,
headed by the Joint Secretary and Mission Director (HFA).
6.2 State Level Bankers Committee (SLBC) will monitor the Scheme through its prevalent institutional mechanism.
6.3 In case of any false declaration by a beneficiary under the
Scheme, he / she would be liable for legal proceedings under applicable
laws.
|
Sl
|
Details
|
MIG
I
|
MIG
II
|
|
1
|
Household Annual Income (Rs.)
|
|
|
|
|
Min.
|
6,00,001
|
12,00,001
|
|
|
Max.
|
12,00,000
|
18,00,000
|
|
2
|
Income Proof for Claiming Subsidy
|
Self
Declaration
|
|
|
3
|
Property Carpet Area (sq.m.)
Upto |
90
|
110
|
|
4
|
Property Location
|
All
Statutory Towns as per Census 2011 and towns notified subsequently
|
|
|
5
|
Applicability of No Pucca House
|
Yes
|
|
|
6
|
Woman Ownership/Co-ownership
|
No
|
|
|
7
|
Due Diligence Process
|
As per
the process of the Primary Lending
Institution |
|
|
8
|
Eligible Loan Amount
|
As
per the policy applied by the Primary
Lending Institution |
|
|
9
|
Identity Proof
|
Aadhaar
No.
|
|
|
10
|
Housing Loan Sanction and
Disbursement Period
|
||
|
|
From
|
1.01.
2017
|
|
|
|
To
|
As
specified
|
|
|
11
|
Interest Subsidy Eligibilities
|
||
|
i.
|
Loan Amount (Rs.) Min.
|
0
|
0
|
|
ii.
|
Loan Amount (Rs.) Max.
|
9,00,000
|
12,00,000
|
|
iii.
|
Loan Tenure (Years) Max.
|
20
|
20
|
|
iv.
|
Interest Subsidy (% p.a.)
|
4
|
3
|
|
v.
|
NPV Discount Rate (%)
|
9
|
9
|
|
vi.
|
Max. Interest Subsidy Amount
(Rs.)
|
2,35,068
|
2,30,156
|
|
12
|
Loan Category at the time of
crediting the subsidy
|
Standard
Asset
|
|
|
13
|
Lumpsum amount paid per
sanctioned Housing Loan application in lieu of processing fee (Rs.)
|
2,000
|
2,000
|
|
14
|
Quality of House/Flat
Construction
|
National
Building Code, BIS Codes and as
per NDMA Guidelines adopted |
|
|
15
|
Approvals for the Building Design
|
Compulsory
|
|
|
16
|
Basic Civic Infrastructure
(water, sanitation, sewerage, road, electricity etc.)
|
Compulsory
|
|
|
17
|
Monitoring and Reporting the
Completion of Property Construction |
Responsibility
of the Primary Lending
Institution |
|
|
18
|
Default Repayment of Loan
|
Recover
and Pay back subsidy to CNA on proportionate basis
|
|
|
19
|
Data Submission & Accuracy,
and
Record Keeping & Maintenance | ||
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