With the mission of “Housing for All” by 2022, Government of India has launched the Pradhan Mantri Awas Yojana (PMAY). 

Currently, there are three schemes under which you can apply for Pradhan Mantri Awas Yojana (PMAY). 

• EWS (Economically Weaker Sections)/ LIG (Low Income Group) 
• CLSS (Credit Linked Subsidy Scheme)/ (MIG-I) (Middle Income Group-I)
• CLSS (Credit Linked Subsidy Scheme)/ (MIG-II) (Middle Income Group-II)

Small Finance Banks and Non-Banking Finance Companies also have been recognized to function as Primary Lending Institutions (PLIs) to widen the scope of implementation of CLSS (EWS/LIG/MIG) schemes, in addition to Scheduled Commercial Banks, Housing Finance Companies, Regional Rural Banks, State and Urban Cooperative Banks for accepting applications directly from beneficiaries and advancing loans under the scheme. No processing fee will be charged by PLIs from the applicants under these CLSS schemes. 

Eligibility under EWS/ LIG Scheme

• You/your family/household should not own a pucca house in any parts of the country either in your name or any of your family member’s name.
• One adult female membership is mandatory in the property ownership.
• Location of the property should fall under any of 4487 statutory towns identified as per 2011 census.
• Whoever applying under EWS scheme must have an annual income between Rs 3 lakh to Rs 6 lakhs.
• The carpet area of the house under these Schemes should be up to 30 sq mts for EWS beneficiaries and up to 60 sq mts for LIG beneficiaries.
• This scheme is available for housing loans availed for acquisition/construction of a house or extension of a Semi Pucca house.
• The maximum term of the loan is 20 years.
• Under EWS/LIG scheme, interest subsidy of 6.50% is being provided on a loan of up to Rs 6 lakhs.
• The beneficiary can build a house of larger area or higher cost, but the interest subsidy would be limited and applicable to first Rs 6 lakhs loan amount only.
• Maximum amount of interest subsidy is Rs 2,20,000 under both EWS and LIG schemes.

Eligibility under CLSS (MIG-I) Scheme

• You must 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.
• You must not have availed any central/state assistance under any housing scheme from Government of India ever.
• Adult female membership ownership in property is desirable (but not mandatory).
• Location of the property should fall under any of statutory towns as per 2011 census.
• The credit linked interest subsidy @ 4% will be available for loan amount up to Rs 9 lakhs in case of MIG-I.However, the Banks can sanction Home Loans more than Rs 9 lakhs but the subsidy will be restricted to Rs 9 lakhs loan amount only.
• Loan tenure is 20 years.
• Government has increased the carpet size for MIG-I by 33% from 120 to 160 square meter.
• You are eligible to apply for MIG-I if your annual income is from Rs 6 lakh to Rs 12 lakhs.

Eligibility under CLSS (MIG-II) Scheme

• You must 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.
• You must not have availed any central/state assistance under any housing scheme from Government of India ever.
• Adult female membership ownership in property is desirable (but not mandatory).
• Location of the property should fall under all statutory towns as per 2011 census.
• The credit linked interest subsidy @3% for Rs 12 lacs loan in case of MIG-II. However, the Banks can sanction Home Loans more than Rs 12 lakhs, but the subsidy will be restricted to Rs 12 lakhs loan amount only.
• Loan tenure is 20 years.
• Government has increased the carpet size for MIG-II by 33% from 150 to 200 square meter.
• You are eligible to apply for MIG-II if your annual income is from Rs 12 lakh to Rs 18 lakhs.

Reduced GST on Affordable Housing under PMAY

GST Council has reduced the GST rate on affordable housing schemes under PMAY from 12% to 8%. The concession granted in GST is 4% and is  available only for those who are buying houses under PMAY subsidy scheme.

Source: Internet