PMAY or Pradhan Mantri Awas Yojana under CLSS (Credit Linked Subsidy Scheme) offers ‘Housing for All by 2022’. This particular scheme was launched by Narendra Modi, the Prime Minister of India. The scheme is designed to benefit individuals belonging to EWS (Economically Weaker Section), LIG (Low Income Group), and MIG 1 & II (Middle Income Group).
All the beneficiaries who avail this scheme can get interest subsidy upon construction or purchase of a house. The interest subsidy can also be availed under Pradhan Mantri Awas Yojana when the beneficiary enhances his/her dwelling unit by means of reconstruction or repair.
Pradhan Mantri Awas Yojana (PMAY)
The eligibility criteria for PMAY Delhi is mentioned below:
To be a beneficiary under the Pradhan Mantri Awas Yojana Delhi scheme, the applicant must meet the following requirements:
As per the Census 2011, all the statutory towns are eligible for the cover under the Pradhan Mantri Awas Yojana.
How to apply for Pradhan Mantri Awas Yojana in Delhi?
A borrower may choose to apply for a home loan and Credit Linked Subsidy Scheme via the Prime Lending Institutions or PLIs in Delhi. The lender will verify the eligibility of the applicant towards the loan and the scheme. If the applicant meets all the required criteria for CLSS subsidy, the claim will be submitted by the lender to CAN (Central Nodal Agency). The claim is processed by the CAN and then the subsidy amount is released via the lender. The lender sends the subsidy amount to the borrower’s loan account. This brings down the total outstanding amount and reduces the EMI for the borrower.
|Annual Income of the Household||Category||Interest Subsidy||Maximum Loan Amount on Which Subsidy is Calculated||Maximum Interest Subsidy||Maximum Carpet Area that can be Availed|
|Rs.12 lakh to Rs.18 lakh||MIG – II (Middle Income Group – II)||3.00%||Rs.12 lakh||Rs.2.30 lakh||1614 sq.ft.|
|Rs.6 lakh to Rs.12 lakh||MIG – I (Middle Income Group – I)||4.00%||Rs.9 lakh||Rs.2.35 lakh||1291 sq.ft.|
|Rs.3 lakh to Rs.6 lakh||LIG (Lower Income Group)||6.50%||Rs.6 lakh||Rs.2.67 lakh||No limit|
|Up to Rs.3 lakh||EWS (Economically Lower Section)||6.50%||Rs.6 lakh||Rs.2.67 lakh||No limit|
After the subsidy is disbursed, the amount will go to the loan account of the borrower and the principal amount will be adjusted accordingly. Thus, the outstanding loan amount will be reduced which will, in turn, bring down the EMIs (Equated Monthly Instalments) for the borrower of the home loan.
The authorities that are responsible for the implementation of Pradhan Mantri Awas Yojana in Delhi are DUSIB (Delhi Urban Shelter Improvement Board), DDA (Delhi Development Authority), and MHUPA (Ministry of Housing and Urban Poverty Alleviation).
The Government of India has set Rs.1,00,000 crore as the budget for implementation of Pradhan Mantri Awas Yojana Scheme in Delhi. An assistance of Rs.29,409 crore will also be provided by the Central Government to the State Government.
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