Pradhan Mantri Awas Yojana SBI

1. Credit Linked Subsidy Scheme (CLSS) - (Economically Weaker Sections) EWS/ (Low Income Group) LIG
2. Revised Credit Linked Subsidy Scheme (CLSS) - (Economically Weaker Sections) EWS/ (Low Income Group) LIG
3. Credit Linked Subsidy Scheme (CLSS) - Middle Class Income Group-I (MIG-I)
4. Credit Linked Subsidy Scheme (CLSS) - Middle Class Income Group-II (MIG-II)

EWS/ LWS category:

EWS/ LWS categories are defined as follows:

• The applicants having annual household income up to Rs.3 lakh fall in EWS category.
• The applicants having annual household income between Rs. 3 lakhs to Rs. 6 lakhs fall in LIG category.

MIG category:

The 'Credit Linked subsidy Scheme (CLSS)' launched by the Indian government for urban areas under PMAY scheme is CLSS- MIG. It was initially implemented for a period of one year i.e., from 01.01.2017 to 31.12.2017, but has been further extended.

Credit linked subsidy scheme EWS/LIG:

Scheme - The government provides interest subsidy for 15 years or actual loan tenure (whichever is lower) at the rate of 6.50%.

Scheme duration - 17th June 2015 to 31st March 2024 (CLSS ended on 31 March 2024; no new applications accepted under PMAY 2.0)

Subsidy allowed - Maximum subsidy of Rs. 2.20 lakh (approx.) is allowed

SBI PMAY Eligibility

The applicant will have to fulfil certain eligibility criteria to apply for SBI PMAY scheme:

• The MIG-I and MIG-II categories under PMAY-CLSS (which covered annual incomes of Rs.6,00,001–Rs.12 lakh and Rs.12,00,001–Rs.18 lakh respectively) are no longer applicable. CLSS ended on 31 March 2024. Please visit pmaymis.gov.in for current PMAY 2.0 eligibility criteria.
• Families with annual income between Rs.12,00,001 and Rs.18 lakh can apply for the MIG-II scheme.
• The family must consist of a husband, wife, and unmarried children. A member of the family who is an adult, and earns independently can avail this subsidy independently.
• If the applicant is married, then either of the spouses or both the partners can jointly apply for the scheme.
• The family should not own a pucca house in the name of the household head or in the name of any member of the family.
• The carpet area for MIG-I scheme is up to 160 sq.m, and for MIG-II it is up to 200 sq.m.
• The bank will be required to submit a consolidated certificate once the house is built within one year of completion of construction. The consolidate certificate can also be submitted within a maximum of 3 years from the date of the disbursement of the first installment of the loan amount. In case the end-use certificate is not submitted, the bank will reimburse the subsidy amount to the CNA.
• In case the applicant had applied for the home loan scheme and switches to another bank, then in that case he/she cannot avail the benefits of interest subvention.
• Home loan scheme offered is available by way of a term loan where the maximum loan amount is up to Rs.20 lakh and maximum tenure of up to 30 years. However, the subsidy on offer is for a tenure of up to 20 years only.
• The interest subvention under CLSS (MIG) scheme is up to Rs.9 lakh or Rs.12 lakh. Interest subvention will also be available for loan amount higher than Rs.9 lakh and Rs.12 lakh provided the applicant meets the eligibility criteria.
  
• The home loan is offered as a term loan with a maximum loan amount of up to Rs. 20 lakh and a repayment tenure of up to 30 years. However, the interest subsidy under the scheme is available only for a maximum loan tenure of 20 years. 
• Under the Credit Linked Subsidy Scheme (CLSS) for the MIG category, the interest subsidy is applicable on a loan amount of up to Rs. 9 lakh for MIG-I beneficiaries and up to Rs. 12 lakh for MIG-II beneficiaries. Applicants who avail a higher loan amount may still receive the subsidy, provided they satisfy the scheme's eligibility criteria. The subsidy, however, is calculated only on the eligible loan amount. 
•   All the loan accounts under this scheme will be linked to Aadhaar. 

PMAY CLSS Scheme under SBI

Revised Credit Linked Subsidy Scheme - EWS/LIG

As per this scheme, an interest subsidy at 6.50% will be charged on the loan amount for a tenure of 20 years. Applicants who belong to the economically weaker section (EWS) or Low- Income Group (LIG) will be eligible to apply for this scheme. However, there are certain points one must note before looking to avail the Revised Credit Linked Subsidy Scheme for EWS/LIG:

• The maximum tenure has increased from 15 years to 20 years
• The maximum subsidy that an applicant can avail is Rs.2.67 lakh.

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