What is PMAY CLSS Scheme?

In light of the fact that thousands that lay destitute with no roof over their head, the Government intervened with its Credit Linked Subsidy Scheme (CLSS) – Pradhan Mantri Awas Yojana – to make housing affordable and available to all citizens. Launched in 2015, the Pradhan Mantri Yojana aims to construct a whopping two million houses by the 75th year of Indian Independence – 2022.

Main Features of the PMAY Scheme

Following are the main features of the PMAY scheme –

  • Housing for All

Under the Pradhan Mantri Awas Yojana, accommodation with basic amenities such as water, electricity, gas, sanitation, etc. is to be provided to all first-time homeowners, regardless of their societal class. The same is to be given depending on the beneficiary category the applicant falls under.

  • Affordability

The most important feature of the Pradhan Mantri Yojana is to make housing affordable for all. As a Credit Linked Subsidy Scheme (CLSS), PMAY subsidy is offered to all beneficiaries – home loans at subsidised rates of interest (the subsidy is determined based on the beneficiary category). Interest subsidy can be availed to a maximum amount of Rs. 2.67 lakhs for a maximum period of 20 years.

  • Female Preference

The PMAY scheme gives preference to female members of the household. Meaning, female members are to be co-applicants for home loans taken under this scheme, even if they play no role in financing, especially for the EWS and LIG categories. This is done to secure women’s financial future and to encourage them to become homeowners. 

In the case of no female member, the property can be registered in the name of the male member alone.

  • Provisions for Different Groups

The Pradhan Mantri Awas Yojana also makes social inclusion a priority. Meaning, provisions have been made for special groups such as the Scheduled Caste (SC), Scheduled Tribe (ST), and the transgender community.

Moreover, the PMAY scheme makes it mandatory for ground-floor preference to be given to senior citizens and the differently-abled members of the society.

  • Eco-Friendly Construction

For houses constructed under the Pradhan Mantri Awas Yojana, the Government has strictly instructed property builders to adhere to eco-friendly construction materials and technology. This is to reduce damage, both to the environment and in and around the site of construction.

Pradhan Mantri Awas Yojana Eligibility

Given below are the basic eligibility criteria under the PMAY scheme –

  • No member of the applicant’s family must own a house in any part of the country
  • The applicant or any member of their family must not have availed the benefits of any housing-related scheme launched by the Indian Government
  • The applicant must fall under any one of the beneficiary categories as defined under the Pradhan Mantri Yojana

Beneficiary Categories under the Scheme

Based on the annual household income, the following four categories of beneficiaries can avail the Pradhan Mantri Awas Yojana scheme –

  • EWS or Economically Weaker Section – Those whose yearly household income falls under Rs. 3 lakhs
  • LIG or Low Income Group – Those households having annual income more than Rs. 3 lakhs but less than Rs. 6 lakhs
  • MIG I or Middle Income Group I – Those whose yearly household income is higher than Rs. 6 lakhs but lower than Rs. 12 lakhs
  • MIG II or Middle Income Group II – Those households whose annual income is above Rs. 12 lakhs but below Rs. 18 lakhs

Now is the most opportune time for applying for a home loan and buying your own home at affordable interest rates. Check your Pradhan Mantri Awas Yojana eligibility and make the most of this scheme!