Few days Back ,we have informed you the [Basic features] of the Pradhan Mantri Awas Yojana(urban) credit linked subsidy scheme for middle...
Few days Back ,we have informed you the [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.
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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.
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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.

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 120 90 square meters and 150 110 square meters carpet area(area increased by Govt) 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.

4.3 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.

4.10 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 |
120
|
150
|
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 |
Responsibility
of the Primary Lending
Institution |
COMMENTS