SBI – PMAY (Pradhan Mantri Home Loan) Scheme
Prime Minister has announced Pradhan mantri home loans interest subsidy scheme. Credit linked subsidy will be provided on home loans taken by eligible urban poor (EWS/LIG) for acquisition, construction of house.
Under Affordable Housing through Credit Linked Subsidy there are 4 schemes:
- CLSS – EWS / LIG – ( Loan term 20 years, subsidy upto 2.67 lakh)
- Revised CLSS – EWS/LIG – ( Loan term 20 years, subsidy upto 2.67 lakh)
- CLSS (MIG-I) – (Scheme available upto 31.03.2019)
- CLSS (MIG-II) –
Home Loan applications received for rupees ₹ 419,027 crores till 18 December 2018
CREDIT LINKED SUBSIDY SCHEME – EWS / LIG
Scheme: Under this scheme credit linked interest subsidy @ 6.50% for 20 years or actual tenor of the loan, whichever is lower, will be provided to the eligible beneficiaries in EWS/LIG category by the Government of India.
- Applicants belonging to LIG(Low Income Group) & EWS (Economically Weaker Sections) section. The EWS/LIG categories are defined as follows:
- EWS households with an annual income upto Rs. 3.00 lacs
- LIG households with an annual income between Rs. 3.00 lacs to Rs. 6.00 lacs
Scheme: 17th June 2015 to 31st March 2022
- Maximum subsidy of Rs. 2.67 lacs (approx.) is eligible
SBI PMAY – CLSS GUIDELINES
INTEREST RATES: The interest rates are as applicable for Home Loans in SBI
|Criteria||Existing Instructions(CLSS – EWS +LIG)||Revised Instructions (CLSS – EWS +LIG)||CLSS (MIG-I)||CLSS (MIG-II)|
|Household/ Annual Income (Rs)||Upto Rs. 6 lakhs||Upto Rs. 6 lakhs||Rs. 6.01-12.00 lakhs||Rs. 12.01-18.00 lakhs|
|Property Area (Carpet Area ## )||30/60 sqm*||30/60 sqm*||160sqm||200sqm|
|Location||4487 towns||4487 towns||Urban -2011*||Urban -2011*|
|Woman Ownership||Yes (except for construction)||Yes (except for construction)||NA||NA|
|Max Loan Amt for Subsidy||Upto 6 lakhs||Upto 6 lakhs||Upto 9 lakhs||Upto 12 lakhs|
|Subsidy Amount||Rs. 2.20 lakhs||Rs. 2.67 lakhs||Rs. 2.35 lakhs||Rs. 2.30 lakhs|
|Max term of loan (on which subsidy will be calculated)||15 yrs||20 yrs||20 yrs||20 yrs|
|Property should be Family’s||1st home**||1st home**||1st home**||1st home**|
|Applicability||Loans approved on/after 17/06/2015||Loans approved on/after 01/01/2017||Loans approved on/after 01/01/2017||Loans approved on/after 01/01/2017|
- *Applicable in case of Repair and Renovation
Scope and Coverage of SBI PMAY Scheme
All Statutory towns as per Census 2011 and towns notified subsequently will be eligible for coverage under CLSS for MIG. Planning Area as notified with respect to the Statutory Towns and which surrounds the concerned Municipal area will also be covered under the Scheme to provide interest subsidy for Housing Loan beneficiaries belonging to Middle Income Groups (CLSS-MIG). PMAY EMI CALCULATOR HERE
- The credit linked subsidy @ 4% will be available for loan amount up to Rs. 9 lacs in case of MIG-I and @ 3% for Rs 12 lacs in case of MIG-II. However, the Banks can sanction Home Loans more than Rs. 9 or 12 lacs but the subsidy will be restricted to Rs. 9 or 12 lacs, as the case may be..
- Under CLSS, an interest subsidy will be available for a tenor of 20 years or actual tenor of the loan, whichever is lower. However, Bank can sanction loans for a maximum tenor of 30 years but the loan has to be repaid before the borrower attains the age of 70 years. The Net Present Value (NPV) of or the subsidy will be calculated at a discount rate of 9% and will be credited upfront to the loan account.
- Maximum subsidy eligible under CLSS-MIG (I) – Rs. 2.35 lakhs (approx.)
- Maximum subsidy eligible under CLSS-MIG (II) – Rs. 2.30 lakhs (approx.)
Eligibility for SBI PMAY Home Loan
- The Household with an annual income from Rs 6,00,001 to Rs. 12 lacs for MIG-I
- The household with an annual income from Rs 12,00,001 to Rs. 18 lacs for MIG-II
- The beneficiaries have been defined as a family comprising of husband, wife and unmarried children. An adult earning member (irrespective of marital status) can be treated as a separate household and can avail subsidy independently.
- In case of 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.
- The beneficiary family should not own a pucca house (an all-weather dwelling unit) either in his/her name or in the name of any member of his/her family in any part of India.
- The carpet area of house under this Scheme should be up to 160 sq. mts. for MIG-I beneficiaries and up to 200 sq. mts. for MIG-II beneficiaries.
- Banks shall have to submit a consolidated certificate on completion of the housing unit within one year period from the completion of construction or a maximum of 36 months from the date of the disbursement of the 1st installment of the loan amount. In case of default in not providing utilization/end use certificate the Bank shall refund the amount of subsidy to the CNA.
- In case a borrower who has taken a Home Loan under the Scheme and has availed interest subvention benefit under the Scheme but later on switches to another Bank, such beneficiary will not be eligible for the benefit of interest subvention again.
- Home Loan under this scheme will be available by way of Term loan and Maxgain (for loan limits of Rs. 20 lakh and above) with a maximum tenor of 30 years. However, subsidy is available for a maximum tenor of 20 years only.
- Though the interest subvention under CLSS (MIG) is available upto Rs. 9 or12 lacs, loan limits over and above Rs. 9 and 12 lacs will also be sanctioned to the eligible borrowers based on the eligibility criteria stipulated under our existing Home Loan Scheme.
- All loans accounts under the Scheme will be linked to Aadhaar