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Pradhan Mantri Awaas Yojana (Urban) - Housing for All by 2022
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27
Nov'17 |
Ministry of Housing & Urban Affairs as announced that 30.76 lakh houses for urban poor have been sanctioned so far since launch of Pradhan Mantri Awas Yojana (Urban) Scheme in June 2015. |
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16
Nov'17 |
Government approved increase in carpet area of houses eligible for interest subsidy under the Credit Linked Subsidy Scheme (CLSS) for he Middle Income Group (MIG) under Pradhan MantriAwasYojana (Urban).
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22
Sep'17 |
Government approved Extending Validity for CLSS for MIG Class by 15 Months (Extended to March 2019 from December 2017 earlier). |
- Pradhan Mantri Awas Yojana (Urban) is a Central Govt Initiative Launched on June 1, 2015, aimed at ensuring affordable housing for urban poor. Its tagline is Housing for all by 2022.
PMAY Replaced Rajiv Awaas Yojana that ran betweeen 2013 - 2014 and aimed at making India slum-free by 2022 by providing people with shelter or housing, free of cost.
- Terms -
- Under PMAY, Govt aims in assisting construction of 2 crore houses for urban poor by 2022, with Govt assistance 2 Lakh Crores INR.
- PMAY has 4 components of assistance (With assistance ranging 1 Lakh to 2.30 Lakh)
- Slum Redevelopment with private sector participation using land as resource
- Affordable Housing through Credit Linked Subsidy
- Affordable Housing in Partnership with private and public sector
- Beneficiary led house construction/enhancement
- Credit linked subsidy Scheme
- It is implemented as a Central Sector Scheme (other three components of PMAY are implemented as Centrally Sponsored Schemes).
- Income Levels and applicable subsidy amounts -
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Income Group
Subsidy on maximum Loan Amount
Interest Subsidy (%)
Maximum Subsidy Tenure
(In years)Max. Subsidy amount
Up to 3 Lacs (EWS)
6 Lacs
6.5%
20
2.67 lacs
3 - 6 Lacs (LIG)
6 Lacs
6.5%
20
2.67 lacs
6 - 12 Lacs (MIG 1)
9 Lacs
4%
20
2.35 lacs
12 - 18 Lacs (MIG 1)
12 Lacs
3%
20
2.30 lacs
- Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9 %.
- Government subsidy amount will be calculated as per following examples -
Case Details Original EMI Total interest (over 20 years) Intrest Subsidy Applicable Current Interest Rate under CLSS NPV of interest subsidy amount Revised Loan Amount EMI Total interest (over 20 years) Without CLSS Under PMAY With CLSS Under PMAY Loan - 6 lakh, Income Group - 3 to 6 Lac (LIG)
5398 6.95 lac 6.5 % 9 % 2.67 lac 3.33 Lac (6 - 2.67) 2996 (Saving 2402 /Month) 3.86 Lac (Saving 3.1 Lac) Loan - 9 lakh, Income Group - 6 to 12 Lac (MIG 1) 8098 10.43 Lac 4 % 9 % 2.35 Lac 6.65 Lac (9 - 2.35) 5983 (Saving 2114 /Month) 7.7 Lac (Saving 2.7 Lac) Loan - 12 lakh, Income Group - 12 to 18 Lac (MIG 2) 10796 13.91 Lac 3 % 9 % 2.30 Lac 9.7 Lac (12 - 2.3) 8727 (Saving 2069 /Month) 11.24 Lac (Saving 2.67 Lac) - Subsidized Carpet Area -
- EWS - 30 Sq. Mt.
- LIG - 60 Sq. Mt.
- MIG 1 - 120 Sq. Mt.
- MIG 2 - 150 Sq. Mt.
- Note That validity of CLSS for MIG classes has recently been extended till March 2019, while CLSS for EWS / LIG Classes is already valid Till Mission Period (Till 2022).
- For Availing CLSS Benefits Under PMAY, Loans Must be approved on or after 01-01-2017.
- Housing and Urban Development Corporation (HUDCO) and National Housing Bank (NHB) are Central Nodal Agencies (CNAs) to channelize this subsidy to lending institutions and monitoring progress of CLSS.
- Website - http://pmaymis.gov.in