Pradhan Mantri Awas Loan Yojana

To cater to the housing needs of the urban poor of India, the government launched the Pradhan Mantri Awas Yojana. Under this scheme, the Government of India also started Pradhan Mantri Home Loan Yojana which is known as Credit Linked Subsidy Scheme (CLSS). Through this scheme, families living in EWS / LIG category should have maximum annual income less than 6 lakhs. Along with this scheme, the Ministry of Housing and Urban Poverty Alleviation also started CLSS for MIG I & II families with maximum annual income up to 18 lakhs. So let us know about Pradhan Mantri Awas Loan Yojana and see how you can avail of it.

Prime Minister Housing Loan Scheme- Pradhan Mantri Awas Loan Yojana in Hiindi:
Pradhan Mantri Home Loan Yojana is mainly divided into two parts. The first CLSS for EWS / LIG and the second CLSS for MIG I & II are the different home loan rules / home loan schemes under these two schemes. Without which you cannot apply for Pradhan Mantri Awas Yojana loan. Because if you made a mistake while applying, your Pradhan Mantri Awas Yojana Loan will not be passed. And you may get into trouble. So, in this article, let us know further the rules related to this scheme / home loan scheme.

Who can apply for Pradhan Mantri Awas Yojana Loan / Pradhan Mantri Awas Yojana loan?
The family of the economically weaker section (EWS) should have an annual income of Rs 3 lakh or less.
Annual income of a family of low income group (LIG) should be in the range of Rs 3-6 lakh.
The middle income (MIG-1) family should have an annual income of between Rs 6-12 lakh. They will be able to apply for loan through CLSS only.
The middle income (MIG-2) family should have an annual income between Rs 12-18 lakh. They will be able to apply for loan through CLSS only.
The beneficiary family should not have a firm mark in the name of himself or any other member of his household in any city of India.
The application should be in the name of the female head or male head of the household and his wife only.
Backward class people like SC / ST / OBC
Home loan rules / home loan scheme for CLSS for EWS / LIG:
You will get all the information about Pradhan Mantri Home Loan Yojana started from 01/01/2017 for families of Economically Weaker (EWS) / Low Income Group (LIG) category. You keep on reading.

Eligible beneficiaries of Prime Minister Housing Loan Scheme:
A family consisting of husband, wife and children.
The beneficiary family should not have a firm mark in the name of himself or any other member of his household in any city of India.
The family of the economically weaker section (EWS) should have an annual income of Rs 3 lakh or less.
Annual income of a family of low income group (LIG) should be in the range of Rs 3-6 lakh.
The application should be in the name of the female head or male head of the household and his wife only.
Backward class people like SC / ST / OBC
Disabled person / transgender
Pradhan Mantri Home Loan Scheme- Home loan rules:
Loans up to Rs. 3 lakhs for EWS category families at the rate of 6.5%. They can take it from banks, housing finance companies, other institutions. They can use this money for new construction / purchase / expansion. If you take more than 3 lakh loans, they will not get subsidy on that amount. An application can be made for the construction and expansion of a house up to a maximum of 30 square meters. The maximum loan period will be up to 20 years.
Loans of up to Rs 6 lakh have been fixed for LIG families at the rate of 6.5% which they can avail from banks, housing finance companies, other institutions. With this loan, they can buy / construct / expand new house. An application can be made for the construction and expansion of a house up to 60 square meters. The maximum loan period will be up to 20 years.

Pradhan Mantri Awas Yojana Interest Rate-

CLSS for EWS/LIG

Maximum loan term 20 years

For example (in rupees)

Loan
Amount
Loan Amount eligible for
Subsidy
Interest
Subsidy
Balance
Loan
Initial EMI
@10%
Reduced
EMI after
crediting the
Subsidy
Monthly
savings
Annual savings
3,00,000 3,00,000 1,33,640 1,66,360 2,895 1,605 1,290 15,480
6,00,000 6,00,000 2,67,280 3,32,720 5,790 3,211 2,579 30,948
10,00,000 6,00,000 2,67,280 7,32,720 9,650 7,071 2,579 30,948

The government has constituted Housing and Urban Development Corporation (HUDCO) and National Housing Bank (NHB) as Central Nodal Agencies (CNAs) to carry out this entire process properly and facilitate the needy families. If you want to apply for a loan, then below you will get a list of all Banks / Financial Lending Institutions in PDF which are providing loans to EWS / LIG families.

⇒ List of Banks / Financial Lending Institutions for EWS / LIG.pdf

Home loan rules / home loan scheme for CLSS for MIG I & II:
This Pradhan Mantri Home Loan Yojana for medium income group MIG I & II families was started on 01/01/2017 which was to be run for one year first but later the government revised it and the last date was 31/03 / 2019. So let’s know all the information related to this.

Eligible beneficiaries of Prime Minister Housing Loan Scheme:
A family consisting of husband, wife and children. An adult commissary member can be viewed as a separate family, provided it is plain or not.
In case of plain couple, one / joint application can be made.
The beneficiary family should not have a firm mark in the name of himself or any other member of his household in any city of India.
The family has not received any government support before.
The middle income (MIG-1) family should have an annual income of between Rs 6-12 lakh. They will be able to apply for loan through CLSS only.
The middle income (MIG-2) family should have an annual income between Rs 12-18 lakh. They will be able to apply for loan through CLSS only.
Home loan rules:

The families of MIG-I category will be assisted by CLSS up to Rs 9 lakh for the acquisition / construction of carpet area house up to 120 square meters. This assistance will not be provided for the expansion of the house. The maximum loan period will be up to 20 years. No subsidy will be given on the amount above 9 lakh.
MIG-2 families will be assisted by CLSS up to Rs. 12 lakhs for acquisition / construction of carpet area house up to 150 square meters. This assistance will not be provided for the expansion of the house. The maximum loan period will be up to 20 years. No subsidy will be given on the amount of more than 12 lakhs.

Pradhan Mantri Awas Yojana Interest Rate- होम लोन स्कीम :

  CLSS for MIG I 

Maximum loan term 20 years

For example (in rupees)

Loan
Amount
 Loan  Amount eligible for
Subsidy
Interest
Subsidy
Balance
Loan
Initial EMI
@10%
Reduced
EMI after
crediting the
Subsidy
Monthly
savings
Annual savings
6,00,000 6,00,000 1,56,712 4,43,288 5,790 4,278 1,512 18,144
9,00,000 9,00,000 2,35,068 6,64,932 8,685 6,417 2,268 27,216
12,00,000 9,00,000 2,35,068 9,64,932 11,580 9,312 2 2,268 27,216

You can avail loans under this scheme like Scheduled Commercial Banks, Housing Finance Companies, Regional Rural Banks, State Cooperative Banks, Urban Cooperative Banks, Small Finance Banks, Non-Banking Financial Company-Micro Finance Institutions (NBFC MFIs) etc. anywhere. Can apply Below you will find a list of such institutions which are giving loans under this scheme in PDF.

⇒ List of Banks /Financial Lending Institutions for MIG (1).pdf

CLSS for MIG II 

Maximum loan term 20 years

For example (in rupees)

Loan
Amount
 Loan  Amount eligible for
Subsidy
Interest
Subsidy
Balance
Loan
Initial EMI
@10%
Reduced
EMI after
crediting the
Subsidy
Monthly
savings
Annual savings
9,00,000 9,00,000 1,72,617 7,27,383 8,685 7,019 1,666 19,992
12,00,000 12,00,000 2,30,156 9,69,844 11,580 9,359 2,221 26,652
15,00,000 12,00,000 2,30,156 12,69,844 14,475 12,254 2,221 26,652

You can avail loans under this scheme like Scheduled Commercial Banks, Housing Finance Companies, Regional Rural Banks, State Cooperative Banks, Urban Cooperative Banks, Small Finance Banks, Non-Banking Financial Company-Micro Finance Institutions (NBFC MFIs) etc. anywhere. Can apply Below you will find a list of such institutions which are giving loans under this scheme in PDF.

  List of Banks/Financial Lending Institutions for MIG (2).pdf

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