PMAY Home Loan

Notification Overview

  • Date: 17.08.2022
  • Approval: Union Cabinet approved continuation of PMAY-U until 31 December 2024.
  • Exclusions: Credit Linked Subsidy Scheme (CLSS) vertical for EWS/LIG ended on 31 March 2022.

Continuing Schemes

  1. In situ Slum Redevelopment
  2. Affordable Housing In Partnership (AHP)
  3. Beneficiary Led Individual House Construction or Enhancement (BLC)

Project Eligibility

  • Projects sanctioned by State Government/Urban Local Bodies before 31.03.2022 are eligible for bank loans if constructed and allotted post 31.03.2022.

Financial Assistance

  • Capital Subsidy: ₹1.50 lakh per EWS beneficiary through State Government implementing agency under AHP and BLC.

Salient Features

1. Affordable Housing in Partnership (AHP)

  • Objective: Financial assistance for EWS housing through partnerships by States/UTs/Cities.
  • Eligibility:
    • At least 35% of the project must be for EWS.
    • Minimum 250 houses in a single project (can be reduced upon request).
  • Central Assistance: ₹1.50 lakh per EWS house for all eligible houses in such projects.

2. Beneficiary Led Individual House Construction or Enhancement (BLC)

  • Objective: Assistance for EWS families to construct new or enhance existing houses.
  • Approval Requirement: Projects must be approved by State Level Sanctioning and Monitoring Committee.
  • Conditions for Enhancement:
    • Total carpet area after enhancement must be between 21 sq. mt and 30 sq. mt.
    • Minimum addition of 9.0 sq. mt to existing house must meet NBC norms.

Housing Loan Scheme Features

Eligibility

  • Individuals from Economically Weaker Section (EWS).
  • Joint ownership from the same family is allowed.

Purpose

  • Funding for purchase, new construction, and room additions.
  • Unit size not exceeding 30 sq. mt.

Beneficiaries

  • Must not own a pucca house in any part of India.
  • Household income must be up to ₹3,00,000 annually.

Area Specifications

  • Carpet area: Up to 30 sq. mt.
  • Enhancement conditions as mentioned above.

Subsidy

  • Capital subsidy of ₹1.50 lakh provided by the Central Government.
  • Additional subsidy may be provided by State Government.

Application Process

  • No individual applications; State Government agency to provide beneficiary lists.

Income Proof

  • Income proof requirements may be waived for EWS borrowers.
  • Self-certification or affidavit sufficient for income proof.

Margin Requirements

  • Up to ₹10.00 lakhs: 5% margin required.

Repayment Capacity

  • Repayment should not exceed 50% of gross annual income for households earning up to ₹3,00,000.

Repayment Period

  • Up to age 70 years or 30 years, including the moratorium period.

Security

  • Standard security conditions as applicable to public housing finance schemes.

Scoring and Disbursement

  • PNB Score: Calculated under “Housing loan to EWS/LIG under PMAY Scheme.”
  • CIBIL Score: Applicable as per public housing loan schemes.
  • Disbursement: Based on construction progress; conditions as per public housing loan schemes apply.

Conclusion

  • All terms and conditions are aligned with the Housing loan scheme for the public.