Pradhan Mantri Awas Yojana (Urban) Mission launched on 25th June
2015 which intends to provide housing for all in urban areas by year 2022. The Mission provides Central Assistance to the implementing agencies through States/Union Territories (UTs) and Central Nodal Agencies (CNAs) for providing houses to all eligible families/ beneficiaries against the validated demand for houses for about 1.12 cr.
As per PMAY(U) guidelines, the size of a house for Economically Weaker Section (EWS) could be upto 30 sq. mt. carpet area, however States/UTs have the flexibility to enhance the size of houses in consultation and approval of the Ministry.
In continuation to this Government’s efforts towards empowerment of
women from EWS and LIG unlike earlier schemes, PMAY (U) has made
a mandatory provision for the female head of the family to be the owner or co-owner of the house under this Mission.
Credit Linked Subsidy Scheme (CLSS) : Interest Subsidy up to Rs.2.67 lakh per house is admissible for beneficiaries of Economically Weaker Section (EWS) [annual household income upto Rs.3 lakh]/ Low Income Group (LIG) [annual household income exceeding Rs.3 lakh and upto Rs.6 lakh], Middle Income Group I (MIG-I) [annual household income exceeding Rs.6 lakh and upto Rs.12 lakh] and Middle Income Group II (MIG-II) [annual household income exceeding Rs.12 lakh and upto Rs.18 lakh] seeking housing loans from Banks, Housing Finance Companies (HFCs) and other such institutions for acquiring/ constructing houses. The interest subsidies of 6.5%, 4% and 3% on loan amounts up to Rs.6 lakh, Rs.9 lakh and Rs.12 lakh are admissible for house with carpet area of up to 60 m2, 160 m2 and 200 m2 for EWS/LIG, MIG I and MIG II respectively. The scheme for MIG category was initially valid up to 31st March, 2019 which has been now extended up to 31st March, 2020. The benefit for EWS/LIG beneficiaries under CLSS works out to as high as Rs.6 lakh over a loan period of 20 years