|Scheme||Economic Group||Max. household income|
|EWS /LIG||EWS||Rs. 3 Lakhs|
|LIG||Rs. 6 Lakhs|
|MIG||MIG – I||Rs. 12 Lakhs|
|MIG - II||Rs. 18 Lakhs|
|Scheme||Segment||Max. loan amount for Subsidy||Rate of Subsidy||Maximum Carpet Area||Max Tenure|
|EWS /LIG||EWS||Rs. 6 lakhs||6.50%*||30 Sq Mts / 323 Sq ft.||20 Yrs|
|LIG||60 Sq Mts / 645 Sq ft|
|MIG||MIG - I||Rs. 9 lakhs||4.00%*||160 Sq Mts /1722 Sq ft**|
|MIG - II||Rs.12 lakhs||3.00%*||200 Sq Mts /2152 Sq ft***|
Check your home loan interest subsidy amount by using our PMAY Calculator.
In case a household has an annual income of Rs.10 lakhs (MIG- 1), and the family wants to purchase a house in the name of a male member only - with no female joint ownership - is the family eligible for the subsidy?
Answer: Yes, they are eligible for the subsidy because as per the criteria under CLSS for the MIG scheme, female ownership is preferred but is not mandatory.
If before marriage, a woman has a house in her own name then is her husband eligible for subsidy when he purchases a house after their wedding?
Answer: No, he is not eligible as the household already has a house in name of his wife. Hence, the house he purchases will be considered as a second home.
A 24-year-old boy who lives with his parents or goes out to a metropolitan city for a job intends to purchase a house. Is he eligible for credit subsidy and why?
Answer: Let us take into consideration the definition of a household which is, "An unmarried independent person (female /male earning person) may be considered as a separate household". However, a beneficiary family will comprise of husband, wife and unmarried dependent children.
This means that the aforementioned case is eligible for subsidy on a home loan. It is to be noted that in a case where the household has no female, female ownership is also not mandatory under the EWS/LIG scheme.
Step 1: Apply for the Housing Loans and CLSS subsidy through the PLIs (Prime Lending Institutions), in this case, Indiabulls Home Loans
Step 2: Ensure due diligence and eligibility criteria check for the scheme.
Step 3: If the required criteria are fulfilled, Indiabulls Home Loans will submit the borrower’s claim to the Central Nodal Agency (CNA).
Step 4: The CNA processes the claim and releases the subsidy amount through Indiabulls Home Loans.
Step 5: : Indiabulls Home Loans thereafter, adjusts the same by crediting the amount to the borrower’s loan account, resulting in a reduced loan outstanding as well as effective EMIs.
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