By Outbox Admin
On 22 Aug 2019

The beneficiary family should not have received CLSS before under the Mission "Housing for all by 2022".

Beneficiaries
The scheme is offered to families, comprising of husband, wife and unmarried children. (An adult earning member irrespective of marital status can be treated as a separate household in MIG category)
The family should not own a concrete house in her/his name or in the name of any member of the family, in any part of India.

Features
Upfront interest subsidy benefit on principal outstanding.
Aadhaar number(s) of the beneficiary family are mandatory for MIG category.
Interest subsidy will be available for a maximum loan tenure of 20 years/ 240 EMIs or the loan tenure availed by the borrower whichever is lower.
Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9 %.
The additional loan beyond the specified limits, if any to be at non-subsidized rate.
The House constructed/acquired should be in the name of female head of the household/Family or in the joint names of male head of the household/Family and his wife.
*Only in cases, where there is no adult female member in the family, the house can be in the name of male member of the household. However this stipulation is applicable only for new purchases and not for new construction (on an existing piece of land) or for enhancement/repairs of an existing house.

Process to avail subsidy
If you are eligible for PMAY subsidy benefit and have not availed the same while taking Home Loan from your bank you can submit your request while processing for home loan and ensure your banking executive is submitting your CLSS form. The bank will review your request for subsidy claim and will submit the claim to National Housing Bank.
For more details please contact 8982224222 or log on to www.outboxproperty.com