Housing Loans


Credit Link Subsidy Scheme (CLSS) for Middle Income Group (MIG)



1

Purpose

Purchase /Construction (including re-purchase) 

2

Quantum of loan

No ceiling

2

Eligibility

1.    The dwelling unit should be located in Urban area as per 2011 census. The list of all 4041 statutory towns as per 2011 Census that will be covered under the scheme is available in the NHB website. The link for the same is:

http://nhb.org.in/government-scheme/pradhan-mantri-awas-yojana-credit-linked-subsidy-scheme/

2.    CLSS for MIG will support acquisition/construction of house (including re-purchase).

3.    Interest Subsidy:

Particulars

MIG I

MIG II

Household income (₹ p.a.)

6,00,001.00

to 12,00,000.00

12,00,001.00

to 18,00,000.00

Interest subsidy (% p.a.)

4%

3%

Eligible housing loan amount for interest subsidy (₹)

9,00,000.00

12,00,000.00

Dwelling unit carpet area

90   sq. m

110 sq. m

·         The net present value (NPV) of the interest subsidy will be calculated at a discounted rate of 9%.

4.    To be eligible to receive central assistance under CLSS for MIG:

·         The beneficiary family should not own a pucca house either is his/her name or in the name of any member of his/her family in any part on India.

·         The beneficiary family should not have availed of central assistance under any housing scheme from Government of India.

6

Security

Equitable mortgage of the property being financed

Collateral: on case to case basis, if required.

7

Rate of interest (ROI)

As applicable to housing loan, Product 201, with interest subsidy at the rate of 4% / 3% for the initial amount of ₹ 9 lac / ₹ 12 lac respectively.

8

Repayment

As applicable to Individual housing loan under product 201, but interest subsidy will be available only for the initial 20 years of the loan.

9

Other Charges

1.  Processing fees is not applicable on the initial ₹ 9 lac / 12 lac of the loan, but on the balance amount.

2.  Other charges as per para no 11 of credit policy / Fair Practice Code updated from time to time

1  10

Other Conditions

For other conditions, please contact your nearest Branch.

 



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