PM Awas yojna Budget 2024

[Yash Bhatia]

Any information about this scheme PM Awas yojna urban CLSS which announced by our finance minister in budget 2024.
When will start?
Eligibility?
Benifits?
Can that person apply who already have home loan running?
How to apply?
And last official government circular about this.

 

[TaxWiser]

Any information about this scheme PM Awas yojna urban CLSS which announced by our finance minister in budget 2024.
When will start?
Eligibility?
Benifits?
Can that person apply who already have home loan running?
How to apply?
And last official government circular about this.

The Pradhan Mantri Awas Yojana-Urban (PMAY-U) Credit Linked Subsidy Scheme (CLSS) is a significant initiative aimed at providing affordable housing to urban residents. Here are the details:

Start Date
The scheme is expected to start soon, following the announcement in the 2024 budget. The exact date will be confirmed by the Ministry of Housing and Urban Affairs.

Eligibility
1. Economically Weaker Section (EWS): Annual household income up to ₹3 lakh.
2. Low-Income Group (LIG): Annual household income between ₹3 lakh and ₹6 lakh.
3. Middle-Income Group (MIG-I): Annual household income between ₹6 lakh and ₹12 lakh.
4. Middle-Income Group (MIG-II): Annual household income between ₹12 lakh and ₹18 lakh.

Benefits
1. Interest Subsidy:
- EWS/LIG: 6.5% for loan amounts up to ₹6 lakh.
- MIG-I: 4% for loan amounts up to ₹9 lakh.
- MIG-II: 3% for loan amounts up to ₹12 lakh.
2. Subsidy Calculation: The Net Present Value (NPV) of the interest subsidy is calculated at a discount rate of 9%.
3. Reduced EMI: The interest subsidy is credited upfront to the loan account, reducing the effective housing loan and Equated Monthly Instalment (EMI).

Existing Home Loan
If you already have a home loan running, you may still be eligible for the CLSS, provided the loan meets the scheme's criteria and you fall within the eligible income groups.

How to Apply
1. Primary Lending Institutions (PLIs): Apply through banks, housing finance companies, and other institutions that are part of the scheme.
2. Application Process: Submit the required documents and follow the application process as guided by the PLI.

Official Government Circular
For the latest official circular and detailed guidelines, you can visit the [PMAY-Urban official website]


(Source: Conversation with Gemini AI)