There are four primary features of this scheme:
I. Credit Linked Subsidy Scheme (CLSS)
The CLSS provides subsidies on home loan interest rates to those eligible for this scheme. The PMAY subsidy rate, subsidy amount, maximum loan amount, and other details have been mentioned below:
|EWS||LIG||MIG I||MIG II|
|Maximum Home Loan amount||Up to Rs. 3 Lakh||Rs. 3 – 6 Lakh||Rs. 6 – 12 Lakh||Rs. 12 – 18 Lakh|
|Maximum interest subsidy amount||Rs. 2,67,280||Rs. 2,67,280||Rs. 2,35,068||Rs. 2,30,156|
|Maximum carpet area||30 sq. m.||60 sq. m.||160 sq. m.||200 sq. m.|
Home loans under the CLSS have a maximum tenor of 20 years. NPV or the net present value is evaluated at a discounted rate of 9% of the interest subsidy.
II. “In-situ” slum redevelopment using the land as a resource
The scheme aims to rehabilitate slums with the land as a resource, with association with private organisations to provide houses to families living in such areas.
The Central Government determines the prices of the houses, and the beneficiary contribution (if any) is decided by the respective state or UT.
III. Affordable Housing in Partnership (AHP)
Affordable Housing in Partnership (AHP) provides financial assistance to the tune of Rs. 1.5 Lakh on behalf of the Central Government to EWS families for the purchase of houses. State and UTs can partner with their agencies or private sector to develop such housing projects.
IIV. Individual house construction or enhancement led by beneficiaries
This component of PM Awas Yojana targets EWS families who cannot avail the benefits of the previous three components. Such beneficiaries will avail financial assistance from the Central Government of up to Rs. 1.5 Lakh that can be used to fund the construction of a house or enhancing an existing one.