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Updates found with 'subsidy component'

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Updates found with 'subsidy component'

The Mission, in order to expand institutional credit flow to the housing needs of urban poor will implement credit linked subsidy component as a demand side intervention.Interest subsidy will be credited upfront to the loan account of beneficiaries through Primary Lending Institutions resulting in reduced effective housing loan and Equated Monthly Instalment (EMI). The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9 %.Credit Linked Subsidy Scheme for EWS/LIGBeneficiaries of Economically Weaker section (EWS) and Low Income Group (LIG) seeking housing loans from Banks, Housing Finance Companies and other such institutions would be eligible for an interest subsidy at the rate of 6.5% for a tenure of 20* years or during tenure of loan whichever is lower.The credit linked subsidy will be available only for loan amounts upto Rs 6 lakhs and additional loans beyond Rs. 6 lakhs, if any, will be at nonsubsidized rate. Credit linked subsidy would be available for housing loans availed for new construction and addition of rooms, kitchen, toilet etc. to existing dwellings as incremental housing. The carpet area of houses being constructed under this component of the mission should be upto 30 square metres and 60 square metres for EWS and LIG, respectively in order to avail of this credit linked subsidy. The beneficiary, at his/her discretion, can build a house of larger area but interest subvention would be limited to first Rs. 6 lakh only.Credit Linked Subsidy Scheme for MIG* The newly launched CLSS for MIG covers two income segments in the MIG viz. Rs.6, 00, 001 to Rs.12, 00, 000 (MIG-I) and Rs.12, 00, 001 to Rs.18, 00, 000 (MIG-II) per annum. In the MIG-I, an interest subsidy of 4% has been provided for loan amounts up to Rs.9 lakh while in MIG-II, an interest subsidy of 3% has been provided for loan amount of Rs.12 lakh. The interest subsidy will be calculated at 9% NPV over a maximum loan tenure of 20 years or the actual tenure, whichever is lesser. Housing loans above Rs. 9 lakh and Rs. 12 lakh will be at non-subsidized rates.CLSS for MIG will support acquisition/ construction of house (including re-purchase) of 90 square meters and 110 square meters carpet area as per income eligibilityHousing and Urban Development Corporation (HUDCO) and National Housing Bank (NHB) have been identified as Central Nodal Agencies (CNAs) to channelize this subsidy to the lending institutions and for monitoring the progress of this component. Ministry may notify other institutions as CNA in future.Under the Mission, beneficiaries can take advantage under one component only.For details, please refer to website section on Guidelines.*with effect from 01.01.2017
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Scope1.1 “Pradhan Mantri Awas Yojana (Urban) – Housing for All” Mission for urban areasis being implemented with effect from 17.06.2015 to provide central assistance toimplementing agencies through States and UTs for providing houses to all eligiblefamilies/ beneficiaries. As a Central Sector Scheme, the existing Credit Linked SubsidyScheme (CLSS) component of the Mission provides interest subsidy on home loanstaken by eligible urban poor [Economically Weaker Section (EWS) / Lower IncomeGroup (LIG)] for acquisition/construction of house.1.2 Given the projected growth of urbanization in India and the consequent housingdemands, Ministry of Housing and Urban Poverty Alleviation hereby introduces aninterest subsidy scheme for acquisition/ construction of house (including re-purchase)to cater to the Middle Income Group (MIG) called “Credit Linked Subsidy Scheme(CLSS) for MIG”, which will also be implemented as a Central Sector Scheme.1.3 The existing Credit Linked Subsidy Scheme under Pradhan Mantri Awas Yojana (Urban)Mission has, accordingly, been renamed as “CLSS for EWS/LIG”.1.4 To be eligible to receive central assistance under CLSS for MIG:1.4.1 The beneficiary family should not own a pucca1 house either in his/her nameor in the name of any member of his/her family in any part of India.1.4.2 A beneficiary family should not have availed of central assistance under anyhousing scheme from Government of India.1.5 A beneficiary family will comprise husband, wife, unmarried sons and/or unmarrieddaughters. An adult earning member (irrespective of marital status) can be treated asa separate household;Provided that he / she does not own a pucca1 house in his / her name in anypart of India.Provided also that in the case of a married couple, either of the spouses orboth together in joint ownership will be eligible for a single house, subject toincome eligibility of the household under the Scheme.1.6 CLSS for MIG will be implemented initially in 2017 for a period of one year w.e.f1.01.2017.
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Pradhan Mantri Awas Yojana- Housing for All (Urban)At the slum decadal growth rate of 34%, the slum households are projected to go upto 18 million. 2 million non-slum urban poor households are proposed to be covered under the Mission. Hence, total housing shortage envisaged to be addressed through the new mission is 20 million.The Mission is being implemented during 2015-2022 and provides central assistance to Urban Local Bodies (ULBs) and other implementing agencies through States/UTs for:In-situ Rehabilitation of existing slum dwellers using land as a resource through private participationCredit Linked SubsidyAffordable Housing in PartnershipSubsidy for beneficiary-led individual house construction/enhancement.Credit linked subsidy component is being implemented as a Central Sector Scheme while other three components as Centrally Sponsored Scheme (CSS).All statutory towns as per Census 2011 and towns notified subsequently would be eligible for coverage under the Mission.In the spirit of cooperative federalism, mission provides flexibility to the States for choosing the best options amongst four verticals of mission to meet the demand of housing in their states. Process of project formulation and approval in accordance with the mission Guidelines has been left to the States so that projects can be formulated, approved and implemented fasterA Technology Sub-Mission under the Mission has been set up to facilitate adoption of modern, innovative and green technologies and building material for faster and quality construction of houses. Technology Sub-Mission also facilitates preparation and adoption of layout designs and building plans suitable for various geo-climatic zones. It will also assist States/Cities in deploying disaster resistant and environment friendly technologies.
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Implementation Methodology 4.1 The credit linked subsidy will be available only for loan amounts indicated in paragraph 3.1 above for a tenure of 20 years or during tenure of loan whichever is lower. Additional loans beyond the aforementioned specified limit, if any, will be at non-subsidized rate. 4.2 Interest subsidy will be credited upfront to the loan account of beneficiaries through 2 As per definitions for the purpose of the Scheme 3 Credit Linked Subsidy Scheme for MIG – Operational Guidelines Ministry of Housing and Urban Poverty Alleviation Primary Lending Institutions resulting in reduced effective housing loan and Equated Monthly Installment (EMI). 4.3 Housing and Urban Development Corporation (HUDCO) and National Housing Bank (NHB) have been identified as Central Nodal Agencies (CNAs) to channelize this subsidy to the lending institutions and for monitoring the progress. Ministry may notify other institutions as CNA in future. 4.4 Primary Lending Institutions (PLIs), identified as Scheduled Commercial Banks, Housing Finance Companies, Regional Rural Banks, State Cooperative Banks, Urban Cooperative Banks, Small Finance Banks3 , Non Banking Financial Company – Micro Finance Institutions (NBFC MFIs)4 or any other institution as may be identified by the Ministry, can register only with one of the CNAs by signing MOU for CLSS for MIG as provided in Annexure 1. 4.5 The Primary Lending Institutions (PLIs) that have signed MoU with the CNAs under the existing CLSS vertical (now to be treated under CLSS for EWS/LIG), of Pradhan Mantri Awas Yojana (Urban) Mission, will be given the option to extend the mandate of their MoU5 to CLSS for MIG. 4.6 Primary Lending Institutions, in the home loan applications, shall disclose transparently the Scheme eligibility and ascertain willingness and eligibility of applicants under CLSS for MIG. 4.7 CNAs will be responsible for ensuring proper implementation and monitoring of the scheme and will put in place appropriate mechanisms for the purpose. CNAs will provide periodic monitoring inputs to the Ministry of Housing and Urban Poverty Alleviation through regular monthly and quarterly reports, as decided by Mission Directorate (Annexure 2). 4.8 Primary Lending Institutions (PLIs) shall link the details of Aadhaar number(s) of beneficiary family to avoid duplication before submitting claims to CNAs. 4.9 Preference under the Scheme, subject to beneficiaries being from MIG segments, may be given to women (with overriding preference to widows, single working women), persons belonging to Scheduled Castes/Scheduled Tribes/Other Backward Classes, Persons with disabilities and Transgender.
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Definitionsforthe purposes of the SchemeBeneficiary A beneficiary family will comprise of husband, wife, unmarriedsons and/or unmarried daughters. An adult earning member(irrespective of marital status) can be treated as a separatehousehold;Provided that he / she does not own a pucca (an all weatherdwelling unit) house in his / her name in any part of India.Provided also that in the case of a married couple, either of thespouses or both together in joint ownership will be eligible fora single house, subject to income eligibility of the householdunder the Scheme.Carpet Area Area enclosed within the walls, actual area to lay the carpet. This areadoes not include the thickness of the inner walls.Central Nodal Agencies Nodal Agencies identified by Ministry for the purposes ofimplementation of Credit Linked Subsidy Scheme for Middle IncomeGroup.Middle Income Group(MIG) - I:MIG - I households are defined as households having an annual incomebetween Rs.6, 00, 001 (Rupees Six Lakh One) up to Rs.12, 00, 000(Rupees Twelve Lakh).Middle Income Group(MIG) - II:MIG - II households are defined as households having an annual incomebetween Rs.12, 00, 001 (Rupees Twelve Lakh One) up to Rs.18, 00, 000(Rupees Eighteen Lakh).Primary LendingInstitutions (PLIs)Scheduled Commercial Banks, Housing Finance Companies, RegionalRural Banks (RRBs), State Cooperative Banks, Urban Cooperative Banks, Small Finance Banks, Non Banking Financial Company – Micro FinanceInstitutions (NBFC-MFIs) or any other institutions as may be identifiedby the Ministry.1Credit Linked Subsidy Scheme for MIG – Operational Guidelines
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