Outlook English - Print Subscribers Copy Outlook English, 17 September 2018 | Page 28

Unlocking The Door of Everybody’s
DrEam HomE
maDE Easy
there was a tIMe wheN soMe
PeoPle saved for a lIfetIMe aNd
eveNtually would get to buy
a hoMe at the far eNd of lIfe.
whIle for others, buyINg a hoMe
stIll reMaINed aN uNfulfIlled
dreaM, esPecIally those wIth
coMParatIvely lower INcoMe.
M
ost of them restricted themselves to living
in rented homes only. The good news is
that those days are a thing of the past and
we now have Pradhan Mantri Awas Yojana
(Urban) or PMAY (Urban) under the Housing For
All (Urban) Mission. Major Indian banks like Bank of
Baroda are helping the cause, by making home loans
available under the aforesaid scheme.
People from Economically Weaker Sections (EWS),
Lower Income Group (LIG) & Middle Income Group
(MIG) are covered under the scheme. This is part of the
government’s ambitious National Housing Mission to
provide “Housing for All” by 2022.
PMAY primer National Housing Mission is being
implemented through four verticals of central and state
governments. Out of these, one vertical is the Affordable
Housing through Credit Linked Subsidy Scheme (CLSS)
and is applicable for banks. It is also being monitored by
Ministry of Housing & Urban Poverty Alleviation.
PMAY for EWS If the household annual income of the
borrower is up to Rs 3 lakh and the proposed house size
of 30 square metre, he or she qualifies to be in the EWS
category.
PMAY for LIG The borrower is categorised to be in LIG
with an annual income of Rs 3-6 lakh and house size of
30-60 square metre.
Under CLSS, interest subsidy of 6.5% is available on the
housing loans that may be availed by beneficiaries belong-
ing to EWS and LIG categories. The subsidy is provided to
the loan component of up to Rs 6 lakh.
Beneficiaries PMAY has defined the people who can
benefit from the central assistance in the concession-
al loan scheme applicable for urban areas according to
the 2001 Census. In a family, it includes husband, wife,
unmarried sons and daughters. Importantly, the borrower