Amendments Approved in PMAY(Urban) - Housing For All Guidelines

Government of India approved amendments in Pradhan Mantri Awas Yojana (Urban)- Housing For All Mission Guidelines vide Ministry of Housing & Urban Poverty Alleviation letter No. I-11016/15/2016-HFA-4(eoffice no. 3017120) dated 11 March, 2017.  Here is the approved amendment in PMAY (Urban) - Housing For All guidelines: (For official notification issued by the government please see the end of the post) :

AMENDMENTS APPROVED IN PRADHAN MANTRI AWAS YOJANA (URBAN) – HOUSING FOR ALL MISSION GUIDELINES

Para Number	Existing Paragraph/sub-paragraph	Amended Paragraph/sub-paragraph
5.1	Beneficiaries 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 15 years or during tenure of loan whichever is lower. The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9 %.	Beneficiaries 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 Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9 %.
15.5	In lieu of the processing fee for housing loan for the borrower under the scheme, PLIs will be given a lump sum amount of Rs. 1000 per sanctioned application. PLIs will not take any processing charge from the beneficiary.	In lieu of the processing fee for housing loan for the borrower under the scheme, PLIs will be given a lump sum amount of Rs. 3,000/- (Rupees Three Thousand only) per sanctioned application. PLIs will not take any processing charge from the beneficiary for housing loans upto Rs. 6 lakh under the Scheme. For additional loan amounts beyond Rs. 6 lakh, PLIs can charge the normal processing fee.
5.12	In line 4, For: the text “PLIs should take NOCs quarterly from State /UT Government or designated agency of State / UT Governments for the list of beneficiaries being given benefits under credit linked subsidy”.	Read : “PLIs should take NOCs quarterly from State /UT Government or designated agency of State / UT Governments for the list of EWS beneficiaries being given benefits under credit linked subsidy”.
5.13	--	Primary Lending Institutions, in the home loan applications, shall disclose transparently the Scheme eligibility and ascertain willingness and eligibility of applicants under CLSS for EWS/LIG.
PMAY (Urban) guidelines	For: ‘CLSS’, wherever it occurs in the scheme guidelines, MoUs and related documents	Read: ‘CLSS for EWS/LIG’ , wherever it occurs in the scheme guidelines, MoUs and related documents
Definitions	Primary Lending Institutions (PLI) : Scheduled Commercial Banks, Housing Finance Companies, Regional Rural Banks (RRBs), State Cooperative Banks, Urban Cooperative Banks or any other institutions as may be identified by the Ministry.	Primary Lending Institutions (PLI): Scheduled Commercial Banks, Housing Finance Companies, Regional Rural Banks (RRBs), State Cooperative Banks, Urban Cooperative Banks, Small Finance Banks, Non Banking Financial Company-Micro Finance Institutions’ (NBFC-MFIs) or any other institutions as may be identified by the Ministry.

Here is the official notification :

Source:

[http://mhupa.gov.in/writereaddata/CLSS-EWSLIG-Amendments$2017Mar11182909.pdf]