Centre extended interest subsidy by Rs. 2.6 lakh on home loans under CLSS

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Good news for MIG (Middle Income Group) section as centre has extended the interest subsidy of about Rs. 2.6 lakh on home loans under the Pradhan Mantri Awas Yojana (Urban) of MIG beneficiaries by fifteen more months till March 2019.

So far 54,000 home buyers have availed the interest subsidy under the Credit Linked Subsidy Scheme (CLSS), says an official of Ministry of Housing and Urban Affairs.

Until now, Government have approved 26 lakh affordable houses under PMAY (Pradhan Mantri Awas Yojana) Urban.

So far, over 26 lakh affordable houses have been approved under the PMAY (Urban) with a total approved investment of Rs 1.39 crore for which a central assistance of Rs 40,597 crore has been approved. Around 48,000 houses have been so far approved under CLSS PMAY (Urban) for which interest subsidy has been released.

An eligibility criterion has been set by the Government, so that the deserving can avail the maximum benefit out of the scheme. Under CLSS, MIG beneficiaries with household annual income between Rs. 6 lakh to Rs. 12 lakh will be eligible to get an interest subsidy of 4% on a 20 year loan up to 9 lakh. And those households with an annual income exceeding Rs. 12 lakh will be getting an interest subsidy of 3% on a 20 year loan. However, another condition to get this loan is the family of the beneficiary should comprise of family with wife, husband, unmarried sons / unmarried daughters.

They should also not own a pucca house in any part of the country. CLSS for MIG-I is available for acquiring or constructing a house (including re – purchase) with a carpet area of up to 90 sq metres. For MIG-II, this limit is 110 sq metres.

The scheme was launched by the Prime Minister Shri Narendra Modi on 25th June, 2015 with an aim to provide a home to nearly 20 million people belonging to the low income families and underprivileged sections in the identified urban and semi – urban areas by 2022.

Pradhan Mantri Awas Yojana (PMAY) is conducting following programs in order to address the housing problem

  • Slum rehabilitation
  • Provision of Credit – linked subsidy for the weaker section
  • Provision of affordable housing by collaborating with public and private sectors
  • Beneficiary – led house construction or enhancement.

To know more about PMAY read https://rupeenomics.com/clss-credit-linked-subsidy-scheme-pmay/

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