Credit Linked Subsidy Scheme – Govt Extended Time Period

Credit Linked Subsidy Scheme

Credit Linked Subsidy Scheme – The Central Government has taken a decision to extend the time period for getting interest subsidy of about 2.6 lakh rupees on home loans under the central government’s ambitious scheme Pradhan Mantri Awas Yojana (Urban) by the middle-income groups (MIG) up to 2019.

Details of Credit Linked Subsidy Scheme

The Housing and Urban Affairs Secretary Durga Shanker Mishra stated that the benefits of interest subsidy of around Rs 2.60 lakh on home loans under PM Awas Yojana will now be available for the people of MIG Category for 15 additional months beyond December this year.

Last year, Prime Minister Narendra Modi made applicable the credit-linked subsidy scheme (CLSS) under PMAY (urban) to MIG till the end of December this year.

Under the central government’s ambitious ‘Credit Linked Subsidy Scheme (CLSS), the MIG category people with annual income of over Rs 6 lakh and up to Rs 12 lakh will be provided an interest subsidy of 4 percent on a 20-year loan component of Rs 9 lakh. Those with annual income exceeding Rs 12 lakh and up to Rs 18 lakh will be provided an interest subsidy of 3 percent.

Mishra stated that the Housing and Urban Affairs department is committed to meet the housing for all targets in urban areas by 2022. Private investors should invest in affordable housing being promoted by the government in a big way with several incentives and concessions.

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