Govt Extends Credit-Linked Subsidy On Home Loans For Middle-Income Group Till 2020

The Centre has extended the Credit Link Subsidy Scheme (CLSS) on home loans for the middle-income group (MIG) category under the Pradhan Mantri Awas Yojana-Urban from the earlier March 2019 to now March 2020.

According to data available with the government, nearly 3.40 lakh beneficiaries have availed of the benefit under the CLSS till December 30. The CLSS for the MIG category was launched originally for 12 months till December 31, 2017, covering beneficiaries seeking housing loans for acquisition or construction of houses (including re-purchase) from banks, housing finance companies and other such notified institutions.

Under the CLSS, beneficiaries of the MIG category with an annual income of above Rs 6 lakh and up to Rs 12 lakh are eligible to get an interest subsidy of four per cent on a 20-year loan component of Rs 9 lakh. Those with an annual income exceeding Rs 12 lakh and up to Rs 18 lakh would get an interest subsidy of three per cent. 

With inputs from Housing News