About 2,300 are from the middle income group. (Image: PTI)
Surbhi Prasad
As many as 54,000 homebuyers have so far availed the interest subsidy under the Credit Linked Subsidy Scheme (CLSS), according to senior officials from the ministry of housing and urban affairs. Of these, about 2,300 are from the middle income group (MIG), they said. Last week, in a major boost to homebuyers, the government had extended the interest subsidy of about Rs 2.6 lakh on home loans under the Pradhan Mantri Awas Yojna (Urban) to the MIG beneficiaries by fifteen more months till March 2019. 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, officials said.
Under CLSS, MIG beneficiaries with an annual household income between Rs 6 lakh and Rs 12 lakh (categorised as MIG-I) would get an interest subsidy of 4% on a 20-year loan component of up to Rs 9 lakh. Those with an annual household income of more than Rs 12 lakh and up to Rs 18 lakh (categorised as MIG-II) would get an interest subsidy of 3% on a 20-year loan component of up to Rs 12 lakh. For this scheme, the annual family income will comprise of incomes earned by husband, wife, unmarried sons and/or unmarried daughters.
Also, the scheme is applicable only to those families where none of the family members own a pucca house (an all-weather dwelling unit) in their name in any part of India. 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 house must have basic civic infrastructure such as water, sanitation, sewerage, and access to road and electricity. The subsidy was announced by the government for meeting the ‘Housing for All’ target in urban areas by 2022.
