Credit Linked Subsidy Scheme – The Central Government of India led by the Hon’ble Prime Minister Shri Narendra Modi has extended the validity of interest subsidy benefits of about Rs.2.60 lakh on home loans under the Central Government’s ambitious scheme Pradhan Mantri Awas Yojana (Urban) for the eligible people of MIG (Middle Income Group) category. It has been extended by 15 extra months beyond earlier determined one year period ending December this year.
Details of Credit Linked Subsidy Scheme
According to Durga Shanker Mishra, Secretary (Housing & Urban Affairs), Government of India, Center has taken the decision of providing additional time for MIG applicants to get interest subsidy under PM Awas Yojana.
PM Modi had announced the Credit Linked Subsidy Scheme (CLSS) under PMAY(Urban) to MIG, until the end of December this year. Under this scheme, the eligible applicants belong to MIG category with an annual income of above Rs 6 lakhs and up to Rs 12 lakhs will be provided an interest subsidy of 4% on a 20 year loan component of Rs 9 lakhs. Those with annual income exceeding Rs 12.00 lakhs and up to Rs 18 lakhs would get interest subsidy of 3%.
News Source: http://economictimes.indiatimes.com/wealth/personal-finance-news/interest-subsidy-scheme-on-home-loans-for-mig-extended-to-march-2019/articleshow/60794985.cms