The Government of India launched the Pradhan Mantri Awas Yojana scheme in 2015, with the objective to make housing affordable to everyone, and aims to build 2,000,000 houses by the end of 2022. Now, what is CLSS in PMAY? Let’s find out:
CLSS (Credit Linked Subsidy Scheme) is a component of PMAY that provides a direct subsidy on home loan interest rates to several beneficiaries of this scheme.
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Beneficiaries of the CLSS scheme:Middle Income Group II (MIG II): Households with annual income from Rs. 12 lakhs to Rs. 18 lakhs
Middle Income Group I (MIG I): Households with annual income from Rs. 6 lakhs to Rs. 12 lakhs
Low Income Group (LIG): Households with an annual income from Rs. 3 lakhs to Rs. 6 lakhs
Economically Weaker Section (EWS): Households with annual income below Rs. 3 lakhs
The CLSS scheme enables house buyers to get interest rate concessions of 3 to 6.5% on the loan amount, depending on the category of the beneficiary they fall under. This subsidy is calculated over the entire term of the loan and is capped at Rs. 2,67,000.
The concession provided is directly deducted from the outstanding principal amount of your loan. The size of EMIs as the principal amount reduces. To take the advantage of the subsidy, all eligible borrowers are required to declare their income and submit the title of the property they are looking to purchase. After verifying the details, the subsidy is credited to your loan account, reducing your EMIs.
Read more:
Which is the last date of PMAY subsidy scheme?
Can existing home loan get benefit of Pradhan Mantri Awas Yojana?
how to apply Pradhan Mantri Awas Yojana Gramin?
How to check Pradhan Mantri Awas Yojana status?
I hope I cleared all your doubts regarding what is CLSS in PMAY.
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What is CLSS?
Sameera
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2022-04-08T12:39:52+00:00 2022-04-08T18:06:21+00:00Comment
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