Housing for All Mission under Pradhan Mantri Awas Yojana has been a boon for many individuals who dream of buying their own houses. With a view to provide affordable housing to the poor of the country, PMAY has facilitated the credit linked subsidy scheme for all the income groups listed in the scheme. Here I am going to talk about what is credit linked subsidy scheme or what is CLSS scheme and who gets what.
CLSS is a subsidy scheme under PMAY Urban housing which is provided directly by the central government on home loans taken by urban buyers. The benefits are enlisted for the buyers who fall in certain income groups; EWS, LIG, and MIG (1 & 2). The individuals can avail concessions on interest of 3% to 4% on principal amount,
at the rate of 6.5% for a loan tenure of up to 20 years.
Who can avail benefit from CLSS?We have so far known what is credit linked subsidy system and who provides this subsidy. Let us now see who can avail this subsidy.
The CLSS will be applicable on loan amounts of upto Rs 6 lakhs for EWS and LIG groups
For MIG 1 group, the interest subsidy of 4% will be provided for a loan amount of upto Rs. 9 lakhs.
For MIG 2 group, the interest subsidy will be 3% for a loan amount of up to Rs. 12 lakhs.
You will have to share documents such as income proof certificate, property title and other relevant property documents and ID proofs with the lender. The lender will then get verification done by the Central Nodal Agencies for approval.
Perhaps you can check out the PMAY scheme and finally realize your dream of owning a house. Since you know what is credit linked subsidy scheme, you should take advantage of this scheme and get going.
Click here to know about how to apply for Pradhan Mantri Awas Yojana Find out how much time does it take to get PMAY subsidy Learn here who is eligible for PMAY Subsidy
What is credit linked subsidy scheme?
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2021-06-08T12:06:58+00:00 2021-06-10T13:29:58+00:00Comment
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