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Middle-class home buyers get clarity to avail loan subsidy under Pradhan Mantri Awas Yojna
Giving clarity on the
government's credit
linked subsidy scheme (CLSS)
for home buyers in the middle income group (MIG) segment, Union minister for
housing Venkaiah
Naidu on
Wednesday released the guidelines for the implementation of the scheme.
The move is set to bring down the monthly equated monthly installment (EMI) for the middle class by over Rs 2,000.
All middle class home buyers with annual incomes of above Rs 6 lakh and up to Rs 18 lakh per year will be eligible for receiving interest subsidy on housing loans taken in 2017 under Pradhan Mantri Awas Yojna (Urban).
The move is set to bring down the monthly equated monthly installment (EMI) for the middle class by over Rs 2,000.
All middle class home buyers with annual incomes of above Rs 6 lakh and up to Rs 18 lakh per year will be eligible for receiving interest subsidy on housing loans taken in 2017 under Pradhan Mantri Awas Yojna (Urban).
No processing fee will be charged by banks or housing finance companies from the applicants under CLSS.
Prime minister Narendra Modi on December 31 announced the extension of CLSS to the middle class people, offering interest subsidy of 4% on housing loans of up to Rs 9 lakh of those with an income of Rs 12 lakh per year and of 3% on home loans of up to Rs 12 lakh of those earning Rs 18 lakh per year.
Housing loans above Rs 9 lakh and Rs 12 lakh will be at non-subsidised rates.
The scheme will be applicable just for one year starting January 1, 2017 and the government has allocated Rs 1,000 crore in Union Budget this year for the same.
National Housing Bank
(NHB) on Wednesday also signed memoranda of understanding with 45 housing
finance companies, 15 scheduled banks, 2 regional rural banks, 1 cooperative
bank, 4 small finance banks and 3 non-banking finance companies-micro finance
institutions for implementation of CLSS(MIG) component of PMAY(Urban).
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