Household Income (Rs. p.a.)
Interest Subsidy (% p.a.)
Maximum Loan Tenure
Eligible Housing Loan Amount for Interest for Interest Subsidy (Rs)
Dwelling Unit Carpet Area (up to)**
Discounted Rate for Net Present Value (NPV) calculation for interest subsidy
Upfront Amount for Subsidy (Rs.)
CLSS - MIG Scheme Details post this Revision:
*Subsidy will be restricted to this loan amount and Loan quantum beyond this limit will be at non-subsidised rates.
**with effect from 01.01.2017 i.e from the date when the scheme became operational.
BENEFITS
Pursuant to the address to the Nation on 31.12.2016 by Hon'ble Prime Minister, the scope of the CLSS had been expanded to MIG category with the approval of the Cabinet on 01.02.2017. The scheme approved, initially, for implementation for the year 2017 has been extended up to 31.03.2019. The CLSS for MIG scheme has gained momentum in the last couple of quarters and the offtake has picked up significantly. As on 11.06.2018, an amount of Rs.736.79 crore has been disbursed to 35,204 beneficiaries belonging to the MIG category.
CLSS Performance as on 11.06.2018:
The MIG segment is an aspirational class which is upwardly mobile. The role of the hardworking citizens belonging to the MIG segment who play a significant role in the economy of the country has been acknowledged by the government time and again. The intent of the CLSS for MIG is to support the dream of every family in owning a house.
The decision to increase the carpet area for MIG section was done after inputs from various stakeholders. One of key issues was denial of CLSS benefit to potential beneficiaries, because they were buying flats/houses, constructing houses, where the carpet area exceeded the cap of either 120 square metre or 150 square metre, thus rendering them ineligible for the interest subsidy under MIG.
During workshops and review meetings by the Central Nodal Agencies (CNAs) - Housing and Urban Development Corporation (HUDCO) and National Housing Bank (NHB) - with the PLIs, there had been requests for increasing the carpet areas specified for the MIG I and MIG II categories.
Powered by Capital Market - Live News