PMAY CLSS extended till March 31 next year.
The Modi government has extended the Pradhan Mantri Awas Yojana (PMAY) Credit Linked Subsidy Scheme (CLSS) till March 31, 2021. The extension is aimed at pushing the demand for affordable housing. According to the Ministry of Finance, it will lead to Rs 70,000 crore investment in the housing sector.
The extension was announced by Finance Minister Nirmala Sitharaman during the second set of measures under the Rs 20 lakh crore economic package in May earlier this year. The last date to avail the PMAY CLSS scheme was earlier March 31, 2020.
According to the government's assessment, over 2.5 lakh middle income families will be benefited during 2020-21.
Under this scheme, home loan borrowers purchasing their first home are given interest subsidy up to Rs 2.35 lakh. The subsidy depends on their annual income, loan amount and the size of the house.
The MIG-1 category covers those with an annual income between Rs 6 lakh and Rs 12 lakh. They get an interest subsidy of 4 per cent on loan amount up to Rs 9 lakh.
The MIF-II category covers those with income between Rs 12 lakh and Rs 18 lakh. They get an interest subsidy of 3 per cent on a loam amount up to Rs 9 lakh.
For the LIG/EWS category, the loan amount is up to Rs 6 lakh and interest subsidy is 6.5 per cent.
