The Credit Linked Subsidy Scheme (CLSS) for Medium Income Group (MIG) Scheme has been extended by the Ministry of Housing & Urban Affairs. This extension for CLSS Home Loan Subsidy for MIG Scheme under Pradhan Mantri Awas Yojana (PMAY) is for 12 months till 31 March 2020. The growth and performance of CLSS for MIG scheme is very good and there would be 1 lakh beneficiaries by the end of this year.
Hardeep Singh Puri, MoHUA has signed the file pertaining to the extension of the CLSS. Under this scheme, the government provides a subsidy of upto Rs. 2.67 lakh on home loans. CLSS for MIG Scheme under PM Awas Yojana will meet the aspirations of young professionals and entrepreneurs of middle class segment.
This scheme was announced by honourable Prime Minister Narendra Modi in his address to the nation on 31 December 2016.
CLSS Home Loan Subsidy for MIG Scheme – PM Awas Yojana Extended
Credit Linked Subsidy Scheme (CLSS) for Medium Income Group (MIG) scheme was launched for 12 months till 31 December 2017. All the covered beneficiaries of MIG Scheme under PMAY Housing Scheme seeks housing loans for acquisition / construction of houses which includes re-purchase from Banks, Housing Finance Companies and other such notified institutions.
|Category||Number of Beneficiaries||Subsidy Released|
|Economically Weaker Sections (EWS) / Lower Income Group (LIG)||2,46,706||Rs. 5,583.19 crore|
|Medium Income Group (MIG)||93,007||Rs. 1,960.45 crore|
|Total||3,39,713||Rs. 7,543.64 crore|
This data for CLSS component of PM Awas Yojana is till 30 December 2018. The proposal to extend the PMAY CLSS for MIG Scheme was based on the inputs from various stakeholders in the month of October 2017. This proposal was accorded approval for extension by 15 months i.e upto 31 March 2019.
The dwelling unit carpet area has been revised to upto 120 sq.m for MIG I & upto 150 sq.m for MIG II in November 2017. This scheme was further enhanced upto 160 sq.m for MIG I and upto 200 sq.m for MIG II in June 2018.
CLSS Scheme under PMAY housing scheme has been consistently performing tremendously well and is providing shelter to a large number of poor and middle income group people. Under the CLSS component of PMAY, all the MIG I beneficiaries whose annual income is between Rs. 6 lakh and upto Rs. 12 lakh will get an interest subsidy of 4% on a 20-year loan component of Rs 9 lakh. Moreover, all those MIG II beneficiaries whose annual income is between Rs. 12 lakh and Rs. 18 lakh would get an interest subsidy of 3%.