PM’s promise will be fulfilled, Credit Link Subsidy scheme will be up to Rs 2.3 lakh: 10 special points

1 year ago sarkariadmin 1

Under Credit Link Subsidy scheme(CLSS) for Pradhan Mantri Awas Yojana – government directives have been issued in the interest rate subsidy scheme  for Urban area, after which the middle income group (i.e., MIG) will get the benefit of buying a home loan. This scheme was announced by Prime Minister Narendra Modi on the eve of New Year in the name of the nation in his message. Now people earning Rs 6 lakh to 18 lakh rupees per annum will be entitled to subsidy in the home loan interest on buying the first house under the Prime Minister’s housing scheme (urban).

 Home loan subsidy will be up to Rs 2.3 lakh – Credit Link Subsidy Scheme

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This scheme has been named as Credit Linked Subsidy Scheme for Middle Income Groups (CLSS-MIG). Prime Minister Narendra Modi had announced that those earning up to Rs 12 lakh will be given four per cent subsidy on home loan upto Rs. 9 lakhs, and those earning Rs. 18 lakhs will get subsidy of 3 per cent on home loans upto Rs. 12 lakhs. will be given. This scheme of subsidy on home loan interest is the first part of the government’s ‘home for everyone’, and this scheme will initially be implemented for just one year.

Ten Special Points to notice under Credit Linked Subsidy Scheme

  1. All the applications of home loan will come under the Credit Linked Subsidy Scheme for Middle Income Groups (CLS-MIG), which have already been approved since January 1, 2017, or which are currently under consideration. In order to avail the benefit, there should not be any house before the applicant’s name.
  2. Under this scheme, the beneficiaries will get the benefit of the income of up to Rs 12 lakh per annum for carpet area upto 90 sq. Meters and those earning up to Rs 18 lakh per annum will be given only on the loans made to purchase or construct a house for carpet area of 110 sq. Meters. .
  3.  Under the scheme, the benefits will be given on the same home loans, whose duration is 20 years or less.
  4. Shriram Kalyanaraman, Managing Director and Chief Executive (MD & CEO) of National Housing Bank, says that if the 8.65 percent general home loan rate is calculated, then the EMI amounted to Rs 2,062 from the four per cent subsidy available at home loan of 9 lakh rupees. Monthly losses will be reduced, and the three per cent subsidy on home loans of Rs 12 lakh will be reduced by EMI of Rs 2,019 per month.
  5. The total interest subsidy that will be created on these loans of the loan will be repaid to the bank at one go by the government, which will reduce the burden of the applicant’s EMI.
  6. For the people of middle income group, Rs 9 lakh and loan of 12 lakh rupees will be available for a period of 20 years with a subsidy of about 2.30 lakhs (which is calculated on the basis of 9% rate of interest on the 20-year home loan … )
  7. Eligible applicants have to apply to the bank (lender) to get the benefit of interest subsidy under CLS-MIG.
  8. National Housing Bank (NHB) and Housing and Urban Development Corporation (HUDCO) will give the interest subsidy directly to the lender. The lenders will not be able to take any extra processing fees from the borrowers for this.
  9. In addition to commercial banks, the housing finance companies, regional rural banks, state and urban cooperative banks, other financial institutions such as small financial banks and non-banking finance companies- micro finance companies will also be able to provide home loans under this scheme.
  10. To implement the scheme on Wednesday, 45 housing finance companies, 15 banks, two regional rural banks, one cooperative bank, four small finance banks and three non-banking finance companies-Micro Finance Companies signed a deal with National Housing Bank (NHB). Signed on.

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