The Union Government has increased the carpet area of houses eligible for interest subsidy under the Credit-Linked Subsidy Scheme (CLSS) for the middle-income group (MIG) under Pradhan Mantri Awas Yojana (PMAY) (Urban).
As per revised norms, the Ministry of Housing and Urban Affairs has enhanced the carpet area of houses eligible for subsidy under CLSS for MIG to 160 sq meter or 1,722 sq ft for MIG -I and 200 sq meter or 2,153 sq ft for category MIG-II.
This will enable more MIG customers to qualify for the subsidy and avail the benefits under PMAY (Urban).
The increase in carpet area for MIG under CLSS to 200 square meters will prove to be a big push for urban housing in tier II and III cities and towns.
This will not only give a boost to “Housing for All”, but also help bolster the economy,” said Jaxay Shah, President of realty developers’ body CREDAI National.
Individuals with annual household Income from 6 lakh to 12 lakh would qualify for MIG I category, while MIG II for income above 12 lakh up to 18 lakh. Interest Subsidy for MIG I and II will be 4% and 3%, respectively for maximum loan tenure of 20 years.
The eligible housing loan amount for interest for the subsidy would be 9 lakh and 12 lakh for MIG I and MIG II category, respectively. Loan quantum beyond this limit will be at non-subsidised rates.