Noida: HDFC RED, a 100% subsidiary of HDFC Ltd and a digital marketplace for home buying, announced the launch of Credit Linked Subsidy Scheme (CLSS) Calculator today. The tool simplifies the government scheme.
First-time home buyers can avail an interest subsidy of up to 6.50% per annum on home loans. Users are required to answer only three basic questions on the calculator. Based on their inputs, the calculator will indicate the following.
# If a person / household is eligible
# Under which scheme are they eligible
# What could be the potential savings / benefits (in EMI and % terms)
In order to accelerate the mission of ‘Housing for All by 2022’, the CLSS under Pradhan Mantri Awas Yojana (PMAY) was extended to include the Middle Income Group (MIG) in the financial budget 2017-18. Earlier this scheme was catering to the Economically Weaker Section (EWS) and the Lower Income Group (LIG) only. The Ministry of Housing and Urban Poverty Alleviation (MoHUPA) is providing first-time home buyers an interest subsidy on home loans for acquisition/ construction of houses (including re-purchase).
Commenting on the launch, Sohel I S, Chief Executive Officer, HDFC RED, said, “The guidelines and complex intricacies of the scheme can be quite perplexing for a common man. With this calculator, we want to make the scheme more comprehensible and thereby maximize its advantage. We want to enable widespread education of the scheme and encourage our users to help others who may not have access to the internet or are financially non-savvy. This initiative fosters our commitment to contribute to the government’s ‘Housing for All’ mission.”