scorecardresearch

Modi govt’s PMAY scheme extended! Big benefit for those earning Rs 6 to Rs 18 lakh

The last date for anyone wishing to avail the PMAY CLSS scheme was March 31, 2020 but now stands at March 31, 2021. The other category of LIG/EWS, however, has its last date of March 31, 2022.

Modi govt’s PMAY scheme extended! Big benefit for those earning Rs 6 to Rs 18 lakh
Among the most prominent changes in the draft changes is the definition of housing finance.

The last date for anyone wishing to avail the PMAY CLSS scheme was March 31, 2020 but now stands at March 31, 2021. The other category of LIG/EWS, however, has its last date of March 31, 2022. Finance Minister Nirmala Sitharaman in her press conference today has extended the last date of the Pradhan Mantri Awas Yojana (PMAY) Credit-Linked Subsidy Scheme (CLSS) both for the MIG-I and MIG-II categories. The last date for anyone wishing to avail the PMAY CLSS scheme was March 31, 2020 but now stands at March 31, 2021. The other category of LIG/EWS, however, has its last date of March 31, 2022.

As per the government, the extension is aimed to benefit the lower strata of the middle-class families. As per the FM, nearly 3.3 lakh families till now have benefited from the scheme. Going forward, nearly 2.5 lakh families are expected to enroll for the CLSS.

As the government, the move is also expected to increase jobs in the sector, and push demand for construction material such as steel, cement etc.

The PMAY CLSS was launched with the objective of ‘Housing for All’ wherein eligible borrower is able to get a home loan from banks and housing finance companies at a subsided interest rate.

Those with income between Rs 6 lakh and Rs 12 lakh fall under MIG-I and get an interest subsidy of 4 per cent on a loan amount up to Rs.9 lakh. Similarly, those with income between Rs 12 lakh and Rs 18 lakh fall under MIG-II and get an interest subsidy of 3 per cent on a loan amount up to Rs.9 lakh.

Effectively, the PMAY CLSS subsidy amount comes to Rs 2,35,068 and Rs 2,30,156 for the MIG-I and MIG-II scheme respectively.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

First published on: 14-05-2020 at 05:08:56 pm