The central government has extended the last date or better to say the deadline of availing subsidy under the CLSS component of Pradhan Mantri Awas Yojana – Urban. The deadline has been extended for the home loan borrowers belonging to the Middle Income Group (MIG) under the CLSS for MIG component.
The PMAY last date for availing interest subsidy on home loan has been extended by 15 months and the MIG home loan borrowers can not avail the subsidy benefits up to March 2019. Under the CLSS component of the scheme, MIG home loan borrowers are being given interest subsidy of up to Rs. 2.6 Lakh for purchasing their first home.
However, there are certain eligibility criteria for interest subsidy on home loan for MIG under the CLSS component but most can fulfill the criteria owing to the benefits of about 2.6 Lakh rupees. Under the scheme, the subsidy amount is directly credited into the loan account of the PMAY beneficiary if he/she fulfills the criteria.
CLSS for MIG was announced by the Prime Minister on 31 December 2016 and was applicable for the home loan borrowers till the end of December 2017. Interest rate subsidy on home loans under the CLSS component is being given only to the people who does not own any pucca house in his/her name or in the name of any dependent family member anywhere in the country.
MIG beneficiaries with annual income of up to Rs. 18 lakh per annum can avail the interest subsidy. Beneficiaries with annual income between Rs. 6 Lakh and Rs. 12 lakh are being given subsidy of 4% while interest subsidy is 3% for those whose income is between Rs. 12 Lakh and Rs. 18 Lakh.
Loan applications made in 2017 and loan availed from 1st January 2017 only are eligible to avail the subsidy. The applications for the interest rate subsidy can be made to the lenders itself.
Online applications for PMAY under the CLSS component and others can be made through pmaymis.gov.in, the official website pf Pradhan Mantri Awas Yojana – Urban.