Save ₹ 2.35L on Home Loan under PMAY Credit Linked Subsidy Scheme

Government of India has launched a new Credit Linked Subsidy Scheme (CLSS) to provide interest subsidy for housing loans to eligible beneficiaries belonging to Middle Income Group (CLSS for MIG).

A beneficiary family will comprise of husband, wife, unmarried sons and/or unmarried daughters. An adult earning member (irrespective of marital status) can be treated as a separate household; Beneficiary does not own a ‘Pucca House’ in his / her name in any part of India. In the case of a married couple, either of the spouses or both together in joint ownership will be eligible for a single house, subject to income eligibility of the household under the Scheme.

For MIG – 1

1. 1. One should not have any pucca house in his/her name in India

2. 2. Household annual income should be between Rs.6, 00,001 (Rupees Six Lakh One) to Rs.12, 00,000 (Rupees Twelve Lakh).

3. 3. Carpet Area of the unit should not be more than 90 sq.mt (969 sq.ft)

4. 4. Subsidy benefit of 4 %. i.e, Rs 2,35,000/-

For MIG – 2

1. 1. One should not have any pucca house in his/her name in India

2. 2. Households annual income between Rs.12, 00,001 (Rupees Twelve Lakh One) to Rs.18, 00,000 (Rupees Eighteen Lakh).

3. 3. Carpet Area of the unit should not be more than 110 sq.mt (1184 sq.ft)

4. 4. Subsidy benefit of 3 %. i.e, Rs 2,30,000/-