Middle-class homebuyers to get Interest subsidy

There’s some good news for people who earn under the bracket of Rs 6.00 lakh to Rs 18 lakh per annum, as they are now eligible for interest subsidy on housing loans under the new Credit Linked Interest Subsidy Scheme for Middle Income Groups.Moreover, those who have been sanctioned housing loans and whose applications are under consideration since January 1 this year are also eligible for interest subsidy.

This interest subsidy scheme, announced by PM Modi on December 31 last year, has been named as ‘Credit Linked Subsidy Scheme for Middle Income Groups – CLSS(MIG)’ and its Operational Guidelines were released by Minister of Housing and Urban Poverty Alleviation, M Venkaiah Naidu.

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Here are the important 10 things you need to know:

  1. 70 lending institutions, including 45 Housing Finance Companies, 15 Scheduled Banks, 2 Regional Rural Banks, 1 Cooperative Bank, 4 Small Finance Banks and 3 Non-Banking Finance Companies-Micro Finance Institutions, have signed Memoranda of Understanding with National Housing Bank (NHB) for implementation of the CLSS(MIG) component of PMAY(Urban).

Source: http://www.financialexpress.com