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Home All Updates (80) 5.0 Mechanism for R
5.0 Mechanism for Release of Central Subsidy 5.1 An advance subsidy will be released to each CNA. Subsequent amounts of credit linked subsidy will be released to the CNAs after 70 % utilization of earlier amounts, on quarterly basis, and based on claims raised by CNAs, as per format decided by Mission Directorate (Annexure 3). 5.2 Based on the loan disbursed by a PLI to MIG beneficiaries, the CNA will release the subsidy amount to PLIs directly based on the claims submitted on the total loans disbursed. 5.3 0.1% of total fund disbursement by the CNAs to the PLIs will be paid to the CNAs for their administrative expenses. 5.4 Subsidy will be credited by the PLI to the borrower’s account upfront on receipt of subsidy from the CNAs by deducting it from the principal loan amount of the borrower. The borrower will pay EMI as per agreed document rates on the remainder of the principal loan amount. 5.5 In lieu of the processing fee for housing loan for the borrower under the scheme, PLIs will be given a lump sum amount of Rs. 2, 000 (Rupees Two Thousand only) per sanctioned application. PLIs will not take any processing charge from the beneficiary for eligible housing loan amount as per income criteria under the Scheme. For additional loan amounts beyond the eligible loan amounts for interest subsidy as indicated in Para 3.1, PLIs can charge the normal processing fee.
  • 2017-05-04T03:58:55

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