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To meet affordable h
To meet affordable housing targets, the Centre on Friday extended the benefits of the interest subsidy scheme on home loans under the Pradhan Mantri Awas Yojana or PMAY (Urban) by 15 months beyond December this year. Now, the subsidy of up to ₹2.60 lakh on home loans for the middle-income group (MIG) will be available till March 2019. The announcement was made by Housing and Urban Affairs Secretary Durga Shanker Mishra at the Real Estate and Infrastructure Investors Summit organised by NAREDCO in Mumbai, according to an official release. “The government decided to give more time for MIG beneficiaries to avail interest subsidy under PMAY (Urban)”, Mishra said in his address. Prime Minister Narendra Modi in December 2016 had announced that the Credit Linked Subsidy Scheme (CLSS) under PMAY (Urban) for MIG would continue till the end of December 2017. Under CLSS, MIG beneficiaries with annual income of above ₹6 lakh and up to ₹12 lakh get an interest subsidy of 4 per cent on a 20-year loan component of ₹9 lakh. Those with annual income exceeding ₹12 lakh and up to ₹18 lakh would get interest subsidy of 3 per cent.
  • 2017-09-23T08:55:33

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