International property news

India: Government extends credit link subsidy scheme on home loans till March 2020.

26/11/2019 11:45:46

New Delhi: The Ministry of Housing and Urban Affairs has decided to extend the Credit Linked Subsidy Scheme (CLSS) for MIG Scheme by another 12 months (till March 31, 2020).  

Announcing this at a press conference, MoS Housing and Urban Affairs minister Hardeep S Puri, informed, “The growth and performance of CLSS for MIG scheme has been very good and we are on course to having about One lakh beneficiaries by the end of this year”.

The commencement of a new Credit Linked Subsidy Scheme for the Middle Income Group (CLSS for MIG), was announced by PM Narendra Modi on December 2016.

“CLSS for MIG scheme, launched originally for 12 months till 31.12.2017, covered Beneficiaries of MIG seeking housing loans for acquisition/ construction of houses (including re-purchase) from Banks, Housing Finance Companies and other such notified institutions. The proposal for extension of the Scheme was considered based on the inputs from various stakeholders in the month of October, 2017 and was accorded approval for extension by 15 months i.e. up to 31.03.2019,” an official release said.

The Dwelling unit carpet area was initially revised to ‘up to 120 Sq. m’ and up to ‘150 Sq. m’ for MIG I and MIG II respectively in November, 2017 and further enhanced to ‘up to 160 Sq. m’ and ‘up to 200 Sq. m’ for MIG I and MIG II respectively in June, 2018.