Ministry of Housing and Urban Poverty Alleviation (MoHUPA) has introduced an interest subsidy scheme for acquisition/construction of houses (including re-purchase) to cater to the Middle Income Group (MIG) called 'Credit Linked Subsidy Scheme (CLSS) for MIG' given the projected growth of urbanization in India and the consequent housing demands. This will also be implemented as a Central Sector Scheme. The existing CLSS scheme under Pradhan Mantri Awas Yojana (Urban) - Housing for All Mission has been renamed as 'CLSS for EWS/LIG'.
Key Highlights of the SchemeCoverage
All Statutory Towns as per Census 2011 and towns notified subsequently, including planning area as notified with respect to statutory town.
Interest subsidy on housing loan for acquisition/construction of houses (including re-purchase).
Beneficiary family will comprise husband, wife and unmarried children. An adult earning member (irrespective of marital status) can be treated as a separate household.
- The beneficiary family should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India.
- In case of 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.
- A beneficiary family should not have availed of central assistance under any housing scheme from Government of India.
- Scheme will support acquisition/construction of houses (including re-purchase) of 90 sq. mts. (for MIG I) and 110 sq.mt. (for MIG II) carpet area as per income eligibility with basic civic infrastructure like water, toilet, sanitation, sewerage, road, electricity, etc.
Beneficiaries of MIG will be eligible for an interest subsidy with following features :
- CLSS for MIG will be implemented initially in 2017 for a period of one year w.e.f. 01 January 2017.
- Interest subsidy will be available only for loan amounts indicated in the table for a tenure of 20 years or during tenure of loan whichever is lower.
- Additional loan beyond the specified limit, if any, will be at non-subsidized rate.
- Interest subsidy will be credited upfront to the loan account of beneficiaries through Primary Lending Institutions (PLIs) resulting in reduced effective housing loan and Equated Monthly Installments (EMI).
- PLIs are identified as Scheduled Commercial Banks, Housing Finance Companies, Regional Rural Banks, State Cooperative Banks, Urban cooperative Banks, Small Finance Banks, Non Banking Financial Company-Micro Finance Institutions (NBFC MFIs) or any other institution as may be identified by the MoHUPA.
- PLIs shall link the details of Aadhar number(s) of beneficiary family to avoid duplication before submitting claims to CNAs.
- Preference from MIG segments, may be given to women (with overriding preference to widows, single working women), persons belonging to Scheduled Castes/Scheduled Tribes/Other Backward Classes, persons with disabilities and Transgenders.
- CLSS for MIG will be implemented and monitored by the Mission Directorate formed under MoHUPA to implement PMAY(U) Mission.
- State Level Bankers Committee (SLBC) will monitor the scheme through its prevalent institution mechanism.
- In case of any false declaration by a beneficiary under the scheme, he/she would be liable for legal proceedings under applicable laws.