The final date for homebuyers of MIG-I and MIG-II categories, wishing to avail of the subsidy beneath the PMAY CLSS, is March 31, 2021. This is unless the government extends it additional for the advantage of property purchasers. The other category of LIG/EWS, nonetheless, has its final date of March 31, 2022. Credit Linked Subsidy Scheme (CLSS) for Middle Income Group (MIG), to be referred to as CLSS for MIG, was introduced on 1.01.2017.
Finance Minister Nirmala Sitharaman in her press conference in May 2020 had announced the extension of the final date of the Pradhan Mantri Awas Yojana (PMAY) Credit-Linked Subsidy Scheme (CLSS) each for the MIG-I and MIG-II categories till March 31, 2021.
The PMAY advantage can be availed if one wishes to invest in a residence from the developer or for getting a residence from the re-sale marketplace by way of secondary acquiring. One might likewise take a loan for the building of the residence.
Those with revenue involving Rs 6 lakh and Rs 12 lakh fall beneath MIG-I and get an interest subsidy of 4 per cent on a loan quantity up to Rs.9 lakh. Similarly, these with revenue involving Rs 12 lakh and Rs 18 lakh fall beneath MIG-II and get an interest subsidy of 3 per cent on a loan quantity up to Rs.9 lakh.
Effectively, the PMAY CLSS subsidy quantity comes to Rs 2,35,068 and Rs 2,30,156 for the MIG-I and MIG-II scheme respectively.
The CLSS advantage can be availed by the beneficiary loved ones comprising of husband, wife and unmarried kids. The beneficiary of the loved ones must not personal a pucca residence either in his or her name or in the name of any member of his or her loved ones in any portion of India. Also, as per the PMAY suggestions, the residence constructed by availing loan beneath this scheme must be in the name of the female head of the household or in the joint name of the male head of the household.
As per the PMAY suggestions, “An adult earning member (irrespective of marital status) can be treated as a separate household, provided that he/she does not own a pucca (an all-weather dwelling unit) house in his / her name in any part of India.”
Thus, regardless of no matter if kids (wedded or unmarried) are living with their parents in a residence owned by the parents, they can opt for PMAY if they are earning and do not have their personal residence.