Carpet area eligibility revised for MIG

Carpet area eligibility revised for MIG

The government has raised the carpet area of houses eligible for subsidy under Credit Linked Subsidy Scheme (CLSS) by 33 per cent for the Middle-Income Group (MIG) segment to give a boost for affordable housing in the country. The government has revised the carpet area of houses eligible for CLSS under the Pradhan Mantri Awas Yojana (Urban) in respect of MIG I from “up to 120 square metre” to “up to 160 square metre” and, in respect of MIG II the limit has been raised from 150 square metre to 200 square metre. The latest move by the government is expected to bring a large number of houses under the CLS scheme.

Under CLSS for MIG-I, 4 per cent interest subsidy is available on a loan up to Rs 9 lakh for people with an annual income between Rs 6-12 lakh, while 3 per cent (MIG II) interest subsidy is given on a loan up to Rs 12 lakh to people with income between Rs 12-18 lakh per annum. Further, under the scheme a beneficiary can avail subsidy up to Rs 2.35 lakh, and it is applicable for the first-time home buyers till March 31, 2019. As on June 6, 2018, the government has disbursed an amount of Rs 736.79 crore to 35,204 beneficiaries belonging to the MIG category.

In the meantime, the RBI has decided to revise the housing loan limits for Priority Sector lending (PSL) eligibility from existing Rs 28 lakh to Rs 35 lakh in metropolitan centres, and from Rs 20 lakh to Rs 25 lakh in other centres, provided the overall cost of the dwelling unit in metro and at other centres does not exceed Rs 45 lakh and Rs 30 lakh, respectively.

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