Credit Linked Subsidy Scheme, under the PMAY subsidy scheme, aims to provide affordable housing to the urban and rural poor of India. It provides home loan subsidy to the economically weaker sections, lower-income group, and middle-income group individuals. To avail CLSS Subsidy, there is an eligibility criteria which one have to pass.
Eligibility Criteria
Economically weaker section: Applicants with an annual income below Rs. 3 Lakh can avail a subsidy of 6.5% with a net usable floor area of a 30-square meter.
Lower-income group: Individuals with a yearly income between Rs. 3 Lakh and Rs. 6 Lakh can enjoy a subsidy of 6.5% along with a net carpet area of a 60-square meter.
Middle-income group: It is further divided into two categories depending on your income. Such categories are –
MIG-I: You qualify under this category if you have an annual income ranging anywhere between Rs. 6 Lakh and Rs. 12 Lakh. Applicants can enjoy a net usage area of up to a 120-square meter at a home loan subsidy of 3%.
MIG-II: Borrowers with a yearly income between Rs. 12 Lakh and Rs. 18 Lakh can enjoy a subsidy of 4% with a net carpet area of a 150-square meter.
On June 2018, the net carpet area for MIG-I and MIG-II were revised and increased from 120-square meter to 160-square meter and from 150-square meter to 200-square meter respectively.
Buyers also get to enjoy income tax benefits under section 80C of up to Rs. 1.5 Lakh. If you meet the above eligibility criteria, you can apply for the PMAY subsidy scheme on their official portal. You will have to register yourself with your Aadhaar number and fill up a form to apply for such subsidy online.
