NAREDCO Presents Gratitude to MOHUA for the Extension of CLSS

Apex institution of the Indian real estate, National Real Estate Development Council (NAREDCO) expresses its deepest gratitude to the Ministry of Housing and Urban Affairs for the extension of CLSS scheme from 31st March 2019 to 31st March, 2020 under the PMAY, as announced by the Minister of Housing and Urban Affairs, Mr.Harshdeep Singh Puri. The subsidy scheme as launched on 11th March, 2017 to provide interest subsidy for housing loans to eligible beneficiaries belonging to Middle Income Group (CLSS for MIG). The scheme was approved to implement initially in 2017 for a period of one year on 1st January, 2017. “NAREDCO is highly grateful to the Ministry of Housing and Urban Affairs for providing an extension on the credit linked subsidy scheme for home buyers under the middle income group. This scheme has already benefited more than 3 lakh home buyers till 2018 and this extension of an additional 15 months will help the buyers to and the developers’ fraternity as well. Overall, this promising step will give the much needed boost to transform the dream of housing for all by 2022 into reality”, Mr.RajanBandelkar, President, NAREDCO West. Till 30th December, 2018, more than 3, 39,700 beneficiaries have availed the subsidy provided under PMAY. The CLSS provides a subsidy of up to 2.67 lakh on housing related loans including loans home-buying or construction from banks, housing finance companies and other such notified institutions. Bifurcated into two groups, the MIG beneficiaries with an annual income from 6-12 lakh can avail a subsidy of 4% on a 20 year loan of 9 Lakh and those exceeding the annual income of 12-18 lakh can avail the subsidy of 3 percent.