People living in any city of India and have salary upto 12 lakh per annum are eligible to get 4% subsidy on Home Loan. While the citizen of India living in Indian city and earn upto 18 lakh per annum will be eligible to get 3% subsidy on Home Loan.
Credit Linked Subsidy Scheme (CLSS) 2017 Features
New Credit Linked Subsidy Scheme (CLSS) has many more features for Middle Income Group (MIG). It is also know as Housing Loan Subsidy Scheme for Middle Income Group (MIG) annual income upto 12 lakh and 18 lakh.
So the persons can get clss benefits for new construction and addition of rooms, kitchen, toilet etc. Hereby eligible person can get the benefits of Credit Linked Subsidy Scheme from any Banks, Housing Finance Companies and other such institutions.
However the cabinet had approved the Credit Linked Subsidy Scheme for Middle Income Group (MIG) in February 2017. So the Pradhan Mantri Awas Yojana allocation was raised from 15,000 crore to 23,000 crore. Thus the Government of India aimed to construct the 1 Crore houses for homeless by 2019.
However the 4% interest subsidy CLSS for MIG-I and 3% interest subsidy CLSS for MIG-II. Only the persons which housing loan approved between 1st January 2017 and 31st December 2016 will be benefited under this scheme.
To get the benefits of Credit Linked Subsidy Scheme (CLSS), the beneficiary family should not own home either in his/her name or in the name of any member of his/her family in any part of the country.
And the should not get benefited earlier from any housing scheme of Government of India. See full details here.
How to Apply for Credit Linked Subsidy Scheme 2017
The candidates who meet the eligibility criteria can apply for Credit Linked Subsidy Scheme (CLSS) 2017 and steps will be followed.
Go to desired bank/ institution from where he/she want to housing loan.
Fill the Home Loan Application and submit their.
Home Loan subsidy will be calculate and transfer for approval.
After the approval, the fund will be transfer from Government of India to CNA (Central Nodal Agencies).
Then Primary Landing Institutions (PLIs) will transfer the subsidy amount to beneficiary loan account.