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.
Minister of Housing and Urban Poverty Alleviation has released the guideline of Credit Linked Subsidy Scheme 2017 for middle category people. You have remember that the Prime Minister of India said on December 30, 2016, the people who have annual income upto 9 lakh and 12 lakh will also get subsidy on Home Loan.
Credit Linked Subsidy Scheme (CLSS) 2017 Features
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.
Government of India has raised the Credit Linked Subsidy Scheme (CLSS) Tenure from 15 years to 20 years. Under the CLSS for EWS/LIG, the person will get 6.5% interest subsidy for a tenure 20 years or during tenure of loan whichever is lower.
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.