Lowering burdenA key scheme being implemented under PMAY (Urban) is the Credit Linked Subsidy Scheme (CLSS) which is aimed at reducing the burden of home loan on EWS, LIG and MIG category buyers. In FY17 HDFC had disbursed loans worth ₹400 crore to 2,940 customers from the EWS and LIG categories who had availed subsidies of ₹58 crore. MIG I (annual income between ₹600,001-₹12 lakh) and MIG II (annual income between ₹12,00,001-₹18 lakh). The MIG I category is eligible for an interest subsidy of 4% on initial ₹9 lakh of the principle amount. Whereas, MIG II category is eligible for an interest subsidy of 3% on initial ₹12 lakh of the principal amount.

Source: The Hindu July 16, 2017 16:41 UTC