If you fall in the MIG-I and MIG-II categories and wish to take subsidy advantage being offered under the PMAY CLSS then the last date is March 31, 2021. This is unless the centre further extends the date. Pradhan Mantri Awas Yojana Credit Linked Subsidy Scheme (CLSS) for MIG or Middle Income Group was launched on January 1, 2017.
Details of the CLSS scheme for MIG category
MIG-I category of homebuyers precisely includes those with income in the range of Rs. 6 lakh to Rs. 12 lakh and they get an interest subsidy of 4% on a loan amount of up to Rs. 9 lakh.
Likewise, MIG-II category includes buyers with income ranging between Rs. 12 lakh and Rs. 18 lakh and they get a rebate of 3% on loan up to Rs. 9 lakh. Thus the PMAY CLSS subsidy amount comes to be at Rs 2,35,068 and Rs 2,30,156 for two categories, respectively.
The benefit under PMAY can be taken in case if one wants to buy a house from a developer or from the resale market via secondary buying. Also, one may secure a loan for constructing a house.
Eligibility to avail CLSS benefit:
The benefit of the subsidy on home buying can be availed by a beneficiary family that includes husband, wife and unmarried children. Further, the beneficiary should not own a pucca house either in his or her name or in the name of any other member of his or her family in any part of the country. Also, the title of the house constructed or purchased by taking a loan under the scheme should be in favour of the female head of the family or in the joint name with the male head.
So, if the children are living with their parents in a house owned by the latter then they can still opt for the CLSS scheme if they are earning and do not own a house.