People belonging to middle income group to get more time to avail subsidy under PM Awas Yojana

The Centre has decided to extend the timeline for availing interest subsidy of around Rs 2.6 lakh on home loans under the Pradhan Mantri Awas Yojana (Urban) by the middle income groups (MIG) up to 2019.

"The benefit of interest subsidy of about Rs 2.60 lakh on home loans under PMAY scheme will now be available for beneficiaries belonging to MIG for 15 more months beyond December this year," Secretary for Housing and Urban Affairs Durga Shanker Mishra said at the Real Estate and Infrastructure Investors Summit organised by NAREDCO here. Last year, Prime Minister Narendra Modi made applicable the credit-linked subsidy scheme (CLSS) under PMAY (urban) to MIG till the end of December this year.

Under the CLSS, MIG beneficiaries with annual income of above Rs 6 lakh and up to Rs 12 lakh would get an interest subsidy of 4 per cent on a 20 year loan component of Rs 9 lakh. Those with annual income exceeding Rs 12 lakh and up to Rs 18 lakh would get interest subsidy of 3 per cent.

"We are committed to meet the housing for all targets in urban areas by 2022. Private investors should invest in affordable housing being promoted by the government in a big way with several incentives and concessions," Mishra said.