Interest subsidy on housing loans till March 2019, for MIG

[] The centre has extended the interest subsidy scheme, for the middle-income group beneficiaries under the Pradhan Mantri Awas Yojana (Urban), by 15 more months, till March 2019

The interest subsidy of up to Rs 2.60 lakhs on home loans under the centre’s affordable housing scheme, will now be available to middle-income group (MIG) beneficiaries for 15 more months till March 2019, a top official has said. Housing and Urban Affairs secretary Durga Shanker Mishra, said the decision will provide more time for MIG beneficiaries to avail of the interest subsidy under the Pradhan Mantri Awas Yojana (Urban), an official release said. Mishra was addressing the ‘Real Estate and Infrastructure Investors Summit’, organised by the National Real Estate Development Council (NAREDCO), the apex industry body of the real estate sector, on September 22, 2017.

You are reading: Interest subsidy on housing loans till March 2019, for MIG

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On December 31, 2016, prime minister Narendra Modi had announced that the credit-linked subsidy scheme (CLSS) under the PMAY (Urban) will be applicable to the MIG till the end of December 2017. Now, the subsidy scheme will be available for 15 more months, till March 2019.

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Under the CLSS, MIG beneficiaries with annual income of above Rs 6 lakhs and up to Rs 12 lakhs, would get an interest subsidy of four per cent on a 20-year loan component of Rs 9 lakhs. Those with annual income exceeding Rs 12 lakhs and up to Rs 18 lakhs, would get interest subsidy of three per cent. Reiterating the government’s commitment to meet the ‘Housing for All’ target in urban areas by 2022, Mishra urged the private sector to invest in affordable housing, as it was being promoted by the government in a big way, with several incentives and concessions, the release said.

Mishra later had an hour-long discussion with a 30-member delegation of NAREDCO and assured them that the government would look into various issues raised by them in all sincerity and possible interventions would be considered, it added. The delegation referred to what they called anomalies in GST rates for completed and under-construction housing projects, stamp duties being higher and kept outside the purview of GST, scarcity of land, delays in granting construction permits, among other issues, the release said. The delegation expressed concern over the GST and other taxes accounting for over one-third of the cost of residential properties, it added.

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