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Carpet area raised to make affordable housing more accessible
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SME Times News Bureau | 13 Jun, 2018
In a major boost to affordable housing, the government on Tuesday said
it has raised the carpet area of houses eligible for subsidy under
Credit Linked Subsidy Scheme (CLSS) by 33 per cent for the Middle-Income
Group (MIG) segment.
"These enhancements will now enable more
MIG customers to qualify for subsidy and avail the benefits provided
under the ambitious flagship mission of Pradhan Mantri Awas Yojana
(Urban)," the Ministry of Housing and Urban Affairs said in a statement.
The
carpet area has been raised from "up to 120 square metre" to "up to 160
square metre" for MIG I, which comprise families with household income
between Rs 6 lakh and Rs 12 lakh. For MIG II families, with annual
income between Rs 12 lakh and Rs 18 lakh, it has been raised from "up to
150 square metre" to "up to 200 square metre".
For MIG I, the
interest subsidy is four per cent, eligible housing loan amount is Rs 9
lakh and the upfront amount for subsidy is Rs 2,35,068. For MIG II, the
interest subsidy is three per cent, eligible loan amount is Rs 12 lakh
and the upfront amount for subsidy is Rs 2,30,156.
"This augurs
well with the Reserve Bank of India (RBI) policy to revise the housing
loan limits for Priority Sector lending (PSL) eligibility," it said.
The
RBI has decided to revise the housing loan limits for PSL eligibility
from existing Rs 28 lakh to Rs 35 lakh in metropolitan centres, and from
Rs 20 lakh to Rs 25 lakh in other centres, provided the overall cost of
the dwelling unit in metro and at other centres does not exceed Rs 45
lakh and Rs 30 lakh, respectively.
The MIG segment is an
aspirational class which is upwardly mobile and the intent of the CLSS
for MIG is to support the dream of every family of owning a house, the
ministry said. The decision to increase the carpet area was done after
inputs from various stakeholders.
One key issue was denial of
CLSS benefit to potential beneficiaries as they were buying flats or
constructing houses, where the carpet area exceeded the cap of either
120 square metre or 150 square metre, thus rendering them ineligible for
the interest subsidy under MIG.
"The increased construction
activity in housing sector has a cascading effect on core sectors like
cement, steel, machinery and other allied sectors. More construction
activity in the urban areas would result in creation of more jobs for
both skilled and unskilled workers," it said.
The CLSS for MIG
scheme has gained momentum in the last couple of quarters and the
offtake has picked up significantly. As on June 11, 2018, an amount of
Rs 736.79 crore has been disbursed to 35,204 beneficiaries belonging to
the MIG category, said the ministry.
The number of CLSS
beneficiaries for Economically Weaker Sections (EWS) and Low-Income
Group (LIG) is 133,213 and subsidy released for this segment is Rs
2,890.50 crore.
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