Extension of PMAY scheme: Last date of PMAY scheme for Modi govt, Pradhan Mantri Awas Yojana Amount of CLSS scheme, eligibility

The government extends the date of Pradhan Mantri Awas Yojana’s Credit Linked Subsidy Plan (CLSS) (PMAY).

The last date for anyone wanting to take advantage of the PMAY CLSS scheme was March 31, 2020, but it is now March 31, 2021. However, the other LIG / EWS category has its last date of March 31, 2022 Finance Minister Nirmala Sitharaman In his press conference today, he extended the latest date of Pradhan Mantri Awas Yojana’s Credit Linked Subsidy Plan (CLSS) for both MIG-I and MIG-II categories. The last date for anyone wanting to take advantage of the PMAY CLSS scheme was March 31, 2020, but it is now March 31, 2021. However, the other LIG / EWS category has its last date of March 31, 2022 .

According to the government, the extension aims to benefit the lower strata of middle-class families. According to the FM, almost 3.3 lakh families have so far benefited from the scheme. In the future, about 2.5 lakh families are expected to enroll in the CLSS.

As a government, the measure is also expected to increase jobs in the sector and increase the demand for construction materials such as steel, cement, etc.

The PMAY CLSS was launched with the objective of “Housing for All” in which the eligible borrower can obtain a mortgage loan from banks and housing finance companies at a reduced interest rate.

Those with incomes between Rs 6 lakh and Rs 12 lakh fall under MIG-I and receive an interest subsidy of 4 percent on a loan amount of up to Rs.9 lakh. Similarly, those with incomes between Rs 12 lakh and Rs 18 lakh enter MIG-II and obtain an interest subsidy of 3 percent on the loan amount of up to Rs.9 lakh.

Indeed, the amount of the PMAY CLSS subsidy reaches Rs 2.35,068 and Rs 2,30,156 for the MIG-I and MIG-II schemes, respectively.