Housing loans subsidy for middle income group extended till March 2019
The interest subsidy of Rs 2.60 lakh on home loans for the Middle Income Group (MIG) has been extended up to March 2019 under the NDA government's flagship 'Housing for All' programme.
This was announced by Durga Shanker Mishra, Secretary (Housing & Urban Affairs), Government of India, while addressing the 'Real Estate and Infrastructure Investors Summit' organized by NAREDCO, in Mumbai today.
Reports suggest that the Centre has taken this decision with an eye on the 2019 Lok Sabha election.
As per Hindustan Times, under the new scheme, those with an annual income of up to Rs12 lakh can avail a 4% interest subsidy on a loan of Rs9 lakh while those with an income up to Rs18 lakh will get an interest subsidy of 3% on a loan of Rs18 lakh.
Prime Minister Narendra Modi, in his announcement on December 31 last year, made applicable the Credit-Linked Subsidy Scheme (CLSS) under the PMAY (Urban) to MIG, till the end of December this year.