All Statutory towns as per Census 2011 and towns notified subsequently will be eligible for coverage under CLSS for MIG. Planning Area as notified with respect to the Statutory Towns and which surrounds the concerned Municipal area will also be covered under the Scheme to provide interest subsidy for Housing Loan beneficiaries belonging to Middle Income Groups (CLSS-MIG).
The credit linked subsidy @ 4% will be available for loan amount up to Rs. 9 lacs in case of MIG-I and @3% for Rs 12 lacs in case of MIG-II. However, the Banks can sanction Home Loans more than Rs. 9 or 12 lacs but the subsidy will be restricted to Rs. 9 or 12 lacs, as the case may be..
Under CLSS, an interest subsidy will be available for a tenor of 20 years or actual tenor of the loan, whichever is lower. However, Bank can sanction loans for a maximum tenor of 30 years but the loan has to be repaid before the borrower attains the age of 70 years. The Net Present Value (NPV) of or the subsidy will be calculated at a discount rate of 9% and will be credited upfront to the loan account.
- Maximum subsidy eligible under CLSS-MIG(I) – Rs. 2.35 lakhs (approx.)
- Maximum subsidy eligible under CLSS-MIG(II) – Rs. 2.30 lakhs (approx.)