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Good news for the housing sector and it will boost the real estate sector | Second economic package by FM Sitaraman

On 14th of  May 2020 Union finance minister Nirmala Sitharaman’s decision to extend the Centre’s Credit Linked Subsidy Scheme (CLSS) till March 31, 2021.

The PMAY CLSS was launched with the objective of ‘Housing for All’ wherein eligible borrower is able to get a home loan from banks and housing finance companies at a subsided interest rate.
The last date for anyone wishing to avail the PMAY CLSS scheme was March 31, 2020 but now stands at March 31, 2021. The date has been extended for both MIG-I and MIG-II categories.  The other category of LIG/EWS, however, has its last date of March 31, 2022.

Those with income between Rs 6 lakh and Rs 12 lakh fall under MIG-I and get an interest subsidy of 4 per cent on a loan amount up to Rs.9 lakh. Similarly, those with income between Rs 12 lakh and Rs 18 lakh fall under MIG-II and get an interest subsidy of 3 per cent on a loan amount up to Rs.9 lakh.

The move is also expected to increase jobs in the sector, and push demand for construction material such as steel, cement etc.

So this could be good news for the housing sector and it will boost the real estate sector and mainly the affordable segments scheme.
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Location: Datta Mandir Rd, Onkar Colony, Mangal Nagar, Wakad, Pimpri-Chinchwad, Maharashtra 411033, India

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