Home Loans India

Credit Link Subsidy Scheme (CLSS) for Middle Income Group (MIG)

1.

Purpose

Purchase /Construction.

2

Eligibility

All statutory towns as per census 2011 and Towns /planning and development area notified subsequently.

  • Interest Subsidy:
     
    Particulars MIG I MIG II
    Household income (₹ p.a.) 6,00,001.00
    to
    12,00,000.00
    12,00,001.00
    to
    18,00,000.00
    Interest subsidy (% p.a.) 4% 3%
    Eligible housing loan amount for interest subsidy (₹) 9,00,000.00 12,00,000.00
    Dwelling unit carpet area Up to 160 sq. m Up to 200 sq. m

    To be eligible to receive central assistance under CLSS for MIG:

    • The beneficiary family should not own a pucca house either is his/her name or in the name of any member of his/her family in any part on India.
    • The beneficiary family should not have availed of central assistance under any housing scheme from Government of India.
3

Security

  • Mortgage of the property being financed.
  • Collateral: on case-to-case basis, if required.
4

Repayment

Maximum repayment term – Up to 30 years but interest subsidy will be available only for the initial 20 years of the loan.
5

Other conditions

  • The beneficiary family will comprise husband, wife, unmarried son and/or unmarried daughter. . The beneficiary family also includes an adult earning members irrespective of marital status.
  • An adult earing member (irrespective of marital status) can be treated as a separate household, provided that:
    • He/she does not own a pucca house in is his/her name in any part on India.
    • In case of a married couple, either of the spouses or both together in joint ownership will be eligible for a single house, subject to the income eligibility of the household under the scheme.
  • For resale cases, it is incumbent upon the branch to adopt their due diligence to curtail speculative cases in this scenario.
  • In case a borrower has already availed the interest subsidy and approaches us for take-over of the loan, he/she will not be eligible to claim the benefit of interest subvention again.


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