HOW BENEFICIAL IS INDIA’S CREDIT LINKED SUBSIDY SCHEME?

 The credit linked subsidy scheme has been favorably encouraging the first-time homebuyers and is providing much-needed support to the real estate sector. The demonetization, the beginning of GST, the RERA law and now the Covid-19 pandemic have made drastic changes in the various sectors. But now there, we can expect good news too — CLSS has been extended.

To bring back the confidence in the real estate market, the Central government has taken some steps in the last six years. The RERA has been drawn to regulate and bring transparency in the sector. The government also took many steps to boost housing demand through the lower GST rate of one percent for affordable housing.

CLSS is one of those initiatives and was launched in June 2015 to provide first-time homebuyers in the categories of Economically Weaker Class (EWS), Lower Income Group (LIG) and Middle Income Group (MIG) with interest subsidies of up to Rs 2.7 lakh. It has been a significant catalyst for creating demand for housing units, mostly below Rs 50 lakh in the suburbs of major cities or Tier II and Tier III cities.

According to the government, the continuation of the CLSS to the MIG group is projected to benefit 2.5 lakh, middle-income families, by March next year in the current fiscal year. This will also result in an investment of more than Rs 70,000 cr in the housing sector. Low-interest rates on home loans at around 7%, combined with...... READ MORE

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Location: India

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