The importance of Credit Linked Subsidy Scheme CLSS run under the Pradhan Mantri Awas Yojana (PMAY) has been increasing across the state of Gujarat with net subsidy expenses which rise up to 1500 crore in 2 and half months.
According to data given by Gujarat State Level Bankers Committee (SLBC) the net subsidy expense under CLSS increased by58% or rupees 1,490 crore to rupees 4,040 which was rupees 2,550 crore from February 13 to April 30 2019.
According to information from banking sector the CLSS has been continuously raising it’s off take with the beneficiaries of the scheme growing consistently. Earlier the beneficiaries in the state it was 1.21 lakh which increased to 1.73 lakh simultaneously.
PMAY in June 2015 introduced CLSS to encourage the economically weaker section (EWS), lower income groups (LIG) and includes middle income groups (MIG) from January 2017. CLSS gives borrower and interest subsidy of 6.5 % per annum for loan upto 6 lakh for EWS and LIG category.
Interest subsidy of 4% is provided on loan of rupees 9 lakh and 3% on loan of rupees 12 lakh for maximum period of 20 years in case of MIG category. For a term of 20 years the effective subsidy offered to customer is in the range of rupees 2.30-2.67 lakh.
Resource person in SLBC stated that government releases the subsidy amount in bulk rather than distributing the same on the basis of each case. Also the claim of loan increase during a period of two months from January to March. As the as the number of loan claim increases the amount of disbursement also raised. Further added by source, that majority expenses is high in Ahmedabad followed by other major cities including Surat, Rajkot, Vadodara.
As per of view of real estate sector players awareness among developers and consumers has resulted into more and more people opting for subsidy.
Real estate developers said that, “The launch of New Housing Scheme was brought down in the last year improvement in sales amid constant supply resulted into spreader clearance of unsold inventory the release of subsidy in ready to move dwellings is faster leading to rise in expense of subsidy under CLSS."
Courtesy/By: Renu Kathale
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20 Jun 2019
