Increase in the carpet area under the Credit Linked Subsidy Scheme

Increase in the carpet area under the Credit Linked Subsidy Scheme

Question: Cabinet approved the increase in the carpet area up to 120 square metres in respect of MIG II category of the Credit Linked Subsidy Scheme (CLSS) for Middle Income Group, implemented by Ministry of Housing and Urban Affairs. What was the existing limit of the carpet area?
(a) Up to 80 square metre
(b) Up to 90 square metre
(c) Up to 100 square metre
(d) Up to 110 square metre
Answer: (c)
Related Facts:

  • On November 16th, 2017, Union Cabinet chaired by Prime Minister has approved the increase in the carpet area of houses eligible for interest subsidy under the Credit Linked Subsidy Scheme (CLSS) for the Middle Income Group (MIG) under Pradhan MantriAwasYojana (Urban).
  • Cabinet has approved:
  • Increase in the carpet area to,up to 120 square metres from the existing 90 square metre, in the MIG I category of CLSS.
  • Increase in the carpet area to,up to 150 square metres from the existing 110 square metre, in the MIG II category of CLSS.
  • The CLSS for MIG covers two income segments in the MIG viz. Rs.6,00,001 to Rs.12,00,000 (MIG-I) and Rs.12,00,001 to Rs.18,00,000 (MIG-II) per annum.
  • In the MIG-1, an interest subsidy of 4% has been provided for loan amounts up to Rs.9 lakh while in MIG-2, an interest subsidy of 3% has been provided for loan amount of Rs.12 lakh.
  • The CLSS for MIG is currently effective up to 31.03.2019.
  • It is notable that CLSS for MIG is a pro-active step in meeting the challenges of urban housing shortage.

Reference:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=173565