Authored by - Asha Mathew Are you looking to invest in a house? Is it going to be one of the things on your priority list once the COVID scare eases out? Well then, there is good news! The Credit Linked Subsidy Scheme (CSLSS) by the central government has been extended till March 2021.
The CLSS is an initiative under the Pradhan Mantri Awas Yojana (PMAY) to make housing more affordable for the middle-income groups in urban areas. In fact, this is the first time that an initiative like this has been launched for the middle-income groups in urban India. As a result of this scheme, people can avail home loans at reduced EMIs. The following are the income categories can avail the CLSS:
- Lower Income Group - Annual income between Rs.3 Lakh -6 Lakh
- Middle Income Group I - Annual incomewithin Rs. 6 Lakh – 12 Lakh
- Middle Income Group II - Annual income within Rs. 12 Lakh - Rs. 18 Lakh
The CLSS was to expire in March 2020 (it was executed in 2017). However, given the economic setback due to COVID-19, the scheme has been extended till March 2021 with the hope that it might give the necessary impetus to the real estate industry to bounce back. It is meant to create investments of around Rs 70,000 crores in the housing sector also leading to creation of jobs. If you’re looking for the right time to start the process of building your dream home, this is the time.
Another COVID-19 resultant initiative under the PMAY is Affordable Rental Housing Complexes (AHRCs). This initiative was a consequence of the migrant labourers’ crisis during the lockdown. It aims to create planned housing for the migrant labourers and urban poor near industrial hubs. This definitely is an ambitious plan and a much needed one if implemented well. However, it needs to be seen how efficiently this scheme is implemented and if the urban poor and needy can really benefit from it.
CLSS is the good news for the people looking to own property and building their own dream houses. For those who are just looking for a change of living spaces at affordable prices, Raksha Property Management can help you find just what you need and also help you with the paperwork and other details.
Now with the lockdown mostly lifted, we are back to business – helping you find just the right living space that your heart desires and your wallet smiles at!Our property managers are back on the field (with all the necessary precautions) to help you look for the correct house and manage your property. We have property ready to be rented all over Bangalore. We also help you for moving and storage if required.
We are also keeping a constant check on how far each of our properties are from the nearest containment zones for COVID-19 in Bangalore. We can also alert you if you’re choosing property in a vulnerable locality. Your safety is always our first priority.