APPLYING FOR AN AFFORDABLE HOUSE
How can you apply for the affordable housing scheme? We give you the procedure and a few other handy tips The government’s affordable housing scheme brought a smile on many fence-sitting homebuyers but there is confusion on how to avail the benefits and how to apply for this scheme. There are four categories of people who can avail benefits under CLSS (Credit-linked Subsidy Scheme) of PMAY: People belonging to EWS (annual household income up to Rs 3 lakh), LIG (annual household income up to Rs 6 lakh), MIG I (annual household income up to Rs 12), and MIG II (annual household income up to Rs 18 lakh). Beneficiaries of the Economically Weaker Section (EWS) and Low-income Group (LIG) seeking housing loans from banks, Housing Finance Companies (HFCs), and other such institutions would be eligible for an interest subsidy at the rate of 6.5% or during tenure of loan whichever is lower. Interest subsidy will be credited to the loan account of the beneficiaries through the lendin