Credit Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojna (PMAY) has gained momentum across Gujarat with the net subsidy disbursals going up by around 1,500 crore in just two-and-half-months.
According to the data compiled by Gujarat’s State Level Bankers’ Committee (SLBC), the net subsidy disbursed under CLSS increased by 58% or Rs 1,490 crore to Rs 4,040 crore from Rs 2,550 crore during the period from February 13 to April 30, 2019.
The banking sector sources opine that CLSS has seen steady increase in its offtake with the beneficiaries of the scheme growing consistently. The number of such beneficiaries in the state moves up from 1.21 lakh to 1.73 lakh during the same period.
CLSS, which was introduced in June 2015 under the PMAY for economically weaker sections (EWS) lower income group (LIG) and extended to middle income group (MIG) from January 2017, gives borrowers an interest subsidy of 6.5% per annum for loans up to Rs 6 lakh for EWS and LIG category (annual household income up to Rs 6 lakh).