Will govt's home loan subsidy scheme benefit you?


1.  What's the loan tenure?
The tenure of home loans can be a maximum of 20 years or that preferred by the home buyer, whichever is lower


2. Will you pay processing fee?
No processing fee will be charged by banks or housing finance companies from the applicants under CLSS


3. What’s the reduction in EMI?
The interest subsidy of 4% under the scheme will bring down EMI by Rs 2,062 per month on a housing loan of Rs 9 lakh and interest subsidy of 3% will reduce the monthly outgo by Rs 2,019 on Rs 12 lakh loan, considering normal housing loan interest rate of 8.65%


4. Who is getting preference?
The scheme gives preference to women with overriding preference to widows, single working women, people from scheduled castes and scheduled tribes, backward classes, differently abled and transgender people


5. What's the budgetary allocation?
The government has allocated Rs 1,000 crore in Union Budget this year for the CLSS (MIG) scheme


6. Who're the nodal agencies?
 NHB and Housing and Urban Development Corporation (HUDCO) have been designated as central nodal agencies for implementation of CLSS for both MIG and EWS/LIG who would reimburse interest subsidy to primary lending institutions

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