Housing For All: Government Provided Rs 12,700 Crore Subsidy To Urban Home Buyers In Last Four Years

According to data sourced through RTI, the government has provided a subsidy of over Rs 12,717 crore to various home buyers till March this year (2019) under the Credit-Linked Subsidy Scheme (CLSS), reports Mint.

CLSS is one of the subschemes under the NDA government’s flagship Pradhan Mantri Awas Yojana (Urban) which aims to provide ‘housing for all’ by 2022. Launched by Prime Minister Narendra Modi in June 2015, the government intends to construct one crore houses over seven year period.

"Under the CLSS component of PMAY (U), as on March 31, 2019, interest subsidy of ₹12,717 crore has been released across the country," said the RTI reply.

Under CLSS, an interest subsidy of up to around Rs 2.67 lakh is provided by the centre on home loans to individuals, thereby reducing the principal outstanding amount of the loan.

Increasing Pace

It should be noted that subsidy disbursement by the government has almost doubled in the last three months. While just Rs 6,943.95 crore had been credited directly to 3,14,703 beneficiaries under CLSS till 27 December 2018, a whopping Rs 5,771 crore was allocated in the January-March period.

Also Read: How Pradhan Mantri Awas Yojana Is Changing The Rural Landscape