The central government announced a package of Rs 20 lakh crore to handle the country’s economy during the COVID-19 pandemic. The purpose of this package is to provide relief to industry, farmers, laborers, and middle-class families. In this episode, the government took a big decision to extend the deadline of the Credit-Linked Subsidy Scheme to encourage the housing sector.
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What is the Credit-Linked Subsidy Scheme
Prime Minister Narendra Modi launched the Pradhan Mantri Awas Yojana in the year 2015. Under this, cheap loans are made available to poor and middle-class families to buy their houses. In the year 2017, the government launched the Credit-Linked Subsidy Scheme (CLSS) especially for middle-class income families. Under this scheme, an interest rebate, i.e., subsidy, is given on a home loan, which reduces the burden of buying a house.
Deadline now till March 2021
Earlier, the last date for this scheme was 31 March 2020, but because of the epidemic and economic situation, the government has extended it till March 2021. This means that middle-class families can now apply for this scheme till March next year and avail the subsidy.
Who will get the benefit?
This scheme is for those whose annual income is between Rs 6 lakh to Rs 18 lakh. The government claims that so far, 3.32 lakh families have benefited from this scheme, and about 2.5 lakh new families will get the benefit in the coming financial year.
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The economy and employment will get support
The government estimates that this scheme will not only provide relief to home buyers but will also bring new life to the entire real estate sector. Investment of about Rs 70 thousand crore will be promoted. Along with this, demand will also increase in industries like steel, cement, and transportation related to the construction sector, and employment opportunities will be provided to lakhs of people.