PMAY-CLSS subsidy extended till 2024; NBFCs rejoice

The Union Cabinet had previously approved the extension of the PMAY-Gramin scheme till March 2024. Consequently, the Non-Banking Financial Companies (NBFCs) also sought a similar extension on the PMAY-Credit Linked Subsidy Scheme (CLSS), which is now applicable till December 2024. To know more about the scheme, read further.

The Non-Banking Financial Companies (NBFCs) successfully sought an extension till December 31, 2024, for continuing with new disbursals under the Pradhan Mantri Awas Yojana (PMAY)- Credit Linked Subsidy Scheme (CLSS) for the poor and the underprivileged. This announcement came soon after the PMAY-Gramin scheme got extended till March 2024.

PMAY-CLSS subsidy extension

The NBFCs urged the housing ministry and its top officials to clarify on the extension of the CLSS scheme for the Economically Weaker Section (EWS) and Low-Income Group (LIG) by another two years. The extension of two years was sought to reach the target of housing for the poor, and also generate employment opportunities for the youth in rural areas. The PMAY subsidy previously had the last date as March 31, 2022; however, it has been extended till December 2024. The Centre also announced further assistance of over Rs 85,400 crore during the extension.