Credit Linked Subsidy scheme under the PMAY starts working for affordable housing projects

Customers of AnandGram, Vastushodh Projects get interest subsidy from the PMAY 

Pune, February 2: The Credit Linked Subsidy Scheme (CLSS) of the ambitious Pradhan Mantri Awas Yojana (PMAY) of Prime Minister Narendra Modi has started showing results. As good as 8 customers of City based Vastushodh Projects have received the interest subsidy under the scheme, making it the first private real estate developer to get such a distinction in the region.

This was jointly announced by Sachin Kulkarni, MD, Vastushodh Projects & Nachiket Shelgikar, Director Micro Housing Finance Corporation during a Press Conference held in the city today. Nitin Kulkarni, Director Vastushodh Projects was also present on the occasion.

Pasha Shaikh, an auto rickshaw driver and customer of AnandGram, Wakhari (Pune – Solapur Road), Chandrakant Babar owner of small plastic molding unit who booked a flat at AnandGram, Ketkawale (Pune – Satara Road) who received interest subsidies up to 2.2 Lacs shared their experiences during the Press Conference.

Vastushodh Projects has been on the forefront of creating affordable housing and has so far built and delivered more than 2000 affordable homes and is in the process of building more than 8000 affordable homes in and around Pune, under its AnandGram and UrbanGram projects that are priced in the range of 5 – 15 Lacs and 15 – 35 Lacs respectively.

Vastushodh MD, Sachin Kulkarni was recently invited to the Prime Minister’s Office to make a presentation on ways of creating affordable housing by private sector and the way ahead.

Speaking on the occasion Sachin Kulkarni said, “We are indeed happy to see that very constructive step in the form of CLSS is reaching an important yet neglected segment of affordable housing, getting support from the Central Government. This will surely provide the required boost to the segment and shall encourage more and more people from EWS (economically weaker section) and LIG (Low Income Group) to buy their own home.”

“As good as 8 customers of our flagship ‘AnandGram’ projects have received interest subsidies on their home loans of which 6 are financed by Micro Housing Finance Corporation and remaining 2 by Home First Finance Corporation. I am sure in the coming days many more customers who would buy a home at AnandGram will get such a benefit from CLSS”, he added.

“Homes at all our AnandGram projects that are currently underway at Wakhari and Bhandgaon on Pune – Solapur Road and Ketkawale on Pune – Satara Road are likely to attract this interest subsidy on home loans considering their prices and sizes making it the most ideal choice for the EWS and LIG group who wish to have their own home”, said Nitin Kulkarni.

Nachiket Shelgikar, Director, Micro Housing Finance Corporation said, “Credit Linked Subsidy Scheme of the Pradhan Mantri Awas Yojana is now fully operational Pan India and we have already received subsidy worth Rs.2 Cr from NHB for about 350 home loan customers in EWS and LIG segment. We are confident that this scheme will give a major thrust to the ‘Housing For All’ initiative. We feel almost 100% of our customers will qualify for this scheme, we expect to do about 6000 cases in upcoming financial year.”

“We have launched a special scheme under CLSS as of 1 Feb 2016 – with NIL processing fee. We will offer tenures up to 20 years on loans up to 6 lakhs. The customers will be credited subsidy of up to Rs 2.2 lakhs subject to eligibility and receipt from the Government. We feel that more and more aspirants should come forward to book their dream home at AnandGram. We shall provide home loans to them and also facilitate in applying for the interest subsidy”, he added.

The Credit Linked Subsidy Scheme of the Pradhan Mantri Awas Yojana can be availed by all those whose per annum family income is less than 6 Lac. The house that they are buying should have carpet area of less than 60 square meters and the purchaser and his unmarried adult family members should not own any home. After completing the procedure, the sanctioned subsidy is deposited to the loan account of the home finance company and is considered as pre payment and then customer has an option to either reduce EMI or reduce tenure as per his choice.