- Credit Linked Subsidy Scheme for Middle Income extended to 31 March 2021
- With the extension of the scheme duration, two and a half million new families will be able to get houses at a lower price.
Finance Minister Nirmala Sitharaman on Thursday included two schemes of low-cost housing and low-rent housing for the urban poor in the second installment of a break-up of the Rs 20 lakh crore relief package. He announced a scheme to provide houses to the immigrant laborers and the urban poor at cheap rent and to give concession on building such houses. Here we are telling what, who, how much and when will be received in these two plans.
70,000 crore booster dose to housing sector
The Finance Minister handed over Rs 70,000 crore to the housing sector and the middle income group. This gift extended the Credit Linked Subsidy Scheme (CLSS). The scheme for the middle income group was implemented in May 2017. The extended period of CLSS expired on 31 March 2020.
What is the plan: The Credit Linked Subsidy Scheme was extended to March 2021. Increasing the duration of the scheme will result in an investment of Rs 70,000 crore in the housing sector.
Who will get the benefit: Middle income group will get benefit of this scheme. Under this, people will come, whose annual income is 6-18 lakh rupees.
How many people will get benefit: So far 3.3 lakh families have benefited under this scheme. With the extension of the scheme by one more year, now 2.5 lakh new families will be able to take advantage of it. Also, with the boom in the housing sector, the poor will also get employment on a large scale.
How long is the chance: The plan period has been extended till 31 March 2021.
How will the economy accelerate: There will be an investment of Rs 70,000 crore in the housing sector. Construction of houses will increase demand for products like steel and cement. Construction work will accelerate. Transportation sector will benefit. Business activities will increase in every sector connected to them. This will also increase employment.
Affordable Rent Scheme for Urban Poor
The government also announced an affordable rental accommodation scheme for migrant laborers and the urban poor. The scheme will be implemented under the PM Awas Yojana. The model of public-private partnership will be adopted in implementing it.
What is the plan: Government to launch affordable rental accommodation scheme under PM Awas Yojana
Who will get the benefit: The urban poor and migrant laborers will get the facility of low rent.