Credit-linked subsidy scheme under the PMAY can often be baffling

You must understand the rules applicable to you before seeking a loan

The regulations for credit-linked subsidy scheme (CLSS) under the Pradhan Mantri Awas Yojana (PMAY) may sometimes be confusing even for lenders.

Consequently, a person who might be eligible for the subsidy may lose it.

While taking a home loan, a bank executive told Suhas Joshi that he will not get the home loan as his the tenure is 23 years. The regulation says loans up to 20 years are eligible for the scheme. However, as Rakesh Makkar, CEO, Grihashakti – Fullerton India Home Finance Company says: “He would still be eligible if he meets all the other criteria. In such cases, the