CLSS Subsidy Calculator: Interest Rate For EWS, LIG & MIG Category

Under the Pradhan Mantri Awas Yojana, the concerned authorities are providing the credit-linked subsidy to all the beneficiaries. And today under this article, we will provide you all the details about the CLSS Subsidy Calculator. We will also provide you a step-by-step guide through which you can calculate your clap subsidy. Now we will also provide you the interest rate that has been finalized for the economically backward society and all other groups of LIG and MIG categories for the year 2019-2020.

Credit Link Subsidy Scheme Calculator

Through the CLSS initiative of the Government Interest Subsidy up to Rs.2.67 lakh per house is admissible for beneficiaries of the following categories-

  • Economically Weaker Section (EWS) having an annual household income up to Rs.3 lakh
  • Low Income Group (LIG) having an annual household income exceeding Rs.3 lakh and up to Rs.6 lakh
  • Middle Income Group I (MIG-I) having an annual household income exceeding Rs.6 lakh and up to Rs.12 lakh
  • Middle Income Group-II (MIG-II) having an annual household income exceeding Rs.12 lakh and up to Rs.18 lakh

CLAP Portal (CLSS)

The concerned authority of the Credit Linked Subsidy has made a separate designated portal to carry out the activities related to it. The portal is known as the CLAP Portal. It has been designed, developed and implemented by the Ministry of Housing and Urban Affairs, Government of India. it has been developed in collaboration with the National Informatics Center (NIC) and Central Nodal Agencies (CNAs) to provide a transparent and robust real-time web-based monitoring system for CLSS beneficiaries.

Features Of CLSS Subsidy Calculator Portal

Some of the Features of the CLAP Portal are given below:-

  • It is a transparent mechanism.
  • It carries on the aadhaar demographic verification of borrower, co-borrower, and spouse at the time of receiving an application at PLI.
  • CLAP Portal reduces duplication of the borrower, co-borrower, and spouse with the beneficiaries of the other three verticals of PMAY (U)
  • It generates a unique number i.e. Application ID for each application.
  • It gives out alerts through SMS to borrower and co-borrower regarding CLSS subsidy.
  • you can track the status of the CLSS subsidy.
  • It helps in avoiding clubbing and delay in payments.
  • It provides real-time integration with UIDAI, PMAY (U) MIS, Central Nodal Agency and PLIs servers.

Benefits Of The CLAP Portal

There are many benefits of the CLAP Portal that have been designated for the CLSS procedures. Some of the benefits are given below:-

  • The applicant can also track his/her application status through a CLSS tracker which is developed as a CLSS feature of CLAP.
  • The Dashboard and reports have also been introduced in CLAP software to monitor the progress of CLSS vertical for various stakeholders.
  • SMS Alerts at every stage starting from generation of Application ID up to the credit of subsidy amount into his/her home loan account will be sent to each borrower and co-borrower through the portal.
  • It gives the benefit of calculating subsidy via online mode.

Interest Rates Under CLSS Subsidy Calculator

  • For EWS/LIG – Beneficiaries of Economically Weaker Section (EWS) and Low Income Group (LIG) seeking housing loans from Banks, Housing Finance Companies and other such institutions are eligible for an interest subsidy at the rate of 6.5% for a tenure of 20 years or during the tenure of loan whichever is lower.
  • For MIG – The CLSS for MIG covers two income segments in the MIG viz. Rs.6,00,001 to Rs.12,00,000 (MIG-I) and Rs.12,00,001 to Rs.18,00,000 (MIG-II) per annum-
  • In MIG-I- Interest subsidy of 4% has been provided for loan amounts up to Rs.9 lakh
    • In MIG-II- Interest subsidy of 3% has been provided for loan amounts up to Rs.12 lakh. The interest subsidy is calculated at 9% NPV over maximum loan tenure of 20 years or the actual tenure, whichever is lower.

IAY List 2020 

Process To Use CLSS Subsidy Calculator

To Calculate Subsidy For CLSS, you can follow the simple steps given below:-

  • First, you have to visit the official website of Pradhan Mantri Awas Yojana or you can also visit the webpage by clicking on the link given here
  • When you land on the webpage, you will have to click on the subsidy calculator tab present on the home screen.
CLSS Subsidy Calculator
  • As soon as you click on the tab, a popup window will appear.
  • On the popup window, you will have to submit the following details-
    • Your category such as-
      • MIG
      • MIG 2
      • LIG
      • EWS
    • First Disbursement Date
    • Current Disbursement Date
    • Loan Tenure(in Months)
    • Current Disbursement Installment
    • Amount Disbursed before this Installment
  • Finally, the calculated subsidy will be displayed on the screen.

Leave a Comment