Kudumbashree Mission joins hands with Bank of India for providing loans to 5000 families as per CLSS

Kudumbashree Mission joins hands with Bank of India for providing loans to 5000 families as per the Credit Linked Subsidy Scheme (CLSS) of PMAY before March 2020. The MoU regarding the same was signed between Shri. S. Harikishore IAS, Executive Director, Kudumbashree Mission and Shri. V. Mahesh Kumar, Kerala Zonal Manager, Bank of India at Kudumbashree State Mission office on 21 June 2019. Kudumbashree Mission had already associated with Axis Bank for CLSS. As per this, 9436 families from 93 Urban Local Bodies (ULBs) in Kerala had already been issued bank loan.

Pradhan Mantri Awas Yojana (PMAY) is an initiative by Government of India in which affordable housing will be provided to the urban poor by 2022. CLSS can be called as interest subsidy scheme under PMAY that is given to people for home construction, purchase, extension and improvement. Those who are permanently living in any urban areas in Kerala continuously for three years and those who do not have permanent houses can only apply for CLSS. As per this scheme, those families who have annual income upto Rs 3 lakhs (Economically Weaker Section) will get bank loan upto Rs 6 lakhs with interest subsidy of 6.5%. Those families who have Rs 3 lakhs- Rs 6 lakhs as annual income ( Low Income Group) will get bank loan in the same rate. Families with annual income of Rs 6 lakhs- RS 12 lakhs (Middle Income Group 1) may get bank loan upto Rs 9 lakhs with interest subsidy of 4%.Families of annual income of Rs 12-18 lakhs (Middle Income Group 2) may get bank loan upto Rs 12 lakhs with interest subsidy of 3 %.The repayment tenure of all banks would be 20 years.

Smt. Roshni Pillai, Smt. M Bhavana and Shri.Pradeep, State Programme Managers, PMAY and Shri. R. Rajesh, Area Manager- Thiruvananthapuram, Bank of India also attended the function. Kudumbashree Mission is the nodal agency of PMAY (U) in Kerala.