CHALLENGES IN IMPLEMENTATION OF CREDIT LINKED SUBSIDY SCHEME UNDER PRADHAN MANTRI AWAS YOJANA (PMAY-CLSS)

The tenth housing plan in India emphasized affordability of housing as the key concern and government support through subsidies and loans was initiated. Pradhan Mantri Awas Yojana under the Credit Linked Subsidy Scheme provides interest subsidy on housing loan to the urban poor. However, it was found that the performance of the scheme in the northern India was dismal. The study revealed that while awareness and publicity abo ut the scheme were lacking among the actual beneficiaries, the lack of documents, paucity of margin money, land related issues were few of the issues and challenges identified by the housing finance institution officials in completing the housing loan procedural formalities.