The Pradhan Mantri Awas Yojana-Urban (PMAY-U) was launched in 2015 and PMAY-Gramin in 2016 to address housing shortages among the EWS/ LIG and MIG category, including slum-dwellers. However, the government has not extended the popular 'Credit Linked Subsidy Scheme' (CLSS) under which the government gives interest subvention at the rate of 6% on a housing loan of Rs 6 lakh to homebuyers with yearly income less than Rs 6 lakh. "We shall also work with the financial sector regulators to expand access to capital along with reduction in cost of intermediation," she said. Finance minister Nirmala Sitharaman said the Centre would work with the state governments to cut down time required for land- and construction- related approvals. In a big boost to affordable housing, the Union Budget has set aside Rs 48,000 crore for completion of 80 lakh houses under the PM Awas Yojana in urban and rural areas.
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