If your annual income is up to Rs 18 lakh, and you want to buy a flat or house of 3 or 4 bedrooms with a flat or house, you can now avail the interest subsidy of 2.3 lakh rupees. On Tuesday, the Ministry of Housing and Urban Affairs has increased the carpet area by 33% for the eligible households to avail the benefit of interest subsidy under the Prime Minister’s Housing Scheme (PMAY) for the Medium Income Group (MIG).
Central Government increased the carpet area of MIG (Medium Income Group) 1 in the first category of middle income group within the scope of the Credit Link Subsidy Scheme (CLSS), 160 square meters and carpet area of MIG 2 category houses 200 square meters.Let us tell you that till date, for the MIG 1 category houses, the carpet area was 120 square meters and 150 square meters for MIG 2 category homes. Under Modi Government’s Credit Link Subsidy Scheme, buyers of MIG 1 category get a direct benefit of 2.35 lakh rupees and the home buyers of MIG 2 category have a subsidy of 2.30 lakh rupees.
What is the scheme: In fact, the government had implemented the Prime Minister’s Housing Scheme from January 1 last year for those who have an income of Rs. 6 lakh each annually and in the second category, whose income is 12-18 lakh rupees annually. Out of these, the government had kept the annual income of 6-12 lakhs in the MIG one category.The scheme for these people was that if the customers with this income buy a house with a loan, then the interest rate for the loan amount of 9 lakh rupees from their loan will be 4 percent of which the government will provide subsidy.
In the same way, it was decided for people of the second category that if they buy houses by taking a loan, then the government will pay 3 percent interest on the interest of up to Rs 12 lakh in the form of subsidy.The people of these two categories were divided in the form of MIG One and MIG II.Now people with an income of Rs. 6 to 12 lakhs will be able to purchase this subsidy by purchasing a flat of 160 sq m (1722 sq ft)In the same way, earning Rs 18 lakh will now be able to take advantage of this subsidy by buying a flat of 200 square meters (2153 sq. Feet).