More Customers To Qualify For PM Awas Yojana Subsidy; Here's How
In a bid to boost affordable housing, the government has widened the scope of eligibility for claiming subsidy under the Credit-Linked Subsidy Scheme (CLSS) in the MIG (Middle Income Group) category. In a statement. the Ministry of Housing and Urban Affairs announced its decision to raise the threshold of carpet area of houses. Launched as part of the government's Pradhan Mantri Awas Yojana (PMAY), CLSS is aimed at benefiting people belonging to the economically weaker section (EWS), low income group (LIG), middle income group-I (MIG-I), and middle income group-II (MIG-II) by offering interest subsidy on the loan taken for the purchase or construction of a house.
Here are 10 things to know about the increase in carpet area for houses eligible for subsidy in MIG category under Pradhan Mantri Awas Yojana:
| Particulars | CLSS for MIG | |
|---|---|---|
| MIG – I | MIG - II | |
| Household Income (Rs. p.a.) | From 6,00,001 up to 12,00,000 | From 12,00,001 up to 18,00,000 |
| Interest Subsidy (% p.a.) | 4.00% | 3.00% |
| Maximum Loan Tenure | 20 | 20 |
| Eligible Housing Loan Amount for Interest for Interest Subsidy (Rs) | 9,00,000/-* | 12,00,000/-* |
| Dwelling Unit Carpet Area (up to)** | 160 sq.m. | 200 sq.m. |
| Discounted Rate for Net Present Value (NPV) calculation for interest subsidy | 9.00% | 9.00% |
| Upfront Amount for Subsidy (Rs.) | 2,35,068/- | 2,30,156/- |
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