The subsidy for PM Awas Yojana can be availed by households from income of Rs 6 lakh to Rs 18 lakh to be divided in two categories.
The Pradhan Mantri Awas Yojana scheme (PMAY) that recently introduced Credit Linked Subsidy Scheme (CLSS) for Middle Income Group (MIG) has seen an increase in carpet area of houses eligible for interest subsidy as the Union Cabinet has approved the move on Thursday. The Cabinet has increased the carpet area for both MIG I and MIG II category. Under the Pradhan Mantri Awas Yojana , the carpet area for MIG I was fixed at 90 sq mt (962.758 sq ft) and 110 sq mt (1184.03 sq ft) for MIG II category. Carpet area is the area enclosed within the walls of a room, i.e. the area on which a carpet can actually be laid. This area does not include thickness of the inner walls. Moreover, if you add up outer walls, balcony and other common areas, it’s the built-up area.
The latest move to increase carpet area of houses will attract more buyers as people will benefit immensely by getting bigger homes in accessible rates. The subsidy for PM Awas Yojana can be availed by households from income of Rs 6 lakh to Rs 18 lakh to be divided in two categories. Under the MIG-I category the previous fixed 90 sq mt barrier has been extended to 120 sq mt,while under the MIG-II category the earlier area of 11 sq mt has been increased to 150 sq mt, according to The Press Trust of India. Under the MIG-I category, a four-per cent interest subsidy is provided to the beneficiaries, whose annual income is between Rs 6 lakh and Rs 12 lakh, on a loan of up to Rs 9 lakh.
Similarly, under the MIG-II category, the beneficiaries with an annual income of Rs 12 lakh to Rs 18 lakh get an interest subsidy of three per cent on a loan of up to Rs 12 lakh. Under the PMAY, the Centre aims to provide houses to all the urban poor by 2022. Currently, the shortage of houses is pegged at over 10 million in the urban areas, says the PTI report.