Pradhan Mantri Awas Yojana Latest News: Middle Income Groups can avail loan

Middle Income Groups
Pradhan Mantri Awas Yojana Latest News: Middle Income Groups can avail loan

Pradhan Mantri Awas Yojana Latest News: Middle Income Groups can avail a loan. The Modi Government has finally approved an increase in 33% of the carpet area of the houses which are eligible for interest subsidy under its most affordable housing scheme by Pradhan Mantri Awas Yojana Urban (PMAY-U) for attracting more and more beneficiaries. The statement was given by the Housing and Urban Affairs Ministry.

As per the scheme, if a person’s annual income is up to Rs 18 lakh, he or she can avail the benefit of Rs 2.3 lakh including interest subsidy even for purchasing a 2100 square feet house or flat with three bedrooms.

The carpet area of a house has been enhanced to 160 square meters from 120 square metres for Middle Income Groups-I whereas the plan has been increased to 200 square metres from 150 square metres in case of Middle Income Group-II.

But such large houses or flats may not reach to someone who is earning Rs 18 lakh in the big cities like Mumbai or Delhi. The main of initiating this plan is to expand the beneficiaries in the urban cities as well as small municipal and development areas where housing cost is quite lower.

Under this scheme, each and every beneficiary can avail subsidy up to Rs 2.35 lakh on a purchase of a house under this particular scheme. Under the first scheme, 4% interest is available on a loan which is up to Rupees nine lakh for those people who has an annual income of Rs 6-12 lakh whereas 3% interest is given on a loan up to Rs 12 lakh to those people who have an annual income of Rs 12-18 lakh per annum.

Hardeep Puri, Housing and urban affairs minister came up with the decision after receiving the representation from the builders as well as home buyers from the small towns that those persons are not capable of getting the interest benefits because the plot size was much more than the earlier prescribed rules.

As of now, an amount of Rs 736 crore has been released to 35,204 beneficiaries who belongs to the Middle Income Group category, the officials said. But the final decision is yet to be released. The government has decided to increase the carpet area for the Middle Income Group section which was implemented after inputs from various stakeholders.

The housing and development ministry has decided to synchronize with the Reserve Bank of India’s policy to revise the housing loan limits, especially for the priority sector lending eligibilities.

This is the second time the government has implemented the policy. earlier in January 2017, the particular scheme was released over which more than one lakh families have availed the benefits.

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