Now the citizens of India who are worried about the eligibility in Pradhan Mantri Awas Yojana (PMAY) scheme even after having paternal home should break confusion as now the Government of India announced that one can have benefits furthermore.
Extension until the last day of the 2019 calendar of The Credit Linked Subsidy Scheme (CLSS) for Middle Income Group (MIG) which classified into CLSS – MIG I and CLSS- MIG II that got approval and started its implementation in 2017.
Let’s see who all are eligible for the MIG category, who all within a family can apply, how much is the subsidy in rupee terms and how does the subsidy impact the loan amount.
For India’s highest percentage in population, Middle class people will now can access the benefits of The new category MIG which comprised into two more they are :
1) Middle Income Group (MIG) – I which comprises benefits of households to middle class cadre of ₹6,00,001 to ₹12,00,000 annual income.
2) Middle Income Group (MIG) – II which comprises of households annual income ranges from ₹12, 00,001 to ₹18, 00,000.
The Government mission is to provide housing for all and erase the poverty to an extent. Which gives a clarity that the citizens in the country who already owns a home on their name cannot have a new in this scheme.
Official Press release from the Government states that “The family shouldn’t own a house and also must not have had a previous central government assistance under any housing scheme.” The family denotes of husband, wife, younger sons and daughters.
According to the guidelines given by the government, “An adult earning member can be treated as a separate household, provided that he or she hasn’t got a house on their names in any manner across the country.”
So, married or unmarried youngsters of a family living with their parents can apply for the housing PMAY of the Government provided proofs of not having another home.
Those who living in rents in any other city of India can also get eligibility for the scheme.
Married couple paying rents anyhow has to be treated as a new family, hence these couple can apply for the scheme and its benefits, and however they will be getting a single house individually or by joint ownership of the house.
How come government provide Subsidy for the housing:
MIG – I category group individuals gets 4% subsidy of the interest on which they took a loan of 9 lakh₹, subsidiaries for MIG – II individuals gets 3% interest of their loans.
Does it work?