PM Awas Yojana Urban – The Central Government has come up with a good news for the home seekers of cities of the country. The Government has made changes in its affordable housing scheme named Pradhan Mantri Awas Yojana-Urban (PMAY-U).
PM Awas Yojana Urban
The Ministry of Housing and Urban Affairs (HUA) has given approval for a 33-percent increase in carpet area of houses eligible for interest subsidy under PMAY-U. The main motive of the central government behind this approval is to attract more beneficiaries.
This increment in the carpet area of the houses under PMAY-U has been implemented across all middle-income group categories. Here are the details of the increase made by the Central Government –
- Middle Income Group-I (MIG-I) – the carpet area has been increased from 120 sq m to 160 sq m.
- Middle Income Group-lI (MIG-lI) – the carpet area has been increased from 150 sq m to 200 sq m.
From 1 January 20187, the new rules have been given retrospective effect – let we inform you, it is the date on which the scheme became operational. Under the Credit-Linked Subsidy Scheme (CLSS), all the eligible and selected beneficiaries can avail subsidy up to Rs 2.35 lakh on purchasing a house under the scheme.
Besides this, under this scheme, four percent interest subsidy is also available on loans up to Rs 9 lakh for people having an annual income between Rs 6-12 lakh under MIG-I plan. And, 3 percent interest subsidy is given on loans up to Rs 12 lakh to people having income between Rs 12-18 lakh per annum.
As per the information provided by the Ministry of HUA, an amount of Rs 736 crore had been distributed to a total number of 35,204 beneficiaries belonging to the MIG category as of June 11.