Get Government Subsidy max up to 2.67 Lakhs! When you buy First pucca house. Family Income up to 18 Lakhs can apply for this awesome scheme.
Our Prime Minister is made another interesting move to make housing for all dream come true. So far Only EWS (Economically Weaker section) that is less than 3 Lakhs family income and LIG (Lower Income Group) above 3 Lakhs and Below 6 Lakhs were enjoying PMAY (Pradhan Mantri Awas Yojna) Scheme, Credit Linked Interest Subsidiary scheme (CLSS). Now MIG (Middle Income Group) that is up to 18 Lakhs household income can enjoy govt subsidy.
If your Salary is below 18 Lakhs per annum, then you are eligible for PMAY CLSS Scheme. Let’s not complicate the topic, if you buy home through home loan you will get Central Govt Subsidy up to 2.67 Lakhs. This amount will be paid directly to your housing loan account. Hence your outstanding principle will come down.
|S.No||Income Criteria Per Annum||Type||Max Area in Sq,mt||Subsidy on Loan||Tenure||Interest Subsidy||Benefits|
|1||Upto 3 Lakhs||EWS||30||10,00,000||20 Yrs||6.5%||2.67 Lakhs|
|2||3.01 Lakh - 6.00 Lakh||LIG||60||10,00,000||20 Yrs||6.5%||2.67 Lakhs|
|3||6.01 Lakh - 12.00 Lakh||MIG-I||90||9,00,000||20 Yrs||4.0%||2.35 Lakhs|
|4||12.01 Lakh - 18.00 Lakh||MIG-II||110||12,00,000||20 Yrs||3.0%||2.30 Lakhs|
In simple terms, Buy new home apply for PMAY CLSS Scheme while applying home loan ensure following criteria are met.
• First property for the family (father, Mother and unmarried children).
• Meet above criteria as per Table.
• Enjoy Subsidy.
With GST is going to reduce Registration charges and Prime Ministers scheme will add booster to Real Estate Industry. Good Initiative
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