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PMAY Scheme: If you are also planning to build or buy a house, then this news will make you happy. The Modi government at the Center is going to expand the scope of Pradhan Mantri Awas Yojana Urban (PMAY). The government had announced the second phase of the scheme in the budget. Now the income slab for the middle income group (MIG) in cities and
The assistance provided by the Central Government for the economically weaker section (EWS) will be increased.
Cabinet note of new guideline prepared
According to the news published in Dainik Bhaskar, the cabinet note for the new guidelines is ready for this. There is a plan to place this note in the Union Cabinet meeting in the month of August. The government has so far given financial assistance of Rs 1.5 lakh to EWS category families for building houses. An official associated with the matter said that after approval from the cabinet, PMAY 2.0 can be implemented in the month of August with new guidelines.
The amount of interest subsidy will be increased!
The main objective of PMAY is to increase the interest subsidy amount for the middle income group i.e. MIG. Its objective is to provide housing to those who could not join the first phase of the scheme. Let us tell you that under the housing scheme, families with an annual income of Rs 6 to 12 lakh have been placed in the MIG-1 category and families with an annual income of Rs 12 to 18 lakh have been placed in the MIG-2 category.
what is the preparation
Under the PMAY 2.0 scheme, the target is to build one crore houses for the urban poor and middle class with Rs 10 lakh crore. With central assistance, it will cost Rs 2.20 lakh crore. Apart from this, there is a plan to provide 2 crore additional houses in rural areas. Let us tell you that 25 lakh people have benefited from CLSS till the year 2022.
What is the benefit to the middle class?
During the first phase of PMAY, MIG was given the benefit of credit linked subsidy till the year 2022. Under the scheme, for MIG-1, for houses with carpet area of 160 sq. m. Rs. 9 lakh and 3% interest subsidy on loans up to 4% and Rs. 12 lakh for houses with carpet area of 200 sq. m. were to go to MIG-2 buyers respectively. The cost of building a house is high in some cities. Therefore, the maximum limit of home loan on which the benefit of interest subsidy is available is expected to be Rs. 12 lakh or more.
What is PMAY?
PMAY stands for Pradhan Mantri Awas Yojana. It is an ambitious scheme of the Government of India. The intention was to provide housing to all Indians by 2022. The launch of the second phase of the scheme has been announced in the budget. Under the scheme, the government provides financial assistance for housing construction in both urban and rural areas.
