The Pradhan Mantri Awas Yojana Scheme has been launched by our honorable Prime Minister of India Narendra Modi with which the average middle class families in smaller towns and cities will be able to full fill their dream of owning own houses.
To add addition to the scheme the Cabinet has now approved an increase in carpet area of houses eligible for the subsidy under credit linked subsidy scheme(CLSS).
This new scheme will come into effect from January 1, 2018 and will be applicable for the Middle income group(MIG).
Based on the income the middle income group has been further divided into MIG-I and MIG-II
For MIG-I group the income has to be between 6 lakh to 12 lakh. The person under this group will get an interest subsidy of 4 percent for UpTo 9 lakhs loan amount.
For MIG-II group the income has to be between 12 lakh to 18 lakh. The person under this group will get an interest subsidy of 3 percent for UpTo 12 lakh loan amount.
Increased Carpet Area
For MIG-I category the carpet area for house has been increased from 90 square feet to 120 square feet.
For MIG-II category the carpet area has been increased from 110 square feet to 150.
The cabinet has made this move of increasing the carpet area to make possible the vision of providing house to all urban Indians by 2022.