PM Housing Scheme|

 PM Housing Scheme

The government provides a subsidy of up to Rs 2.67 lakh on home loans for building houses under the Pradhan Mantri Awas Yojana. The government’s target is for every family to possess its house . many people are taking advantage of this scheme. Many questions arise within the minds of most of the people regarding the PM Awas Yojana. they can't cash in of the scheme thanks to lack of data .

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Find out what these words mean

This scheme creates confusion within the minds of most of the people regarding the three categories EWS, LIG and MIG.

Letting people know what this is often and what category they belong to. For this, first of all, it's necessary to understand what these three categories are. the complete name of EWS is Economically Weaker Class, LIG stands for Low Income Class and MIG stands for Middle Income Class. The term is employed to denote a person’s standard of income.

EWS with an annual income of up to Rs 3 lakh has been placed within the category. Also, those with an annual income of quite Rs 3 lakh and up to Rs 6 lakh are placed within the LIG category and people with an annual income of quite Rs 6 lakh and up to Rs 18 lakh are placed within the MIG category.

It may be mentioned that the govt has set a target of constructing 2 crore houses under this scheme by March 31, 2022. people that are buying a home for the primary time get the advantage of interest subsidy under the scheme. consistent with the plan, the loan amount are going to be reduced before the subsidy amount and thus you'll have less interest burden.

"Housing for All" Mission for populated area has been implemented with effect from 17.06.2015 to supply central assistance to implementing agencies. The Credit Linked Subsidy Scheme is being offered under this mission.

For Middle Income Group(MIG), the interest subsidy are going to be provided on housing loans for acquisition/construction of homes (including repurchase).

For Economically Weaker Section(EWS)/Lower Income Group(LIG), the interest subsidy are going to be provided on housing loans for acquisition, construction of house. The Credit Linked subsidy would even be available for home equity credit availed for brand spanking new construction and addition of rooms, kitchen, toilet etc. to existing dwellings as incremental housing.

The interest subsidy benefit are going to be upfront on the principal outstanding.

The availability and amount of interest subsidy is subject to meeting income criteria as per various categories under the scheme.

 

Beneficiary

 

A beneficiary family will comprise of husband, wife, unmarried sons and/or unmarried daughters.

An adult earning member (irrespective of marital status) are often treated as a separate household

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