NEW DELHI: If you earn up to Rs 18 lakh annually, you can now utilise, an amount of about Rs 2.3 lakh as an up front interest subsidy even on buying a house of 2,100 sq feet flat with three or four bedrooms.
On Tuesday, the housing and urban affairs ministry let an increase to the cover area of houses which are qualified for interest benefit regarding the PM Awas Yojna (PMAY) for the section of the society belonging to the middle-income group (MIG) by 33%.
Affording such a large apartment for someone earning Rs 18 lakh in the metro cities, seemed a far dream, the step taken by the government is intended at expanding the no of people benefitted in the third tier and fourth tier cities and the small municipal and development areas, where cost for living accommodations is very less.
Many of the houses approved under the PMAY scheme are registered in the name of women.
The interest grant according to PMAY is addressable for three categories of individuals who buy a home for the first time. The government has now added two more sub-categories of the middle-income group to be benefitted by interest subsidy in December 2016 on the basis of their annual income.
Households earning Rs 6 lakh to Rs 12 lakh annually have been considered under MIG-I category, while those earning Rs 12 lakh to Rs 18 lakh annually fall under MIG-II category.