PM Awas Yojana: Those whose income is less than three lakh rupees per annum fall in the EWS category. People earning up to six lakh rupees annually come to LIG.
new Delhi. People belonging to weaker income group (EWS) and lower income group (LIG) under Pradhan Mantri Awas Yojana (Urban) can make their home dream come true by taking advantage of credit linked subsidy scheme (interest subsidy). Under this scheme, people from weaker income group can avail up to Rs 2.60 lakh on the interest of home loan.
Who will get the benefit
Those whose income is less than three lakh rupees per annum fall in the EWS category. People earning up to six lakh rupees annually come to LIG. In both these categories, the benefit of interest subsidy up to 6.5 percent is given on home loans up to six lakh rupees under PMAY .
Benefit of PM accommodation
The Government launched the Credit Linked Subsidy Scheme under the Modi government’s ambitious plan for everyone, Ghar-2222. Later, its scope was increased to Rs 6 lakh to Rs 12 lakh per annum and to people with income ranging from Rs 12 to 18 lakh per annum.
How much loan in which category
Those earning up to Rs 12 lakh were placed in the MIG-1 category, while those with higher income were placed in the MIG-II category. People in the first category can avail four percent interest in interest on home loans up to Rs 9 lakh and those in the second category can get three percent interest subsidy on home loans up to Rs 12 lakh.
General interest on excess loan
If you take a loan beyond this limit, the interest on the remaining amount will be paid at the normal rate. The maximum time limit for each type of loan can be 20 years. Now in case of every beneficiary segment, the total amount of subsidy is reduced from the initial principal.
Interest rate advantage
In PMAY, interest is charged at the normal rate on the remaining amount after deducting the subsidy amount provided by the government from the total loan amount. The monthly installment of a person taking loan under PMAY scheme can be reduced from 2012 to Rs 2,318 and the total interest liability from Rs 4,85,866 to Rs 5,56,102.
How much benefit
In the credit linked subsidy scheme, middle-income people with an annual income between Rs 6 lakh and Rs 12 lakh will get an interest subsidy of 4 per cent on a 20-year home loan of Rs 9 lakh. For example, the rate of interest on a home loan is 9%, you will have to pay only 5% under PMAY. People with an annual income of Rs. 12 lakh to Rs. 18 lakh will get 4% interest subsidy.