Bigger Homes To Get PMAY Subsidy
In a major relief to middle- class homebuyers planning to buy their first house, the government has decided to increase the carpet area limit of homes eligible for Credit Linked Subsidy Scheme under the Pradhan Mantri Awas Yojana. For a middle income family falling under MIG- I with annual income above ` 6 lakh and up to ` 12 lakh, the carpet area cap has been increased from 120 sq. m to 160 sq. m. For families with income above ` 12 lakh and up to ` 18 lakh, the carpet area cap has been increased from 150 sq. m to 200 sq. m. For MIG- I, the interest subsidy is 4 per cent, eligible housing loan amount is ` 9 lakh and total subsidy is ` 2.35 lakh. For MIG- II, the interest subsidy is 3 per cent, eligible loan amount is ` 12 lakh and total subsidy is ` 2.30 lakh.