Some of us are looking to buy their first home. Others, stay with parents, but want to buy another home. Regardless of your need, home-buying comes across as daunting. And to make matters worse, you feel as though the government doesn’t care about the middle class and you’re completely on your own.
Now, we’ve been hearing a lot about Pradhan Mantri Awas Yojana or PMAY. So, what’s the hype about? Is this just another lofty Government Subsidy programme aimed at a rural audience? Or is it relevant to regular home buyers? Well, rest your cynicism for a bit as you might be in for a pleasant surprise!
Wishfin dives in deep into PMAY so that you get to know what’s in there for you. If you have a question about PMAY, there’s a good chance you’ll find your answer here… and maybe the key to your first home! Can’t find your question in the list? Just Tweet or Comment asap – we’ll not only answer it but also add it to our FAQs for the benefit of others Home Wishers.
FAQs on PMAY
- MIG 1: Middle Income Group (Income – ₹6 lac to ₹12 lac per annum)
- MIG 2: Middle Income Group (Income – ₹12 lac to ₹18 lac per annum)
- EWS: Economically Weaker Sections (Income – up to ₹3 lac)
- LIG: Low Income Group (Income – up to ₹6 lac)
- You can SAVE an amazing 4% in terms of interest for a loan of up to 9 lacs if your income is up to ₹ 12,00,000 per annum (you will fall under the CLSS MIG 1 Category)
- You can SAVE a cool 3% interest for a loan up to 12 lac if your income is from ₹12,00,000 to ₹18,00,000 per annum (you will fall under the CLSS MIG 2 Category)
- Income lower than ₹6,00,000? Then the Savings are even more substantial! A massive 6.50% interest concession awaits on loans up to 6 lac. (You will fall under the CLSS EWS/LIG Category)
- You or your immediate family (spouse and unmarried children) do not own a ‘pucca’ home anywhere in India. (you qualify, even if your parents own a home and you stay with them)
- Your income is up to ₹6,00,000 per annum [to avail CLSS: EWS (Economically Weaker Sections) or CLSS: LIG (Low Income Group)]
- Your income is from ₹6,00,000 to ₹12,00,000 per annum [to avail CLSS: MIG 1 (Middle Income Group 1)]
- Your income is from ₹12,00,000 to ₹18,00,000 per annum [to avail CLSS: MIG 2 (Middle Income Group 1)]
For more details on the scheme, please refer to the official govt. source
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