Last year, the central government extended the benefit of interest subsidy on home loans for households.
As per the revised norms, the middle income group or MIG-I category home buyers with household income between ₹6 lakh and ₹12 lakh were made eligible for a subsidy for homes up to carpet area of 160 square metres from the earlier 120 square metres. Similarly, MIG-II category of home buyers with household income between ₹12 lakh and ₹18 lakh were also eligible for a subsidy for homes with a carpet area of up to 200 square metres as compared to the earlier limit of 150 square metres. This interest subsidy scheme was to close at the end of December 2017 but was extended till March 2019. The housing ministry’s decision to change the eligibility criteria for MIG-I and MIG-II home buyers for houses eligible for interest benefit under PMAY and its extension is a phenomenal move to boost sales of large-sized apartments. The interest subvention under CLSS (MIG) is available up to ₹ 9 lakh or ₹12 lakh. This scheme under the Pradhan Mantri Awas Yojana (PMAY) provides housing solutions the economical weaker section (EWS), lower income group (LIG), and MIG. According to market insiders, this subsidy scheme can be a key driving factor behind the projected growth of urbanisation and consequent housing demands of India.
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