Nirmala Sitharaman announced the extension of the Credit-Linked Subsidy Scheme (CLSS) deadline for participants in the Pradhan Mantri Awas Yojana (PMAY) during the recently ended press conference. It is for those who fall under the MIG-I and MIG-II categories. So let me tel you in detail is PMAY scheme extended till 2023.
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The Pradhan Mantri Awas Yojana Gramin (PMAY-G) deadline has been extended till 2024. The Indian government's Pradhan Mantri Awas Yojana (PMAY) programme, which was introduced in 2015, aims to give economically disadvantaged groups of the population access to affordable housing. By the end of March 2022, 20 million affordable homes are to be built under the PMAY programme. Additionally, the projected number of pucca homes has increased to 2.95 crore homes. S PMAY extended for 2023 must be clear to you now.
Who can be the recipients of the PMAY program in 2024?
The following categories make up the majority of PMAY beneficiaries:
MIG I, or middle-income groups, have an annual income of between Rs. 6 and 12 lacks.
Incomes in the Middle Income Group (MIG II) range from Rs. 12 to 18 lakhs annually.
Economically Weaker Section (EWS) with an annual income cap of up to Rs. 3 Lakh Low-income Groups (LIGs) with an annual income cap between Rs. 3 and 6 Lakh.
Beneficiaries of the Pradhan Mantri Awas Yojana are qualified for full support, but LIG and MIG beneficiaries are only eligible for the Credit Linked Subsidy Program.
What is Pradhan Mantri Awas Yojana's function?
Let's say you're in the MIG-II category (i.e. your total household income is between Rs 15-18 Lakhs). You want to spend Rs. 40 lakhs on a home. You would need to put down a minimum of 20%, or Rs. 8 lakhs, and you could borrow the rest of Rs. 32 lakhs.
But, MIG-2 category candidates are qualified for a 3% discount on loans up to Rs 12 lakhs under PMAY 2022. You would therefore be required to pay the lender ordinary (non-subsidized) interest rates for the remaining Rs 20 Lakhs of the loan.
Is PMAY scheme extended must be clear to you now.
Read More: What is CLSS PMAY? Is NRI eligible for PMAY? Can we prepay the home loan after the PMAY subsidy?Your Feedback Matters! How was this Answer?
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Authors Of The Question
Is PMAY scheme extended till 2023?
Santosh
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2023-03-23T08:43:28+00:00 2023-03-29T17:59:58+00:00Comment
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