All About Affordable Housing for Mid-income Group

Let us look at things that you need to know about affordable housing for the mid-income group. If you are unfamiliar with PMAY Subsidy scheme then you must be knowing ‘CLSS for EWS/LIG’. But before that lets learn what is PMAY?

The government laid out a vision to construct 20 million households by 2022, under the Pradhan Mantri Awas Yojana (PMAY) scheme. The scheme was in line with its ‘Housing for All’ push. Under the PMAY, the government is constructing houses for poor, lower, and mid-income groups. Under its Credit-linked Subsidy Scheme (CLSS). Read on to know more.

Classification of PMAY Beneficiaries for Affordable Housing

As Beneficiaries, then you will be falling under two categories i.e., MIG I and MIG II. They are eligible for an interest subsidy based on household income. You should have households with an annual income of between Rs.6 lakh and Rs.12 lakh. While if your households have income between Rs.12 lakh and Rs.18 lakh are MIG II. Households under MIG-I are eligible for a loan of Rs.9 lakh with an interest subsidy of 4 percent. While MIG II households will be able to avail of Rs.12 lakh as a loan with an interest subsidy of 3 percent. The maximum repayment tenure is 20 years.

5 Things to Know about PMAY Affordable Housing

• Who can be a beneficiary – A beneficiary family will comprise of husband, wife, and unmarried children. You should be an adult earning member irrespective of your marital status. 
• Who is eligible – Under the affordable housing scheme, the beneficiary families should not own a pucca house. It should not be in his/her name or in the name of any member of his/her family. The beneficiary family should not have availed of central assistance under any housing scheme offered by the central government. If you are a married couple, either of the spouses or both together in joint ownership will be eligible.
• The carpet area of the house– Under the affordable housing scheme, construction or acquisition of a house having a carpet area of 120 sq. meters for MIG I and 150 sq. meters for MIG II will be supported along with all basic civic infrastructure. Your building’s exact carpet area will be determined as per your income eligibility.
• Preference– If you are a woman then you are eligible for overriding preference but you should be a working woman or widow. If you want to be eligible you should belong to scheduled castes, scheduled tribes, and other backward classes. Also as a person with disabilities and transgenders, you will get preference. 
• Nodal Agencies – The NBH, is wholly owned by Reserve Bank of India and the Housing. The Urban Development Corporation Limited (HUDCO), a government of India enterprise is the central nodal agency. They channel the subsidy to the lending institutions under the scheme. 

What are the Requirements for Additional Loan Amount Under PMAY

• In case, an additional loan amount is required it can be availed at a non-subsidized rate. 
  • The interest subsidy you will receive is upfront to the loan account. As a beneficiary in order to reduce effective housing loans and EMIs. 
  • The primary lending institutions will link the details of the Aadhaar number(s) of the beneficiary family. This is to avoid duplications before submitting claims to the central nodal agencies. 
  • Don’t provide false declaration;
  • EWS/LIG scheme is implemented under MoHUPA. The SLSMC and State Level Bankers Committee (SLBC) monitor the scheme through its prevalent institution mechanism. 

Is an NRI eligible for a subsidy under the PMAY Scheme? 

The Pradhan Mantri Awas Yojana or PMAY Scheme is aimed at offering housing for all residents of urban India by 2022. As per the scheme, the individuals who are eligible for the scheme will be able to avail the benefits of the subsidised housing loan. 

The eligibility criteria for NRIs 

Yes, Non-Resident Indians (NRIs) are eligible for the PMAY Scheme. You need to check certain boxes in terms of the eligibility criteria. Your criteria for availing the benefits of the PMAY Scheme. Following are some of the criteria.