Getting A Home is Simpler With Pradhan Mantri Awas Yojana
The Pradhan Mantri Awas Yojana has made the home buying much more convenient and affordable. The scheme aims to provide houses to about 20 million people, from urban and rural areas, latest by March 30, 2022. As per the policy, the low-income groups get housing loans at 6.5%, for a period of up to 20 years. The scheme covers people under three categories- EWS and LIG Group- People with an annual income of up to Rs 6 lakhs are covered in this group, The group avails a subsidized interest rate of 6.5%, on a loan amount of 6 lakhs. MIG-1 group- The group covers people with an annual income of up to Rs 12 lakhs. The subsidized interest offered is 4% on an amount of up to Rs 9 lakhs. MIG-2 group- People earning up to Rs 18 lakhs annually are covered in this group. The group enjoys a subsidy of 3% on the loan amount of up to Rs 12 lakhs. To avail the subsidies linked with the scheme, the applicants, however, need to fulfill certain eligibility criteria, as listed below: No member of