Pradhan Mantri Awas Yojana — A Golden Key for Middle Income Group

The Pradhan Mantri Awas Yojana 2019 the scheme aims to provide affordable housing for the citizens both in urban and rural areas by 2022. PM Awas Yojana was launched in 2015 to benefit individuals belonging to the Lower Income Group (LIG) and Economically Weaker Section (EWS) of the society.

However, this scheme was extended to the Middle Income Group in 2017. The section is divided into two categories, namely Middle Income Group I (MIG I) and Middle Income Group-II (MIG II).

The benefits that they can avail under PMAY are as follows –

• Families in the MIG I category can avail interest subsidy of 4% on their home loans up to Rs. 9 Lakh. The limit for interest subsidy is Rs. 2.35 Lakh. 

• Families in the MIG II category can avail interest subsidy of 3% on their home loans having an amount of up to Rs. 12 Lakh. The limit for interest subsidy is capped at Rs. 2.30 Lakh. 

Also Read: What Essential Things To Know About PMAY?

Eligibility Criteria

To avail interest subsidy under the PMAY scheme, home loan borrowers are required to meet the following eligibility criteria:

• Individuals applying under the MIG I category must have an annual household income between Rs. 6 Lakh and Rs. 12 Lakh. 

• Applicants having an annual household income between Rs. 12 Lakh and Rs. 18 Lakh are eligible to apply under the MIG II category. 

Also Read: Important things to know about Pradhan Mantri Awas Yojana

The Pradhan Mantri Awas Yojana 2019 the scheme is undoubtedly a golden key for the Middle Income Group as it can considerably reduce their debt incurred from home loans.