The real estate market is rife and the government and banks alike are doing their best to ensure that anyone and everyone can avail of its benefits. • In his much-awaited address to the nation on the eve of the New Year, the Prime Minister of our country announced the Pradhan MantriAwasYojana for the middle-income groups. • This is an interest subsidy scheme that has been named as 'Credit Linked Subsidy Scheme for Middle Income Groups - CLSS(MIG)'. • As per this new subsidy, middle-income groups with incomes in the eligible range will get a subsidy on their interest rate of three to four percent. • This scheme has been devised to ensure that more and more people can avail of home loans and fulfil their dreams of owning a home of their own.
In recent times the home loan eligibility criteria for the Pradhan MantriYojana scheme has been revised. • Previously this scheme was mostly extended to people with an annual income below 6 lacs. • As per this revision people in the higher income groups too are now eligible for the Pradhan Mantri Home Loan scheme. • The tenure of this scheme, which was previously only 15 years has now been extended to 20 years as well.
Here are the Income Slabs as be the Revision of the Pradhan MantriAwasYojana
People with an annual income of Rs.6 lacs and below can avail of loan of Rs.6 lacs at an interest of 6.5% for a tenure of 20 years. • People with an annual income of Rs.12 lacs and below can avail of loan of Rs.9 lacs at an interest of 4% for a tenure of 20 years. • People with an annual income of Rs.18lacs and below can avail of loan of Rs.12 lacs at an interest of 3% for a tenure of 20 years.
The disbursing of home loans under the Pradhan MantriYojana scheme has already begun. • People with an annual income of up to Rs.18 lacs are now eligible for loans under this scheme in urban areas only. • Even government employees who pay regular income tax can avail of the benefits of home loan under this scheme.
Under this scheme, special preference is given to women. • Widows, single working-women, persons belonging to scheduled castes and scheduled tribes, backward classes, differently abled and transgender people are also given more preference. • Non-banking finance companies and micro finance institutions are also recognised under this scheme in order to ensure that maximum number of people can benefit from it.