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Centre approves to increase carpet area of houses for MIG under PMAY

The Union Cabinet has approved increase in carpet area houses eligible for interest subsidy scheme (CLSS) for the Middle Income Group (MIG) under Pradhan Mantri Awas Yojana Urban (PMAY – U).

The carpet area of the house has been kept different for all the category by the government and it’s the carpet area and not the super area that is to be looked at.

At present, the carpet area of MIG I is 90 sq m i.e. 968.752 sq ft which will be increased to 120 sq m i.e. 1291.668 sq ft. And for MIG II category the carpet area would be 150 sq m i.e. 1614.585 sq ft instead of 110 sq mt 1184.03 sq ft. And these changes will be implemented from January 1st 2017.

Also under the MIG I category, a four per cent interest subsidy will granted to the beneficiaries, whose annual income is between Rs. 6 lakh and Rs. 12 lakh, on a loan of up to Rs. 9 lakh.

And for MIG II category, the beneficiaries with an annual income of Rs. 12 lakh to Rs.18 lakh get an interest subsidy of three per cent on a loan of up to Rs. 12 lakh.

Carpet area is the area enclosed within the walls, which does not incorporate the thickness of the inner walls. It becomes built – up area once you include outer walls, balcony, and other common areas. Further, inclusion of space for lobbies, stairs, elevators, becomes a super – built area.

Earlier, the Centre had extended the timeline for availing interest subsidy of around Rs 2.6 lakh on home loans under the Pradhan Mantri Awas Yojana (Urban) by the middle income groups (MIG) up to March 2019.

Particulars MIG I MIG II
Household Annual Income (Rs.) 6 – 12 lakh 12 – 18 lakh
Eligible loan amount for interest subsidy (Rs.) 9 lakh 12 lakh
Interest Subsidy 4% 3%
Dwelling Unit Carpet Area 120 sq m 150 sq m
Max loan tenure (in years) 20 20
NPV subsidy Rs. 2.35lakh Rs. 2.30 lakh

Pradhan Mantri Awas Yojana is a Government initiative with the aim of “Housing for All 2022”, launched on 25th June 2015 by the Honourable Prime Minister Shri Narendra Modi. And this scheme is an effort to provide homes to the needy.

To know more about the Pradhan mantra Awas Yojana visit https://rupeenomics.com/pmay-pradhan-mantri-awas-yojana

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