PM Awas Yojana: Know the conditions of carpet area before taking a discount on home loan
2 min readPM Awas Yojana: Under the Pradhan Mantri Awas Yojana (PM Awas Yojana), the government is providing a subsidy of up to Rs 2.67 lakh for home loan interest. The goal of Modi government is that every family should have a home by 2022. Till now millions of people have availed the benefit of this scheme. Loans are available at a lower rate under the Credit Link Subsidy Scheme (CLSS) for the Economic Weaker Secion (EWS), Low Income Group (LIG) and Middle Income Group (MIG) categories.
EWSs with income below 3 lakhs annually fall into the EWS category while those with annual income of 3 lakh to 6 lakhs fall in the LIG category.
It is decided on the basis of how much subsidy to be provided. For the first time people who buy a house get the benefit of subsidy under this scheme. Loan subsidy is also provided to build more rooms in the house.
The biggest question in people’s mind is about the carpet area, how much carpet area people get the benefit of this scheme. The area inside the wall is called the carpet area, which is the area in which the carpet can actually be laid.
As per the conditions, the carpet area of the property should not exceed 30 square meters for EWS category and 60 square meters for LIG. For MIG-1 category, it should not be more than 160 square meters and MIG-200 square meters.
After applying the loan subsidy under this scheme, it takes 3-4 months to receive the amount after complete verification. Once the subsidy amount is deposited, the home buyer can repay the partial loan.
The house buyer took a loan of 6 lakh rupees, on which he got a subsidy of 2.67 lakhs. In this way, he has to repay a loan of Rs 3.33 lakh, due to which his EMI will be made according to the loan of Rs 3.33 lakh. Under this scheme, 12 lakh people get a discount of up to 2.35 lakh. Similarly, people with 18 lakh income get a discount of up to Rs 2.30 lakh.
