PM Awas Yojana 2017 – MIG Home Loan Scheme, Interest Rate, Subsidy
PM Awas Yojana || MIG Loan Scheme || Home Loan Scheme || Awas Yojana Loan || Home Loan Subsidy || Home Loan Interest Rate || PMAY Loan Scheme || Credit Linked Subsidy Scheme || Pradhan Mantri Awas Yojana
MIG Home Loan Scheme Under Awas Yojana With Linked Subsidy
Well, Pradhan Mantri Narender Modi is rightly said that ache din aane waale hain, it actually came for those home seekers who are looking for homes within their reach of low budget. The Central government has comprised a middle-income group in the credit linked subsidy element of the scheme to give interest financial assistance on the home finances.
Pradhan Mantri Awas Yojana Housing For All Scheme Or Credit Linked Subsidy Scheme
This interest subsidy scheme has been given a name as ‘Credit Linked Subsidy Scheme for Middle Income Groups – CLSS (MIG). In the scheme, the monthly payment for the home credits taken in 2017 will come down by Rs. 2000. The government has commenced two MIG categories, MIG-1 and MIG-2 under the fresh loan format.
Persons who have obtained/applied for a home loan on or later than January 1st, 2017 would be entitled to take advantages of up to Rs. 2.35 Lakh in the scheme. Under the fresh PMAY house finance scheme for MIG, city families with family earnings of up to Rs. 18 lakh annually would be capable of taking advantages of the scheme.
The government has signed MoU with 70 lending bodies for giving home loans to recipients in CLSS for MIG. This scheme will implement for one year.
Who can apply for MHL Scheme?
- Middle Income Group people that have an annual income of above Rs 6 Lakhs to Rs 18 Lakhs are entitled to this scheme.
- Those peoples whose home finances have been accepted & those whose applications are under thoughtfulness as January 1, 2017, are also qualified for housing loans under the new CLSS (MIG).
- Interest financial assistance of 4% on home finances of up to Rs 9 Lakh for groups with annual earnings of Rs 12 Lakh. And for an individual whose annually income is Rs 18 Lakh per year, they are entitled to 3% financial assistance on home loans of up to Rs 12 Lakh.
Duration & EMI and interest on the loan of MHL Scheme
- Duration of Home credit maximum to be 20 years or whatever the preferred year beneficiaries ask for but lower than 20 years.
- To lessen the load of EMI on the beneficiary, the whole interest financial assistance builds up on these credit sums will be compensated to the beneficiaries up front at the same time.
- Also interest financial assistance of 4% in CLSS (MIG) will carry down EMIs of beneficiaries by Rs 2,062 for each month on a home credit of Rs 9 Lakh & interest financial support of 3% would lesser the EMI by Rs 2,019 on a loan of Rs 12 Lakh, taking usual home credit interest rate as 8.65 per cent.
- The MHL Scheme identifies the recipient family that has one with a wife, husband & sons & unmarried daughters. For possession/building of the latest home plus rebury, the method has prepared even unmarried & earning juvenile mature entitled for taking the advantage of the alleged scheme.
Women Oriented Scheme
According to given instructions, the first choice is to be given to women’s such as single working women’s, Widows, women’s of scheduled tribes & scheduled castes, backward classes, differently abled & TG people will be given the first choice.