123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Investing---Finance >> View Article

Faqs On Pmay Scheme

By Author: Kaivalya Borde
Total Articles: 5
Comment this article

PMAY has gained quite a bit of popularity among the economically challenged people in the society. Despite its reputation, many are unaware of its features and intricacies. Here are some frequently asked questions regarding PMAY and how it works.

1. What is the PMAY scheme?
PMAY scheme helps people from the economically weaker families in India to either build their own house or buy a home. Additionally, people who apply for a loan under PMAY will be offered a subsidised rate of interest, which is substantially lower than the current market rate.

2. Who is eligible for this scheme?
There are three primary eligibility criteria for getting housing under the Pradhan Mantri Awas Yoajana scheme. These are-
• The applicant or their immediate family members should not own any other pucca house
• The applicant should not have applied for any other government housing subsidies
• The annual income of the family should be up to INR 6 lakh a year to claim EWS or LIG subsidies. The salary should be between INR 6 lakh and INR 12 lakh for claiming MIG 1 subsidies. If the income is between INR 12 lakh and INR 18 lakh, the MIG 2 subsidy can be claimed

3. What is CLSS, LIG, MIG and EWS under the PMAY scheme?
People looking for financial assistance through the PMAY scheme should understand the terminologies commonly found in it. CLSS is called a Credit-Linked Subsidy Scheme, and PMAY is a CLSS, where the government chips in to help finance a house.

LIG is a Lower Income Group, where the income is between INR 3 lakh and INR 6 lakh. Economically Weaker Sections or EWS are similar to LIG, but in case of EWS, the income should be below INR 3 lakh.

MIG is also termed Middle Income Group, and it is divided into two subgroups. People classified under MIG 1, have an annual income of INR 6 lakh and INR 12 lakh. MIG 2 people, on the other hand, have an annual income of between INR 12 lakh and INR 18 lakh.

Total Views: 68Word Count: 335See All articles From Author

Add Comment

Investing / Finance Articles

1. How Credit Repair Companies In Michigan Help To Improve Credit Score In 30 Days?
Author: Martin King

2. Playing The Gamble Called Investment
Author: Avendus

3. Stock Market Evaluation: Not Out Of Emotions
Author: Priyanka Paul

4. Algorithmic Trading In India: History, Regulations, Platforms And Future
Author: Viraj Quant

5. How To Select Mutual Funds And Invest In Sip
Author: Shashank Pawar

6. Puraniks City Reserva - A Home Design For Your Needs
Author: pooja agrawal

7. Sot Cash Against Credit Card In Chennai
Author: Cashpoint

8. Get Mortgage Even With Bad Credit –
Author: Ethan Charlotte

9. Money Management Tips - For Small Business In Australia
Author: John Mike

10. All You Need To Know About The Personal Loan Interest Rates
Author: Loan Adda

11. Why Using Self-directed Ira To Buy Real Estate Is A Smart Idea?
Author: Hayley Barnes

12. Best Platform For Automated Trading
Author: Jack Hamilton

13. Is Online Gambling Legal In Oregon - Answers
Author: Georgetta Henn

14. What To Do When The Business Loan Is Refused
Author: Finway Capital

15. Types Of Business And Their Loan Requirement
Author: Finway Capital

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: