What is Affordable Housing through Credit Linked Subsidy Scheme for MIG?

PMAY Credit Linked Subsidy Scheme for MIG

What is Affordable Housing through Credit Linked Subsidy Scheme for MIG?

Under Credit Linked Subsidy Scheme, beneficiaries of Middle-Income Group (MIG) can seek housing loans from Banks, Housing Finance Companies and other such institutions for acquisition/ construction of house (including re-purchase). The credit linked subsidy will be available only for loan amounts upto Rs. 9 lakhs for MIG-I and Rs 12 lakhs for MIG-II and such loans would be eligible for an interest subsidy at the rate of 4 % and 3% respectively for a tenure of 20 years or during tenure of loan whichever is lower. The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9%. Any additional loan amount beyond the limit will be at non-subsidized rate. However, the carpet area of the house should be strictly restricted within the permissible carpet area of 160 sq m and 200 sq m for MIG-I and MIG-II categories respectively.

How long it will take after PMAY Subsidy released to PLI to get credited to our Bank account.

Which are the PLIs through whom this interest subsidy is released or credited?

What are the income norms for various categories in PMAY?

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