If you’re even a little aware of the policies the current government has been updating ever since it came into action, you might remember the PMAY and PMAY CLSS scheme introduced way back in 2015 by our beloved Narendra Modi. Back then, the scheme was available only for the EWS and LIG - the two sections which qualify as the economically weaker section of the society in rural India. However, later the benefits of the two schemes were extended for the urban poor as well, namely, people belonging to the MIG 1 & 2 categories. How would It Help? After the scheme was reintroduced post modifications, anyone and everyone earning less than 18 lakhs per annum became eligible for Pradhan Mantri Yojana interest subsidy and the PMAY CLSS subsidy on loan amount.
On the other hand,
Collectively, the two schemes helped over a majority of economically-deprived Indians in owning their first home. As per the statistics, PMAY CLSS was availed by approximately 1.65 lakh people. On the other hand, 54.95 lakh houses were sanctioned in the last three years under the PMAY campaign and over 15% percent within that have been completed so far. Over 8.55 lakh houses have been completed till August 21, 2018, and it's still going on. Read Also: Subsidy on Interest Rates – How They can Help You Buy Your Home Talking about how can the subsidies help you, the two schemes are still valid for a few months. If you haven’t bought your first house yet and would like to do that, now is the time to do that and avail the benefits.
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |