RERA act was launched in March 2016 in order to exercise greater control over the real-estate sector. In addition, the RBI launched the MCLR lending system to make lending more cost-effective for the end consumers. In and all, there have been a lot of changes in the real-estate market in the last couple of years, making it a lot easier for people to own a home compared to earlier times. Despite all this, a majority of Indians don’t own a home. In purview of this problem, the Indian Government had launched the Pradhan Mantri Awas Yojana scheme. The main objective of this scheme is to provide housing to all at affordable prices. It was launched with an aim to make over 20 million people homeowners by the end of the year 2022. PM Awas Yojana Overview:
As a part of the updated scheme, people belonging to the EWS, LIG, MIG 1 and MIG 2 category can avail a home loan at subsidized interest rates. That said, anyone belonging to either of the four categories is eligible only if they don’t own a house in any part of India. PMAY CLSS Overview The PMAY scheme was earlier only available for EWS and LIG which was later revised and extended to the MIG category as well. So, people who had recently bought a home without using the subsidy weren’t able to benefit from the scheme. Hence, PMAY CLSS came in for people who already had a home loan in place. As a part of this scheme, people who took a home loan after Jan 1st 2017 can claim it. Read Also: A Big Thanks To Pradhan Mantri Awas Yojana
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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. |