Hon’ble PM had revealed Interest Benefits Upto Rs. 2.20 Lakhs for Middle Class acquiring Home for First Time in his speech on the eve of New Year on 31st December 2016
Here are some quick bites of the Policy / Scheme :
1. Beneficiary :
A beneficiary family will comprise of husband, wife, unmarried sons and/or unmarried daughters. In the case of a married couple, either of the spouses or both together in joint ownership will be eligible for a single house
2. Condition of Income :
MIG I ( Middle Income Group I) : MIG - I households are defined as households having an annual income between Rs.6,00,001 (Rupees Six Lakh One) up to Rs.12,00,000 (Rupees Twelve Lakh).
MIG II ( Middle Income Group II) : MIG - II households are defined as households having an annual income between Rs.12,00,001 (Rupees Twelve Lakh One) up to Rs.18,00,000 (Rupees Eighteen Lakh).
3. Condition of Carpet Area :
Max 90 Sq Mtr (968.75 Sq Ft) for MIG I
Max 110 Sq Mtr(1184 Sq Ft) for MIG II
4. Scheme Details :
| Particulars | MIG I | MIG II |
|---|---|---|
| Household Income | 12,00,000 | 18,00,000 |
| Interest Subsidy (% p.a.) | 4.00% | 3.00% |
| Maximum loan tenure (in years) | 20 | 20 |
| Eligible Housing Loan Amount for Interest Subsidy (Rs.) | 9,00,000 | 12,00,000 |
| Dwelling Unit Carpet Area | 90 Sq. m. | 110 Sq. m. |
5. Steps for Claiming Subsidy
