- Budget expectations: In its first cabinet meeting of Modi government 3.0, the government had given the go ahead to the second phase of the scheme to provide financial assistance for three crore houses – two crore in rural areas and one crore in urban areas – over the next five years.
The income limit for middle income group beneficiaries in PMAY may be reduced from Rs 18 lakh to Rs 10 lakh.
The income limit for middle income group beneficiaries under PM Awas Yojana (PMAY) in urban areas may be reduced from Rs 18 lakh to Rs 10 lakh. The Central Government is considering this and will implement it in a better way in the next phase. There is also an idea to spread the subsidy over five years instead of a lump sum payment to ensure better monitoring.
Officials told The Times of India that the scheme has been redesigned keeping in mind the Prime Minister’s announcement from the Red Fort last year. Financial allocation for the scheme is likely to be part of the budget to be presented on Tuesday.
Silence on interest subsidy for MIG beneficiaries
On the other hand officials are silent about the interest subsidy for MIG beneficiaries, but sources said it could be around Rs 2.6 lakh. In the first phase, the government had divided MIGs into two categories. First, those families whose annual income is between Rs 6 lakh to Rs 12 lakh and second, those families whose annual income is between Rs 12 lakh to Rs 18 lakh.
what can happen now
Now there can be only one MIG category. The scheme is likely to be placed before the Cabinet soon after a presentation to Prime Minister Modi recently. By providing assistance of “lakhs of rupees” to families living in rented houses, illegal colonies and slums in the cities to build their own houses. Providing relief in bank loan interest. He said that many new provisions have been made based on the learnings from the previous scheme, so that the scope for beating the system can be eliminated.
Let us tell you that in its first cabinet meeting of Modi Government 3.0, the government had brought forward the second phase of the scheme to provide financial assistance for three crore houses in the next five years – two crore in rural areas and one crore in urban areas, but The cost for this has to be approved.
