The Prime Minister Aawas Yojana was started in 2015 by The Ministry of Housing and Urban affairs. The motive of this PMAY scheme is clear. There was a time when many houses weren't there in both urban and rural places. So, if you are planning to buy best Residential Flats in Kolkata, you should know the scheme properly.
If you want to know how PMAY impacts the real estate industry, it would be better to gain knowledge regarding PMAY first. Here, you'll have clear-cut information regarding eligibility criteria and what are the schemes.
The PMAY scheme applies to many types of people. They are divided into two groups. One group is for the Low Income Group (LIG) and Economically Weaker Section (EWS), and the second group is for the Middle Income Group (MIG), which is basically for those who will be under CLSS ( Credit Linked Subsidy Scheme). MIG is classified again in MIG I and MIG II.
The PMAY scheme is being divided into two categories for both rural and urban areas. Those are known as PMAY-U or Prime Minister Aawas Yojana Urban and PMAY-G or Prime Minister Aawas Yojana Gramin.
PMAY individuals are referring to those who are categorized by the rules. Here, you can have the plans for the PMAY for each. Let's see.
EWS and LIG will get the highest six lakhs, according to the yojana. The maximum tenure is 20 years. However, the eligibility criteria are simple. The EWS should have an income of less than or up to 3 lakhs, and for LIG, it's six lakhs annually. 30 sq meter and 60 sq meter will be allotted for EWS and LIG, respectively. The interest rate is 6.5% annually.
6-12 lakhs and 12-18 lakhs are the quotas for MIG I and MIG II, respectively. The loan amounts are 9 lakh and 12 lakh for MIG I and II, respectively. MIG I is allowed to build the house of 160 sq meters with a 4% interest rate. MIG II is entitled to 200 sq meters with a 3% interest rate.
If you are searching for the best residential complex in Kolkata, you can have a lot of options. The real estate agencies are very active in these matters. You know the real estate industry is always high in demand. Why? Because people need shelter for survival, and the demand graph growing exponentially.
The price per sq meter will be increased too. Whether you are buying a house or a flat, everywhere you have to face high rates. Even banks are giving house loans at high-interest rates. In this critical situation, PMAY helps people a lot. The real estate industry is growing more and more as their needs are getting fulfilled. On the other hand, people are getting shelter.
PMAY scheme is seriously putting a positive impact on our real estate as well as human life. If you go through the stats of both PMAY-U and PMAY-G, you can see satisfactory results. Like under PMAY-U, there are a total of 114 lakhs sanctioned houses with a net investment of 7.5 Lakh Crore. Even under PMAY-G has successfully approved 2.9 crore houses.
Conclusion
We know, every responsible citizen needs a house. A house is the fundamental strength of everyone. If you want to buy the best Residential Flat in Kolkata, we'll suggest you think before you invest. We describe the eligibility criteria because of this reason. If you are applicable, don't forget to reduce your pressure through this scheme.