Five things to know about the new rules announced under Pradhan Mantri Awas Yojana (PMAY)
1) After the latest amendment is incorporated, carpet area will be increased in the middle income group (MIG-I) category of credit linked subsidy scheme (CLSS) from the existing 90 square metre to up to 120 square metre.
2) In respect of the middle income group (MIG) II category of credit linked subsidy scheme, Carpet area will be raised from the existing 110 square metre to up to 150 square metre.
3) The CLSS for MIG covers two income segments in the MIG, including Rs 6 lakh to Rs 12 lakh (MIG-I) and Rs 12 lakh to Rs 18 lakh (MIG-II) per annum.
5) The interest subsidy will be calculated at 9% NPV over maximum loan tenure of 20 years or the actual tenure, whichever is lesser.
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