Govt to announce norms, widened income criteria for housing help this month

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₹1.5 lakh per house for the economically weaker section (EWS) category. Currently, people with an annual income of ₹6-12 lakh are considered to be in the MIG-1 category and those with ₹12-18 lakh annual income are under MIG-2 category, under the housing scheme.

The cabinet is expected to approve the revised framework for the PMAY 2.0 soon so that the scheme is notified and announced this month itself and rolled out for implementation immediately thereafter, the second person quoted above said. To be sure, the changes are yet to be approved by the Cabinet.

The first person said that it would include enlarging the eligibility criteria for middle income group. “The idea is to provide housing to more people who have so far not been covered under the scheme." Benefits under credit-linked subsidy for MIG were given for acquisition or construction of 160-sq metre houses (including re-purchase) for MIG1 buyers, and up to 200-sq metre carpet area homes for MIG 2 buyers with interest subsidies of 4% and 3% respectively on loans of up to ₹9 lakh and ₹12 lakh.' The first person said that under PMAY 2.0, the maximum loan amount on which interest subsidy is offered may be raised beyond ₹12 lakh because of the high cost of building houses in certain urban areas.

PMAY 2.0 would bring back the credit linked subsidy scheme (CLSS) which was discontinued under PMAY-U at the end of FY22. Under PMAY 2.0, houses would be constructed for 10 million urban poor and middle class populations with an estimated investment of ₹10 trillion, out of which the central assistance would be ₹2.20 trillion over a five-year period.

In addition, 20 million additional houses are proposed to be made available in rural areas under the scheme. The houses under the