[et_pb_section fb_built=\u201d1\u2033 _builder_version=\u201d4.9.4\u2033 width=\u201d100%\u201d width_tablet=\u201d100%\u201d width_phone=\u201d100%\u201d width_last_edited=\u201don|tablet\u201d][et_pb_row _builder_version=\u201d4.9.4\u2033 background_size=\u201dinitial\u201d background_position=\u201dtop_left\u201d background_repeat=\u201drepeat\u201d width_last_edited=\u201doff|phone\u201d max_width=\u201d1440px\u201d custom_padding=\u201d0px||5px||false|false\u201d][et_pb_column type=\u201d4_4\u2033 _builder_version=\u201d3.25\u2033 custom_padding=\u201d|||\u201d custom_padding__hover=\u201d|||\u201d][et_pb_text _builder_version=\u201d4.9.6\u2033 text_font=\u201dRoboto||||||||\u201d link_font=\u201dRoboto||||||||\u201d link_text_color=\u201d#8f736c\u201d custom_margin=\u201d||||false|false\u201d custom_padding=\u201d10px||||false|false\u201d]<\/p>\n
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For those who wish to buy their first home, PMAY can be seen as a boon which can help you save up to 2.67 lakhs*<\/span> of rupees in the EMI interest paid on home loans. Few of the recent projects of JSB such as JSB Spring Field<\/a>, JSB Jyoti Residency<\/a> and JSB Serene Tower<\/a> are covered under PMAY (Urban) scheme and buyers can take a huge advantage of this affordable housing scheme while buying their dream home. Yet we understand that very little is known about PMAY. So, we have written this blog to explain the basic tenants of PMAY(Urban) and how it can benefit homebuyers, especially those who fall in the MIG category.<\/p>\n \u00a0<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=\u201d4.9.5\u2033 background_size=\u201dinitial\u201d background_position=\u201dtop_left\u201d background_repeat=\u201drepeat\u201d max_width=\u201d1440px\u201d custom_padding=\u201d0px||5px||false|false\u201d][et_pb_column type=\u201d4_4\u2033 _builder_version=\u201d4.9.4\u2033 custom_padding=\u201d|||\u201d custom_padding__hover=\u201d|||\u201d][et_pb_text _builder_version=\u201d4.9.6\u2033 _module_preset=\u201ddefault\u201d text_font=\u201dRoboto||||||||\u201d header_2_font=\u201dPlayfair Display||||||||\u201d custom_margin=\u201d||||false|false\u201d custom_padding=\u201d||||false|false\u201d hover_enabled=\u201d0\u2033 sticky_enabled=\u201d0\u2033]<\/p>\n Launched on 25th June 2015, the PMAY or Pradhan Mantri Awas Yojana is a scheme offering affordable housing to all. It is one of the flagship missions of the Central Government of India and implemented by the Ministry of Housing and Urban Affairs (MoHUA). The mission of PMAY is to provide affordable houses\/flats to all those who fall in the EWS, LIG and MIG categories.<\/p>\n \u00a0[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=\u201d4.9.5\u2033 background_size=\u201dinitial\u201d background_position=\u201dtop_left\u201d background_repeat=\u201drepeat\u201d max_width=\u201d1440px\u201d custom_padding=\u201d||5px||false|false\u201d][et_pb_column type=\u201d4_4\u2033 _builder_version=\u201d4.9.4\u2033 custom_padding=\u201d|||\u201d custom_padding__hover=\u201d|||\u201d][et_pb_text _builder_version=\u201d4.9.6\u2033 _module_preset=\u201ddefault\u201d text_font=\u201dRoboto||||||||\u201d header_2_font=\u201dPlayfair Display||||||||\u201d custom_margin=\u201d||||false|false\u201d custom_padding=\u201d||||false|false\u201d]<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=\u201d4.9.4\u2033 background_size=\u201dinitial\u201d background_position=\u201dtop_left\u201d background_repeat=\u201drepeat\u201d max_width=\u201d1440px\u201d custom_margin=\u201d0px||0px||false|false\u201d custom_padding=\u201d0px||0px||false|false\u201d][et_pb_column type=\u201d4_4\u2033 _builder_version=\u201d4.9.4\u2033 custom_padding=\u201d|||\u201d custom_padding__hover=\u201d|||\u201d][et_pb_text _builder_version=\u201d4.9.6\u2033 _module_preset=\u201ddefault\u201d text_font=\u201dRoboto||||||||\u201d header_2_font=\u201dPlayfair Display||||||||\u201d custom_margin=\u201d||||false|false\u201d custom_padding=\u201d||||false|false\u201d]<\/p>\n Individuals of any one of the following categories should have a certain annual income to benefit from PMAY. For instance, EWS households should have an annual income of Rs. 3 lakhs, whereas LIG households should have between Rs. 3 lakhs to Rs. 6 lakhs and MIG should have Rs. 6 lakhs to Rs. 12 lakhs (MIG-I) or Rs. 12 lakhs to Rs. 18 lakhs (MIG-II) <\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=\u201d4.9.5\u2033 background_size=\u201dinitial\u201d background_position=\u201dtop_left\u201d background_repeat=\u201drepeat\u201d max_width=\u201d1440px\u201d custom_padding=\u201d||||false|false\u201d][et_pb_column type=\u201d4_4\u2033 _builder_version=\u201d4.9.4\u2033 custom_padding=\u201d|||\u201d custom_padding__hover=\u201d|||\u201d][et_pb_text _builder_version=\u201d4.9.6\u2033 _module_preset=\u201ddefault\u201d text_font=\u201dRoboto||||||||\u201d header_2_font=\u201dPlayfair Display||||||||\u201d custom_margin=\u201d||||false|false\u201d custom_padding=\u201d||||false|false\u201d]<\/p>\n PMAY urban scheme also written as PMAY (U) addresses urban housing shortage among the EWS, LIG and MIG categories by ensuring a home to all eligible urban households by the year 2022. <\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row admin_label=\u201dRow main\u201d _builder_version=\u201d4.9.4\u2033 background_size=\u201dinitial\u201d background_position=\u201dtop_left\u201d background_repeat=\u201drepeat\u201d max_width=\u201d1440px\u201d custom_margin=\u201d-50px||||false|false\u201d][et_pb_column type=\u201d4_4\u2033 _builder_version=\u201d3.25\u2033 custom_padding=\u201d|||\u201d custom_padding__hover=\u201d|||\u201d][et_pb_text _builder_version=\u201d4.9.6\u2033 text_font=\u201dRoboto||||||||\u201d header_2_font=\u201dPlayfair Display||||||||\u201d custom_margin=\u201d||||false|false\u201d custom_padding=\u201d||||false|false\u201d]<\/p>\n With different states following their specific guidelines, the PMAY mission offers us the flexibility to choose from its four options to meet the housing demands. Accordingly, each state can formulate, approve and implement the project under the various schemes.<\/p>\n [\/et_pb_text][et_pb_text _builder_version=\u201d4.9.6\u2033 _module_preset=\u201ddefault\u201d text_font=\u201dRoboto||||||||\u201d header_2_font=\u201dPlayfair Display||||||||\u201d custom_margin=\u201d||||false|false\u201d custom_padding=\u201d||||false|false\u201d]<\/p>\n All the three projects are covered under credit link subsidy scheme under PMAY (Urban) \u2013 Credit Linked Subsidy Scheme (CLSS). <\/p>\n [\/et_pb_text][et_pb_text _builder_version=\u201d4.9.5\u2033 _module_preset=\u201ddefault\u201d text_font=\u201dRoboto||||||||\u201d header_2_font=\u201dPlayfair Display||||||||\u201d custom_margin=\u201d||||false|false\u201d custom_padding=\u201d||||false|false\u201d]<\/p>\n The Credit Linked Subsidy Scheme was introduced for the MIG category of people and approved in 2017. Under this PMAY scheme, the beneficiaries of the EWS, LIG and MIG categories seeking home loans can enjoy interest subsidy of up to 2.67 lakhs per dwelling unit\/flat. However, it must be noted here that the amount of interest subsidies varies depending on the income category a homebuyer belongs to. [\/et_pb_text][et_pb_text _builder_version=\u201d4.9.5\u2033 _module_preset=\u201ddefault\u201d text_font=\u201dRoboto||||||||\u201d header_2_font=\u201dPlayfair Display||||||||\u201d custom_margin=\u201d||||false|false\u201d custom_padding=\u201d||||false|false\u201d]<\/p>\n The scheme offers up to 6.5% subsidy rate to each beneficiary taking housing loans for a tenure of 20 years. There are different categories to the home loan interest rate subsidiaries as well:<\/p>\n [\/et_pb_text][et_pb_text _builder_version=\u201d4.9.6\u2033 _module_preset=\u201ddefault\u201d text_font=\u201dRoboto||||||||\u201d header_2_font=\u201dPlayfair Display||||||||\u201d custom_margin=\u201d||||false|false\u201d custom_padding=\u201d||||false|false\u201d]<\/p>\n Yes, under PMAY CLSS scheme, you can also get up to 4% GST*<\/span> rebate on the current 5% GST while buying a flat or unit with the carpet area less than 90 sq. mts. Hence the effective rate of GST will be 1%. JSB Spring Field, JSB Jyoti Residency and JSB Serene Towers are the projects where you can look for units with carpet area under 90 sq. mts. and enjoy the rebate in the GST.<\/p>\n [\/et_pb_text][et_pb_text _builder_version=\u201d4.9.5\u2033 _module_preset=\u201ddefault\u201d text_font=\u201dRoboto||||||||\u201d custom_margin=\u201d||||false|false\u201d custom_padding=\u201d||||false|false\u201d header_2_font=\u201dPlayfair Display||||||||\u201d link_text_color=\u201d#b3a28d\u201d]<\/p>\n Like every state, the Prime Minister Awas Yojana is also available in Assam and caters to both rural and urban areas. In Assam the CLSS scheme has another component named Apun Ghar Scheme<\/a> . Under this scheme government employees can seek home loans with an interest rate subsidy of 3.5% up to Rs. 15 lakhs for a duration of 20 years. An applicant must be employed in any government department for minimum 5 years to be eligible under this scheme.<\/p>\n [\/et_pb_text][et_pb_text _builder_version=\u201d4.9.5\u2033 _module_preset=\u201ddefault\u201d text_font=\u201dRoboto||||||||\u201d link_font=\u201dRoboto||||||||\u201d link_text_color=\u201d#8f736c\u201d custom_margin=\u201d||||false|false\u201d custom_padding=\u201d10px||||false|false\u201d]<\/p>\n The eligibility for each homebuyer is unique depending on their household income and what class or category they belong to out of EWS, LIG and MIG. However, we are noting down few of the eligibilities below for homebuyers belonging to MIG category. [\/et_pb_text][et_pb_text _builder_version=\u201d4.9.6\u2033 _module_preset=\u201ddefault\u201d text_font=\u201dRoboto||||||||\u201d custom_margin=\u201d||||false|false\u201d custom_padding=\u201d||||false|false\u201d sticky_enabled=\u201d0\u2033 header_2_font=\u201dPlayfair Display||||||||\u201d link_text_color=\u201d#b3a28d\u201d hover_enabled=\u201d0\u2033]<\/p>\nWhat is PMAY?<\/h2>\n
What do EWS, LIG and MIG categories stand for? <\/h2>\n
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What are the criteria of EWS, LIG and MIG categories for the scheme?<\/h2>\n
What is PMAY (Urban)? <\/h2>\n
Is the PMAY scheme similar nationwide?<\/h2>\n
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Under which scheme are JSB Jyoti residency, JSB Spring Field and JSB Serene Towers covered? <\/h2>\n
What is the CLSS scheme? <\/h2>\n
What are the interest subsidies available to MIG category?<\/h2>\n
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Is there any other benefits that we can seek while buying JSB homes under the CLSS scheme?<\/h2>\n
Is PMAY made available in the state of Assam?<\/h2>\n
What are the eligibilities for becoming beneficiary for the PMAY (Urban) scheme?<\/h2>\n
The beneficiaries have been defined as a family comprising of husband, wife and unmarried children.<\/p>\n\n
Conclusion<\/h2>\n