What is LIG MIG and EWS?

While the new CLSS (MIG) covers people with income of up to INR 12 lakh and INR 18 lakh per year, the CLSS component of PMAY (Urban) launched in June, 2015 and applicable to Economically Weaker Sections (EWS) and Low Income Group (LIG) covers urban poor with income levels of INR 3 lakh and INR 6 lakhs per year …

What is the eligibility in terms of dwelling unit carpet area for category MIG II?

CLSS MIG 2 Scheme under PMAY The beneficiaries of the MIG- 2 category are eligible for a maximum interest subsidy of 3\%, provided that the unit being constructed or purchased does not exceed the carpet area requirement of 200 square metres (approximately 2,152.78 square feet).

What is the eligibility criteria for PMAY subsidy?

Individuals who are eligible for PMAY scheme are: Any household with an annual income between ₹ 3 lakh to 18 lakh can apply for this scheme. The applicant or any other family member must not now own a pucca house in any part of the country. The beneficiary cannot avail PMAY benefits on the already built house.

What is LIG EWS category?

Beneficiaries of Economically Weaker Section (EWS) and Low Income Group (LIG) seeking housing loans from Banks, Housing Finance Companies and other such institutions would be eligible for an interest subsidy at the rate of 6.5 \% for a tenure of 20* years or during tenure of loan whichever is lower.

What is LIG and EWS category?

Economically Weaker Section (EWS): EWS households are defined as households having an annual income up to Rs. 3,00,000 (Rupees Three Lakhs). Low Income Group (LIG): LIG households are defined as households having an annual income between Rs. 3,00,001 (Rupees Three Lakhs One) up to Rs. 6,00,000 (Rupees Six Lakhs).

What is MIG I and MIG II?

Those with income between Rs 6 lakh and Rs 12 lakh fall under MIG-I and get an interest subsidy of 4 per cent on a loan amount up to Rs. Similarly, those with income between Rs 12 lakh and Rs 18 lakh fall under MIG-II and get an interest subsidy of 3 per cent on a loan amount up to Rs. 9 lakh.

What is the criteria for EWS reservation?

Current definition of Economically Weaker Section Candidate’s annual family income must be less than Rs. 8 lakhs per annum. Their family must not own more than 5 acres of agriculture land. The residential flat area should be below 1000 sq ft.