New Delhi is going to be a lock-in period of five years for home buyers under the Pradhan Mantri Awas Yojana . This means that under the Pradhan Mantri Awas Yojana, home buyers will not be able to sell it for five years. This has been agreed in principle and will be announced soon. It is being told that this step is being taken to bring the benefit of the scheme to the real beneficiaries. At present, 54 lakh houses have been approved under the Pradhan Mantri Awas Yojana and about 8 lakh houses are ready.
According to sources, the government feels that the Pradhan Mantri Awas Yojana may be misused. People can take a house under the Pradhan Mantri Yojana and sell it to property dealers. In such a situation, the subsidy given in the loan by the government will go in vain. The Finance Ministry’s high official says that the objective of the government is that those who do not have their own houses should get houses. That is why she is giving so much subsidy on loan. If it is misused then there will be no justification for this plan. There is a need to take concrete policy steps to prevent this misuse.
Sources said that a meeting was held recently to review the Pradhan Mantri Awas Yojana. The meeting was attended by high officials from the PMO, Ministry of Finance and other related ministries. In this, it was recommended to fix the lock in period in the Pradhan Mantri Awas Yojana. This recommendation has been approved in principle by the PMO. Now it will be implemented through the cabinet.
Significantly, the government recently changed the rules of the Pradhan Mantri Awas Yojana. Under this change, if the annual income of a person is up to Rs 18 lakh, then now he can buy a house up to 21,500 square feet in the scheme of cheap houses. In such houses, he can save 2 lakh 30 thousand as interest subsidy on home loan. In the new rules, the government has increased the size of the middle income group ie MIG households category 1 and category 2 significantly. Now houses of 160 sqm i.e. about 1722 sq ft in MIG-1 and 200 sqm ie around 2153 sq ft in MIG-2 have been included in the Pradhan Mantri Awas Yojana.
Those earning 6-12 lakhs in MIG-1 are eligible for loans. At the same time, those earning Rs 12-18 lakh in MIG-2 are eligible for loans. In MIG-1, the customer gets a loan subsidy of 4%. In MIG-2, the customer gets a loan subsidy of 3%. If your annual income is between 12 to 18 lakh rupees, then you will get 3% discount on interest rates on loans up to Rs 12 lakhs. Similarly, people with an income of 12 lakhs per annum will get a loan of up to 9 lakh rupees, in which 4 percent subsidy will be given on the interest rate.
