Pm new
You want to know about the PM New scheme!
PM New is a government-backed scheme in India that aims to provide affordable housing to the middle-income group (MIG) and low-income group (LIG) citizens. The scheme was launched in 2015 by the Ministry of Housing and Urban Poverty Alleviation (MHUPA) to promote affordable housing and address the housing shortage in the country.
Here are some key features of the PM New scheme:
- Eligibility: The scheme is open to individuals and families with an annual income of up to ₹18 lakh (approximately $24,000 USD) for MIG and up to ₹6 lakh (approximately $8,000 USD) for LIG.
- Subsidy: The government provides a subsidy of up to ₹2.30 lakh (approximately $3,000 USD) for MIG and up to ₹2.35 lakh (approximately $3,100 USD) for LIG to reduce the cost of housing.
- Interest subsidy: The government also provides an interest subsidy of up to 6.5% per annum on the loan amount for a period of 20 years.
- Loan: The scheme allows for a loan of up to ₹30 lakh (approximately $40,000 USD) for MIG and up to ₹12 lakh (approximately $16,000 USD) for LIG.
- Housing types: The scheme covers various types of housing, including apartments, row houses, and individual houses.
- Location: The scheme is applicable to all cities and towns in India, except those in the National Capital Region (NCR) and the state of Jammu and Kashmir.
The PM New scheme has been successful in promoting affordable housing in India, with over 1.5 million homes sanctioned under the scheme so far.