NEW DELHI: The Centre on Thursday approved the enhancement of carpet area of houses by at least 30% for the middle income group (MIG) category under the Pradhan Mantri Awas Yojana- Urban PMAY-U ). This increase in carpet area will cover almost 90% of supply in the housing market and thereby push demand, industry experts said.According to the decision, under MIG-I, carpet area eligible for interest subsidy is now 120 sq metres against the earlier norm of 90 sq metres.People earning between Rs 6 lakh and Rs 12 lakh annually fall under this category and they can avail an interest subsidy of 4% for loan amount up to Rs 9 lakh.In respect of the MIG-II category, carpet area has been raised from the earlier 110 sq metres to up to 150 sq metres. People with annul income of Rs 12 lakh to Rs 18 lakh are eligible for 3% interest subsidy for loan amount of Rs 12 lakh.

Source: Times of India November 16, 2017 23:48 UTC