What is LIG and MIG?
LIG, simply stands for Low Income Group or Grade. MIG stands for Middle Income Group or Grade. And finally, HIG stands for High Income Group or Grade.
What is the difference between LIG and EWS?
Below you will read the following details about the interest subsidy scheme: Updated carpet area under PMAY MIG I and II. Income criteria for CLSS EWS/LIG/MIG I & II….Key Features of CLSS EWS/LIG Scheme.
| EWS | LIG | |
|---|---|---|
| Period of subsidy | 20 years or loan tenure whichever is less | 20 years or loan tenure whichever is less |
What is LIG scheme?
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 MIG housing?
Middle Income Group (MIG) – I: MIG – I households are defined as households having an annual income between Rs. 6,00,001 (Rupees Six Lakh One) up to Rs. 12,00,000 (Rupees Twelve Lakh). Middle Income Group (MIG) – II: MIG – II households are defined as households having an annual income between Rs.
What is MIG scheme?
Ministry of Housing and Urban Affairs (MoHUA) has introduced an interest subsidy scheme for acquisition/construction of houses (including re- purchase) to cater to the Middle Income Group (MIG) called ‘Credit Linked Subsidy Scheme (CLSS) for MIG’ given the projected growth of urbanization in India and the consequent …
What is housing for poor?
Under the Pradhan Mantri Awas Yojana – Gramin (PMAY-G, or Housing for All), the world’s largest housing programming for the rural poor, India aims to build 30 million houses for the rural poor for 2022 – which means building five million houses every year in rural areas.
What is LIG MIG HIG flats?
Full-form of LIG, MIG and HIG flats LIG stands for low-income group or grade, whereas MIG signifies middle-income group or grade. Similarly, HIG is used to define a high-income group or grade. The categorisations are basically made, based on people’s income.
Can we close House after PMAY subsidy?
Your overdue months will be considered on the non-payment of pre-March 2020 situation. Hence, even if you take the moratorium for either 3 or 6 months, your overdue months will be considered as one month only (since you have paid 60% of overdue amount).
What is MIG1 and MIG2?
Medium Income Group (MIG1): Those who earn an annual household income below Rs. Medium Income Group (MIG2): Individuals earning an annual household income between Rs. 12 to Rs. 18 lakh will fall under MIG2 of the PMAY scheme.
What is the maximum income under MIG 1?
Pradhan Mantri Awas Yojana Loan Eligibility for MIG
| Particulars | MIG 1 | MIG 2 |
|---|---|---|
| House Hold Income | Rs.12 lakh p.a. | Rs.18 lakh p.a. |
| Maximum Loan Tenure | 20 years p.a. | 20 years p.a. |
| Interest subsidy | 4% p.a. | 3% p.a. |
| Eligible amount of loan for interest subsidy under CLSS | Rs.9 lakh | Rs.12 lakh |
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 full form of LIG housing?
What is the full form of LIG housing? Ans: LIG stands for the Low-Income Group housing facility.
What does Lig stand for in real estate?
LIG: LIG is simply 1 BHK flat. This is not new to you yet 1 BHK stands for 1 bedroom, one hall or some kind of living space and 1 Kitchen. The apartments have spacious entry and windows (in the living room/ hall area) for proper ventilation.
Who is eligible for a LIG housing plan?
Ans: LIG stands for the Low-Income Group housing facility. Q. Who is eligible for a LIG housing plan? Ans: People earning a yearly income between 3 lakhs to 6 lakhs are eligible for a LIG housing plan. Q.
What is the full form of LIG MIG and HIG flats?
WHAT IS THE FULL FORM OF LIG MIG AND HIG FLATS? LIG, simply stands for Low Income Group or Grade. MIG stands for Middle Income Group or Grade. And finally, HIG stands for High Income Group or Grade.