Affordable Housing, Interview with Anil Nair Nagpur, Chairman BAI and MD Pioneer Group.
We met with Mr Anil Nair, Chairman, Builder Association of India, IPP CREDAI and also MD Pioneer Infrastructure. We asked him for his views and guidence on how a prospective home buyer should approach buying to get maximum benefits. Q 1. What is PMAY & how does it benefit a Home buyer? PMAY is Pradhan Mantri Awas Yojana, launched in June 2015 for promoting affordable housing in the Country. Government of India has targeted 2cr affordable homes by 2022, in this context they are giving upfront subsidy upto 2.67 lac for eligible persons. Subsidy are available for LIG, MIG (I) and MIG-(II) category people. Category Annual Household Income Unit Carpet Area Reduction in EMI Overall Savings EWS Upto 3lac 30 sq mtr 2,500/- More than 6 lac LIG 3-6lac 60 sq mtr 2,500/- More than 6 lac MIG-I 6-12 lac Upto 160 sq mtr 2,500/- More than 5.4 lac MIG-II 12-18 lac Upto 200 sq mtr 2,500/- More than 5.3 lac These are tables for a term of 20 years at 10% annual interest. Subsidy is through interest subsidy which is credited upfront to the loan account of beneficiaries resulting in reduced EMI. But Subsidy for MIG-I and MIG-II is available only till 31.03.2020. So buyers need to decide quickly to avail the benefit. What most Home buyers are not calculating is the effect of 2.67 Lac on Their Capital and saving in Interest. This subsidy will save them 2.67 Lac PLUS Interest saving over 15 years, which itself is more than 5.00 Lac .. So the Net benefit that a buyer gets is 6.67 Lac ! Why should a buyer select Wardha Road ? In Nagpur wardha road has emerged as the main Growth Center of Central India. Properties on Wardha road have appreciated the most in Recent years. [Read More]
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