Everything About LIG, MIG and HIG
In this blog, we will learn about these confusing terms that sometimes confuse people not involved much in real estate. This article will vanish all your confusion and provide a comprehensive clarification about these terms and who is covered by them.
What is LIG?
LIG is a low-income group whose household income is between 3 to 6 lakhs. People who own a single unit in an apartment or a unit of sixty square meters. Such units involve all the basic facilities such as toilets, electricity, and water supply.
What is MIG?
MIG stands for Mid-Income Group. It has two categories, MIG-I and MIG-II. This categorization is based on annual income. Households with an income of 6 lakhs to 12 lakhs fall under MIG-I, and households with an income of 12 to 18 lakhs fall under MIG-II. A MIG I and MIG-II family can own a carpet area of 120 and 150 square meters.
What is HIG?
HIG stands for the high-income group. Households in this category earn more than 18 lakhs per month. HIG is eligible for extra amenities such as 3BHK flats, duplexes, bungalows, etc.
Eligibility criteria for LIG, MIG, and HIG
It would help if you fell into the LIG category to get a subsidy under various government schemes. Previously, MIG was also included in the subsidy scheme, but the decision has been revoked now, and only LIG will get the benefits.
Schemes Under LIG, MIG, and HIG
Various schemes are running for people in India. India has a different scheme for each category. Watch the list below to understand.
Pradhan Mantri Awas Yojna (PMAY)
Under the scheme Pradhan Mantri Awas Yojna (PMAY), the LIG group gets Credit Linked Subsidy Scheme (CLSS), a subsidy of 6.50% is offered to LIG households. The target is to build 2.95 lakh pucca houses by 2024.
Maharashtra Housing And Area Development Authority (MHADA)
Maharashtra Housing And Area Development Authority (MHADA) offers subsidies to make housing affordable for everyone. However, the subsidies are based on monthly income.
Delhi Development Authority (DDA) Housing Scheme
Every Delhi resident older than eighteen can apply for this housing initiative.The PMAY program is linked to the scheme. A total of 1800 apartments are for sale in 2021–2022. The LIG, MIG, and HIG categories can participate in this program.
The Rajiv Awas Yojana
The Rajiv Awas Yojana is for LIG households. By 2022, the program hopes to create an India devoid of slums. 21–40 square metre affordable dwelling units are constructed for the weakest members of society.
The Housing Board Scheme of Tamil Nadu
The Tamil Nadu Housing Board's goal is to offer affordable housing to LIG, MIG, and HIG households. Any Tamil Nadu resident older than 21 is eligible for this housing program. However, the applicant cannot own a home in Tamil Nadu or any other state that participates in a different housing program.
Important Information Regarding MIG, HIG, and LIG Housing Schemes
You or any family member cannot be the owner of a Pucca house in any state to participate in any schemes. Any of the schemes is available to you for use over your lifetime.
A Summary of MIG, HIG, and LIG Housing Programs
you can benefit from the programs and become a homeowner, provided you meet the qualifying requirements of any scheme. Now that you are fully informed on LIG, MIG, and HIG, you can use government-run programs to finance the purchase of the house of your dreams.
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