Everything About LIG vs MIG vs HIG flats
By Investoxpert | 18 Nov 2023 | Real Estate
In the past, maharajas lived in palaces; after that, people moved into houses or bungalows; finally, due to a lack of space and skyrocketing land costs in cities, people moved into contemporary apartments.
These apartments are popping up everywhere, and there are constantly a ton of new ones being built. There are many different kinds of apartments constructed, including penthouses, builder floors, and studio apartments.
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Why These Flats Are Important?
On the other hand, as India's population grows, so does the demand for residential real estate. The problem with the Indian economy, though, is that poverty remains the main obstacle.
Everyone finds it difficult to finance a home because of this obstacle. Housing for everybody has been a constant goal of the government. Apartments have been categorized as Janta, LIG, MIG and SFS, HIG, and EWS apartments in order to address this issue.
In order to understand how EWS and Janta flats differ from LIG, let's take a closer look at the various LIG, MIG, and HIG house size in feet classifications and their meanings. This article will cover a wide range of topics, including LIG, MIG, and HIG, eligibility requirements, current schemes, application procedures, and much more.
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What Is The Meaning Of LIG Flats?
The Low Income Group is LIG in its entirety. It covers individuals who are part of a household with an annual gross income between Rs 3 lakh and Rs 6 lakh. The LIG housing category, which is intended for individuals in this income bracket, consists of 60 square meters or a single unit in a multi-story building. Basic amenities including electricity, water supply, and toilets are included in these flats.
How Is LIG Different From EWS And Janta Flats?
EWS: The Economically Weaker Section is the complete name for EWS. It covers households with up to Rs 3 lakh in annual income. They are sometimes referred to as the unreserved economy-based category. The carpet space of an EWS apartment might reach 30 square meters, and basic utilities like water and electricity are provided.
Janta: These are compact apartments featuring a kitchen, an attached bathroom, and a single room. A Janta apartment is around 35–40 square meters in size. Most importantly, this apartment is affordable for households in any income bracket. Because it is accessible to all, Janta is the name given to it.
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What Is The Meaning Of MIG Flats?
The middle-income group is MIG in its fullest form. MIG-I and MIG-II are the two categories into which this group is split. The annual income is the basis for categorization. Individuals in the MIG-I category earn between Rs 6 lakh and Rs 12 lakh annually. MIG-II refers to those who make between Rs 12 lakh and Rs 18 lakh annually.
MIG-I has a 120 square meter carpet area planned, and MIG-II has a 150 square meter carpet area. This category's carpet area used to be smaller, ranging from 90 to 110 square meters.
What Is The Meaning Of HIG Flats?
A high-income group is what HIG stands for in full. It encompasses households earning more than Rs 18 lakh per year. Individuals in this category are entitled to additional amenities such as 3 BHK flats, duplexes, bungalows, etc., as well as larger carpet areas.
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What Is The Eligibility Criteria Of LIG, MIG And HIG Flats?
You must fulfill the following eligibility requirements in order to use the facilities provided under these categories. The Indian government offers lower home loan interest rates for units classified as LIG. Prior to 2021, the MIG group was also given a subsidy, however that decision has since been revoked. The Pradhan Mantri Awas Yojana is the program that provides the subsidy.
Schemes Under LIG, MIG And HIG?
In India, a number of housing initiatives are underway to enable homes for all. There is a distinct system for each of the three categories: MIG, HIG, and LIG. Here are a few schemes arranged according to their respective categories.
- Pradhan Mantri Awas Yojana (PMAY)
In 2015, the Pradhan Mantri Awas Yojana (PMAY) was introduced. The Indian government launched this effort with the goal of giving lower-income group (LIG) households access to inexpensive homes. Up until 2021, MIG-I and MIG-II households were also eligible for the program; however, that choice has since been rescinded. To help LIG households, the Credit Linked Subsidy Scheme (CLSS) offers a 6.50% subsidy. By 2024, 2.95 lakh pucca dwellings are to be constructed.
- Maharashtra Housing and Area Development Authority (MHADA)
In Maharashtra, affordable housing is the goal of the Maharashtra Housing and Area Development Authority (MHADA). The housing units are allocated based on the household's monthly income. A PAN card holder who is above the age of eighteen and a resident of Maharashtra may apply for a home loan under the programme.
- Delhi Development Authority (DDA) Housing Scheme
Every Delhi resident who is older than eighteen is eligible to 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.
- West Bengal Housing Board Scheme
The government of West Bengal has committed to providing 35,000 units for different socioeconomic groups. The lottery mechanism is used to distribute the homes and apartments.
- Rajiv Awas Yojana
For LIG households, there is the Rajiv Awas Yojana. By 2022, the program hopes to offer an India devoid of slums. For the weakest members of society, 21–40 square meter affordable dwelling units are constructed.
- Tamil Nadu Housing Board Scheme
The goal of the Tamil Nadu Housing Board is to offer HIG, MIG, LIG sizes are reasonably priced housing. This housing program is available to Tamil Nadu natives who are at least 21 years old. The applicant, however, must not be the owner of a home in Tamil Nadu or any other state that participates in a distinct housing program.
How To Apply For The Housing Schemes?
To apply for these housing schemes, perform the following given steps:-
- PMAY Scheme
Apply for PMAY using an online or offline method. For offline service, all you have to do is visit a bank listed under PMAY or a Common Service Center (CSC) administered by the state government to complete the application and turn in the necessary paperwork. To access online services, visit PMAY's official website and register. Then, complete the application by providing all necessary information and supporting documentation.
- MHADA Scheme
Go to the Maharashtra Housing and Area Development Authority's official website (MHADA). Enter the information to create an account now. After that, choose the income group and lottery scheme when completing the application form. Submit the necessary paperwork in jpeg format after that, together with your payment. After that, the form will be sent in.
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- Delhi Development Authority (Dda) Housing Scheme
Visit the official DDA website, complete the application forms with all of your information, and then make the payment online to take advantage of the DDA initiative. For DDA, the registration price ranges from Rs 25,000 to Rs 2,00,000. You can use the program through any bank that has been listed as well.
Documents are filed under this plan in the event that you win the lotto.
- West Bengal Housing Board Scheme
Go to the West Bengal Housing Board Scheme's official website to access available features. Download the application now, then send the necessary paperwork to the relevant department.
- Rajiv Awas Yojana
You can visit the Ministry of Housing and Urban Affairs' official website to obtain any information about this program (MOHUA). You can get in touch using the provided information once you're on the website.
- Tamil Nadu Housing Board Schemes (Tnhb) 2022
You can buy the application form for the relevant category in order to participate in the TNHB scheme. The form can be obtained at the Tamil Nadu Housing Board's Exe. Engineer and Admin Officer's office at Chennai's J. J. Nagar Division. Proceed to complete the application and send the first deposit to the same address. You can also complete the online application by going to TNHB's official website.
Things To Know About LIG, MIG, And HIG Housing Schemes
- You or any family member cannot be the owner of a Pucca house in any state in order to participate in any schemes.
- Any of the schemes is available to you for use over your lifetime.
- Only those who obtain a house loan from a bank or NBFC are eligible for the subsidy.
Conclusion
Therefore, you can benefit from the programs and become a home owner provided you meet the qualifying requirements of any scheme. Now that you are fully informed about HIG plot size in meters you can use government-run programs to purchase the house of your dreams.
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