Noida, Greater Noida flat buyers to get interest subsidy on home loans under PMAY

News Noida

Good news for those who are planning to buy their first home in Noida and Greater Noida under PMAY (Urban) scheme. The Uttar Pradesh government has recently, sent the names of these two towns in the National Capital Region (NCR) to the housing and urban affairs ministry to be included in the list of urban areas where the subsidy scheme is applicable.


So, in another few months, Middle-income group (MIG) buyers from these two cities will be able to get the interest subsidy of approximately Rs 2.5 lakh on their home loans under the PM Awas Yojna (PMAY).


According to sources, housing ministry has issued codes to Noida and Greater Noida which have been forwarded to National Housing Bank (NHB) and Housing and Urban Development Corporation (HUDCO). As NHB manages PMAY scheme hence they will now update the list of towns and cities that are covered under PMAY interest subsidy scheme.


Earlier, flat buyers from both the cities have raised this issues that how they are deprived of central government’s interest subsidy scheme. Ghaziabad which falls in NCR already falls under urban development scheme. Hearing this, UP government immediately took action and fast-tracked the work of sending the names of the cities to the respective department.


In January 2017, the government had extended interest subsidy benefit to two sections of MIGs – 4% interest subsidy for buyers with annual income of Rs 6 lakh to 12 lakh and 3% interest subsidy for people having an annual income between Rs 12 lakh and Rs 18 lakh.


However, home buyers are not able to take the benefit of this extension due to state Government’s late action. So they have also demanded that the benefit should be extended to all those who bought the flats since January last year and fails to avail the benefit.