Noida & Greater Noida Homebuyers Can Now Avail Interest Subsidy

Middle and Low-Income Group home buyers in these two Delhi suburbs (Noida & Greater Noida) were being deprived of getting the interest subsidy for the failure in UP government’s part to include them among the list of towns that are eligible for the benefit.

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Noida & Greater Noida Homebuyers Can Now Avail Interest Subsidy

First-time homebuyers in Noida and Greater Noida, whose hopes of getting the interest subsidy under Pradhan Mantri Awas Yojana (PMAY) were fading, can now look forward to avail the benefit. All eligible buyers with an annual income of up to Rs 18 lakh, who have bought houses after January 2017, will be able to get the subsidy, a government order said.

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All eligible home buyers from the Middle Income Groups (MIGs) can get the interest subsidy of approximately Rs 2.5 lakh on their home loans under the PMAY (urban). On March 15, the housing and urban affairs ministry made an amendment to the PMAY (Urban) specifying the effective dates of different changes under this flagship scheme.

All cities including Noida and Greater Noida had been brought under the Credit-Linked Subsidy Scheme (CLSS) for the Middle Income Group (MIG) with effect from January 1, 2017.

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All those eligible homeowners who have bought houses after January 2017 need to approach their bank and refer to March 15 the notification to start the process of getting the interest subsidy. All agencies concerned and the primary lending institutions such as HUDCO and National Housing Bank have been informed.

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Middle and low-income group home buyers in these two Delhi suburbs (Noida & Greater Noida) were being deprived of getting the interest subsidy for the failure in UP government’s part to include them among the list of towns that are eligible for the benefit. Both Centre and the state governments took up the issue and UP government finally sent the names of the two cities.

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These names were included early this month. Sources said at least 92,000 beneficiaries have got the interest subsidy under the CLSS and more than 22,000 of them fall under the middle-income groups.

Source Link- https://timesofindia.indiatimes.com/.

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