The flat buyers of Noida-Greater Noida location have a reason to smile. As they will now receive the interest subsidy of 2.5lakh rupees on the home loan they avail under PMAY Scheme. This benefit is applicable only Middle-Income group [MIG].
The Ministry of Housing and Urban Development allotted necessary codes Noida-Greater Noida and the same have been forwarded to the Housing and Urban Development Corporation [HUDCO] and National Housing Bank [NHB]. The NHB is solely looking after the Pradhan Mantri Aawas Yojna i.e. PMAY Scheme. This decision will prove beneficial to several home buyers who come under MIG.
The buyers falling under this category will avail different rate for the subsidy. The home buyers with annual income between 6Lkah-12 lakh INR will avail 4 percent interest rate. Whereas, the buyers with yearly income of 12Lakh INR upto 18Lakh INR will avail 3 percent interest rate.
The addition of Noida-Greater Noida under the urban sectors where PMAY scheme is applicable will help thousands of home buyers here. The Ministry of Housing and Urban Affairs received the proposal for adding Noida-Greater Noida to the list of cities that fall under PMAY Scheme.
Remember that the home buyer will not be eligible for this interest subsidy one their home loan gets sanctioned or they had made the initial payment.