Noida-Greater Noida to get 2.5 lakh Subsidy under PMAY Scheme
Img : hindustantimes

The home buyers in Noida-Greater Noida location will now get the interest subsidy of 2.5lakh rupees on the home loan they avail under the affordable housing which is also known as PMAY – Pradhan Mantri Aawas Yojna. This facility is only applicable for the home buyers falling under the Middle-Income group [MIG].

The required codes are allotted to both Noida and Greater Noida and the details have been forwarded to Housing and Urban Development Corporation [HUDCO] and National Housing Bank [NHB]. The NHB is the one who handles the entire PMAY Scheme.  According to this addition, the home buyers under MIG will enjoy an increased subsidy in the following manner.

S.No Income Interest Rate
1 6 Lakh INR – 12 Lakh INR 4%
2 12 Lakh- 18 Lakh INR 3%

Earlier, the Yogi Aditynath-led UP Government sent the proposal to the Ministry of Housing and Urban Affairs to add Noida-Greater Noida in the list of cities that fall under PMAY Scheme in order to offer maximum benefit to the home buyer in these towns.  Although this facility can be availed before getting their home loan sanctioned and prior making the initial payment.

This moved has come as a relief for thousands of home buyers in Noida-Greater Noida location as both these cities fall under the Industrial Authorities which is different from the urban areas of the State such as Ghaziabad.