Muncipal Corporation of Gurgaon
Img : hindustantimes

Those seeking funding to construct a home in Gurugram will be receiving financial help from the Government under PMAY Scheme. According to an official of Municipal Corporation Gurgaon approximately 27,000 people in the city are likely to avail fiscal support under Pradhan Mantri Awas Yojana [PMAY] Scheme launched in June 2015 by the Narendra-Modi led Central Government with the aim to offer Housing for All by 2022.

According to an official at MCG [Municipal Corporation Gurgaon], the Haryana State Government has approved the application of all 27,000 people and also submitted the DPRs [Detail Project Reports] to the Central Government for final approval and sanction of funds. The official also added that the selected beneficiaries will then become eligible for subsidy up to Rupees 2.5 lakh from the Government to construct houses. Apart from this, the beneficiary will also have an option to avail loan at subsidized rates if the construction cost is more than the limit of rupees 2.5 lakhs.

The Corporation has received a total of 37,000 applications out of which 5,000 applicants were not even eligible for the benefits of PMAY Scheme and other 3,000 applications were rejected due to improper paperwork. The beneficiaries are segregated into three categories namely:

  1. Beneficiary-led house construction
  2. Credit-linked subsidy [CLS]
  3. Affordable housing in partnership [AHP]

In case, the beneficiary applies for a home loan then he/she will enjoy a low-interest rate of 2.5 percent on the loan of 6 lakh rupees.  Those applying for a loan between rupees 6 and 9 lakhs will have to bear the interest rate of 5 percent and the applicant will be charged at the interest rate of 6 percent in case they avail loan between rupees 9 and 12 lakh. Those applying under the PMAY Scheme in Haryana must be the permanent resident of the region and should not be a taxpayer. Also, the applicant must not be the owner of more than one property in Gurgaon.

These homes will be constructed by HHB [Haryana Housing board] incorporation with HUDA and HSIIDC. Whereas, the MCG –Municipal Corporation Gurgaon will keep an eye on the entire construction process.