UP Housing Board to give subsidies in home loan interest under PMAY

LUCKNOW: To provide affordable housing to maximum people in state, UP Housing and Development Board has announced to give subsidies to people of different income groups under Pradhan Mantri Awas Yojna (PMAY). The board will be extending this offer under ‘Credit Link Subsidy Scheme’ in which people of different income groups will be given subsidies in interest of home loans on first come first serve basis.

The economically weaker section people whose income is less than Rs 3 lakh per annum, applicants can avail 6.5% subsidy on home loan interest for a house up to 30 Sqmt area. The lower income group with income in the range of Rs 3- 6 lakh per annum can get 6.5% subsidy too for a home loan of area up to 60 Sqmt area.

There are discounts for middle class too under Pradhan Mantri Awas Yojna. People in the income range of Rs 6 – 12 lakh per annum can avail 4% interest subsidy on a house of area up to 90 Sqmt. Those with higher income from Rs 12 – 18 lakh will get 3% subsidy in interest on up to 110 Sqmt area house. The Board announced that all these interest subsidy can be availed for a maximum loan tenure of 20 years.

For the convenience of buyers, the board will be organising camps in its premises from June 3 onwards where different banks would be invited to educate the consumers about interest subsidy on home loans under the PMAY. The housing board has large number of unsold properties across state, especially in the capital Lucknow.

While surveying the reason behind unsold inventories, the board discovered that the units could not be sold because of high cost. The board has now decided to only focus on building affordable housing for people in the range of Rs 12- 22 lakh in the current financial year.

Source- ET Realty