Now, in Noida, Greater Noida and Yamuna Expressway, home buyers can benefit from up to 2.5 lakh rupees. Indeed, these areas of NCR are being included for the first time in the Prime Minister’s Housing Scheme (PMAY). Earlier, they were not considered to be an interest subsidiary city under the PMAY guidelines. In the existing guidelines of PMAY, the Development Authority like Noida or Greater Noida cannot be given subsidy under the Prime Minister’s Housing Scheme on the interest of home loan taken from home to buy in the notified areas. According to the existing instructions, legalized in the 2011 census and notified cities by the state governments will be subject to PMAY. In the 2011 Census, 4,000 cities have validity.
Due to this rule of the Ministry of Housing and Urban Poverty Alleviation, home buyers could not avail of PMAY from Noida, Greater Noida and Yamuna Expressway. A senior official of HDFC Bank told that homeowners had to sweat the financing companies to explain that according to the 2011 census, Noida or Greater Noida is a city.
Launched on 1st January this year, under the scheme, the central government gives a subsidy of 4% to the gross earners of up to Rs 12 lakh on interest of home loans upto 9 lakh rupees. At the same time, interest subsidy of Rs. 18 lakhs is given 3 percent interest subsidy on home loans upto Rs. 12 lakhs. In this scheme, the annual income of less than 6 lakh rupees gets a subsidy of 6.5 percent on home loans up to Rs 6 lakh. The government gives the full amount of subsidy directly to the bank.
According to existing interest rates on home loan, under the PMAY, benefits of 2.40 lakh to 2.55 lakh rupees are available. If someone takes home loan of Rs 30 lakh for 20 years on interest of 8.35 percent, then if the subsidy is received under PMAY, its EMI will be Rs 23,600 and not Rs 25,750. The special thing is that even if someone wants to pay the full dues of the bank after 6 months of taking a loan, then it still gets the benefit of 2.5 lakh rupees.