UP Housing Board to give home loan interest subsidies under PMAY

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To provide affordable housing to maximum people in the 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 the 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 Sqm 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 Sqm area.

There are discounts for the middle class too under PMAY. 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 Sqm. Those with higher income from Rs 12–18 lakh will get 3% subsidy in interest on up to 110 Sqm area house. The Board announced that all these interest subsidies can be availed for maximum loan tenure of 20 years.