Uttar Pradesh to give subsidies in home loan interest under PMAY

Home-Loan-Insert

Uttar Pradesh Housing and Development Board has announced its decisions to give subsidies to people of different income groups under Pradhan Mantri Awas Yojna (PMAY). This offer will be extended by the board 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.

People from the economically weaker sections, whose income is less than Rs 3 lakh per annum, can avail 6.5% subsidy on home loan interest for a house up to 30 sq m 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 an area up to 60 sq m 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 four percent interest subsidy on a house of area up to 90 sq m. Those with higher income from Rs 12–18 lakh will get three percent subsidy in interest on up to 110 sq m 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 where different banks would be invited to educate the consumers about interest subsidy on home loans under the PMAY.