By: Ministry of Housing and Urban AffairsFor: Everyone

MIG Homebuyers – Rs. 2.5 lakh Interest Subsidy on Home Loans under PMAY (Urban)

March 27, 2018 | UPDATED ON: June 14, 2018
MIG Homebuyers PM Awas Yojana Urban

All the first time MIG Homebuyers in Noida and Greater Noida can now avail Interest Subsidy under Pradhan Mantri Awas Yojana. Now all the buyers whose annual income is less than Rs. 18 lakh per annum and have bought new house after 1 January 2017 can avail this subsidy. All the people belonging to Middle Income Groups (MIGs) can get subsidy upto Rs. 2.5 lakh on their home loans under PMAY Urban.

Ministry of Housing and Urban Affairs has made an amendment on 15 March 2018 to PMAY (Urban) which specifies the effective date of different changes under Pradhan Mantri Awas Yojana.

Latest Update – PMAY-U for MIG – Increase in Carpet Area of Houses Eligible for Interest Subsidy under CLSS – Click Here

This interest subsidy will benefit thousands of people from MIGs who dreams of their own home. Accordingly, govt. wants to realize its mission of “Housing for All by 2022”.

MIG Homebuyers Interest Subsidy on Home Loans – Application

All the candidates who wants to avail this 2.5 lakh Interest Subsidy must fulfill the following conditions:-

  • This Interest Subsidy on Home Loans is applicable only for Medium income Group Families in Noida and Greater Noida Region.
  • All such families whose annual income is less than Rs. 18 lakh per annum are applicable.
  • In addition to this, only the houses bought after January 2017 are eligible.

As per amendment in PMAY on 15 March 2018, UP govt. has brought all the cities including Noida and Greater Noida under Credit Linked Subsidy Scheme (CLSS) for MIG (w.e.f 1 January 2017).

Availing Interest Subsidy – All the eligible homebuyers needs to visit their bank and make reference of 15 March PMAY Urban Notification. Afterwards, banks will ask the people to fill a separate form along with their photograph and other documents. After successful verification of the account and documents, banks will provide interest subsidy on home loans upto Rs. 2.5 lakh.

Central govt. has already informed and issues guidelines to the concerned agencies and primary lending institutions like HUDCO and National Housing Bank. This move will also address the concerns of the house owners. As per the official notification, housing ministry specifies that there is a need to clearly specify effective dates for different amendment under PMAY Urban to eliminate operational difficulties.

Need For Interest Subsidy of MIG Homebuyers

Earlier the MIG and lower income group homebuyers in Noida and Greater Noida were unable to receive the benefits of interest subsidy. So, UP govt. and Central govt. looks into this issue and finally UP govt. has sent the names of these 2 cities for approval. Central govt. has approved the names of these 2 cities under CLSS component of PMAY Urban in March 2018.

As per the official sources, around 92,000 home-buyers have already got this interest subsidy including 22,000 MIG beneficiaries.

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