Noida homebuyers lose out on interest subsidy under PMAY
Thousands of first-time homebuyers from middle- and low-income groups in Noida and Greater Noida are being deprived of interest subsidy of up to Rs 260,000   under the Pradhan Mantri Aawas Yojana (urban) because the state government has not sent the…

Thousands of first-time homebuyers from middle- and low-income groups in Noida and Greater Noida are being deprived of interest subsidy of up to Rs 260,000   under the Pradhan Mantri Aawas Yojana (urban) because the state government has not sent the names for inclusion in the list of towns eligible for the benefit.

Homebuyers aware of this benefit and hoping to avail of it have only realized the gain won’t accrue to them after getting their loan sanctioned and making the initial payment.

The National Housing Bank, which administers the scheme, said the benefits cannot be passed on to homebuyers in these two cities until the Housing and Urban Affairs Ministry allots a particular code for each city.

The Ministry can allot the codes only after the state government sends the name of towns and cities. States like Kerala, Maharashtra, Andhra Pradesh, Haryana and Karnataka have already done so, Times of India News reported.

The Ministry has issued two modifications to the PMAY (urban) to extend the interest subsidy benefit to more homebuyers. While the scheme originally covered only 4,041 statutory towns, according to Census 2011, it had expanded it last June allowing the states to notify more towns. It had allowed them to have flexibility to include planning areas of the statutory towns.

Following this modification, 274 towns not in the Census were included. Uttar Pradesh did not initially send a single name. Later, it sent three new names but that did not include Noida and Greater Noida.

Again, last month, the Centre modified PMAY guidelines and expended the coverage of interest subsidy to all notified planning and development areas. These included industrial development authorities, special development authorities or any such authority.

But UP has not yet sent the names of two cities. “Until there is a specific town code allotted by the housing and urban affairs ministry, the beneficiaries don’t get the interest subsidy. We have not stopped any beneficiary to get the benefit,” an NHB official said.

(ends)

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