NEW DELHI: The government will soon increase the coverage of interest subsidy scheme for home buyers under PM Awaas Yojna PMAY ) in urban areas. Sources said the guidelines will be modified to bring properties falling under any part of all development authorities including villages, industrial belts and even special development authorities to be eligible for interest subsidy.The guideline will also cover areas under port development authorities in coastal cities. The interest subsidy is available only for buying the first house in urban areas. "There have been instances when banks have raised questions about the agency or authority issuing approvals for housing projects other than the notified development authorities. Similarly, those with annul income of Rs 12 lakh to Rs 18 lakh are eligible for 3% interest subsidy for loan amount of Rs 12 lakh.

Source: Times of India December 01, 2017 19:52 UTC