Applicants applying for a residential flat in UPAVP Moradabad Majhola PMAY housing scheme have option of making the payments in easy installments on allotment of a flat. The last date to apply for UPAVP Moradabad Majhola PMAY flats scheme is May 05, 2018.
Uttar Pradesh Housing and Development Board – Payment Plans and Schedule for Majhola Moradabad Flats
Moradabad (Uttar Pradesh, India), April 28, 2018
The Uttar Pradesh Avas Evam Vikas Parishad (UPAVP) has launched a new residential scheme (UPAVP Scheme Code Majhola Yojna No. 4, Part 2) of 288 built-up multistoried flats under Pradhan Mantri Awas Yojana – Urban (PMAY-U) in Sector-16A, Majhola Yojana No. 4, Moradabad (Uttar Pradesh) on Tuesday, March 20, 2018.
The Last Date for Submission of Application Forms for UPAVP Moradabad Majhola PMAY Flats Scheme
The last date of booking or registration for a residential flat in UPAVP Moradabad Majhola PMAY housing scheme is on Saturday, May 05, 2018.
UPAVP Moradabad Majhola PMAY-U Housing Scheme – Allotment of Flats to the Applicants
The Uttar Pradesh Housing and Development Board will allot residential flats to the applicants of UPAVP Moradabad Majhola PMAY housing scheme through a lottery draw of lots.
On allotment of a flat in UPAVP Moradabad Majhola PMAY residential scheme, the Uttar Pradesh Avas Evam Vikas Parishad will inform the allottee about the dues payable for the allotted residential flat through an allotment letter.
For the purpose of record and documentation, the Uttar Pradesh Avas Evam Vikas Parishad will reckon the date of issue of allotment letter as the date of allotment.
The applicant applying for a residential flat under UPAVP Moradabad Majhola PMAY housing scheme shall have to deposit the applicable Registration Money or Earnest Money Deposit of Rs. 25,000 with his or her application form.
The Registration Money or Earnest Money Deposit is to be paid by Internet Banking, or by a Single Banker’s Cheque, or by a Demand Draft of any bank drawn in favour of Uttar Pradesh Avas Evam Vikas Parishad payable at Moradabad (Uttar Pradesh).
If due to any ‘force majeure’ or such circumstances beyond the Uttar Pradesh Avas Evam Vikas Parishad’s control, the UPAVP is unable to make allotment or give possession of the allotted residential flat to an allottee of UPAVP Moradabad Majhola PMAY housing scheme, the entire registration money or earnest money deposit will be refunded to the applicant.
The Allotment Rate of Residential Flats in UPAVP Moradabad Majhola Yojana No. 4 PMAY Scheme
In UPAVP Moradabad Majhola Yojana No. 4 PMAY-U housing scheme, the Uttar Pradesh Avas Evam Vikas Parishad has offered residential flats of 2 BHK at an allotment rate of Rs. 450,000 per flat.
The tentative cost of these UPAVP flats includes land premium and cost of construction. The cost of construction includes departmental charges and interest, if any, during construction period.
Subsidy under Pradhan Mantri Awas Yojana for UPAVP Moradabad Majhola PMAY Flats Scheme
In UPAVP Moradabad Majhola flats Scheme, the applicants will be able to get financial assistance under Pradhan Mantri Awas Yojana – Urban (PMAY-U), a Government of India credit linked subsidy scheme for Housing for All.
However, only those applicants under the Lower Income Group (LIG) registered with Citizen Service Centre (CSC), State Urban Development Agency (SUDA), District Urban Development Agency (DUDA), Nagar Nigam or Nagar Palika could apply in this UPAVP Moradabad Majhola Yojana No. 4 PMAY housing scheme.
Under the Pradhan Mantri Awas Yojana – Urban (PMAY-U), the Union Ministry of Housing and Urban Affairs will provide a subsidy of Rs. 150,000 and Uttar Pradesh government will provide a subsidy of Rs. 100,000 on the cost of each dwelling unit. Therefore, the effective buying cost of each flat in UPAVP Moradabad Majhola Yojana will be only Rs. 200,000.
UPAVP Moradabad Majhola PMAY Flats Scheme – Payment Plans and Schedule for the Successful Applicants
The applicants applying for a residential flat in UPAVP Moradabad Majhola PMAY flats scheme have option of paying the entire amount or making the balance payments in easy installments on allotment of a residential flat.
The successful applicants of UPAVP Moradabad Majhola PMAY flats scheme can choose ‘Payment Option 1’, or ‘Payment Option 2’ based on their financial capability.
The Payment Option 1 for UPAVP Moradabad Majhola PMAY Flats Scheme Allottees
In the Payment Option 1, 100% of the total premium of the residential flat, after adjusting the registration money already paid and the subsidy amount of Rs. 250,000 under the Pradhan Mantri Awas Yojana – Urban (PMAY-U), shall be payable within 90 days from the date of issue of allotment letter.
If all the outstanding amount is paid by the allottee within 03 months from the date of the allotment letter, no interest will be payable.
Tentative Price of the Flats: Rs. 450,000 Per Flat
Subsidy under the Pradhan Mantri Awas Yojana – Urban (PMAY-U): Rs. 250,000 Per Flat
Actual Price of the Flats after PMAY-U Subsidy: Rs. 200,000 Per Dwelling Unit
Earnest Money Deposit (EMD) with Application Form: Rs. 25,000 Per Flat
After Allotment of a Flat the Balance Amount to be Paid: Rs. 175,000 within 3 Months
The Payment Option 2 for UPAVP Moradabad Majhola PMAY Flats Scheme Allottees
In the Payment Option 2, on successful allocation of a flat, after adjusting the registration money already paid and the subsidy amount of Rs. 250,000 under the Pradhan Mantri Awas Yojana – Urban (PMAY-U), the balance amount payable will be Rs. 175,000 (Rupees One Lakh Seventy Five Thousand Only).
The successful allottee has to pay the balance amount of Rs. 175,000 in 5 years in 60 monthly installments with 9.50 percent interest per annum. Each EMI (Equated Monthly Installment) will be of Rs. 3,675.
Tentative Price of the Flats: Rs. 450,000 Per Flat
Subsidy under the Pradhan Mantri Awas Yojana – Urban (PMAY-U): Rs. 250,000 Per Flat
Actual Price of the Flats after PMAY-U Subsidy: Rs. 200,000 Per Dwelling Unit
Earnest Money Deposit (EMD) with Application Form: Rs. 25,000 Per Flat
After Allotment of a Flat the Balance Amount to be Paid: Rs. 175,000 in 5 Years in 60 EMIs
Equated Monthly Installments Amount: Rs. 3,675
If an allottee is unable to pay any installment in a timely manner, then an additional interest of 02 percent will be charged as a penalty along with the simple interest of 9.50 percent (total 11.50 percent) per annum on reducing principal amount at the end of each month.
The Place of Payment for UPAVP Moradabad Majhola PMAY Flats Scheme
The designated bank branches authorized in your allotment letter will accept the payments directly.
UPAVP Moradabad Majhola PMAY Flats Scheme – Authorized Banks
Uttar Pradesh Housing and Development Board – Banks Authorized for Majhola Moradabad Flats Scheme
The Mode of Payment for UPAVP Moradabad Majhola PMAY Flats Scheme
You can make all payments to the Uttar Pradesh Housing and Development Board through Internet Banking or in the form of Demand Draft or Pay Order drawn in favour of ‘Uttar Pradesh Avas Evam Vikas Parishad’ payable at Moradabad.
Extension of Payments Date for UPAVP Moradabad Majhola PMAY Flats Scheme
Normally, the Uttar Pradesh Housing and Development Board shall not allow any extension of the date for the payments.
However, if due to any reason, you fail to pay the amount payable to the Uttar Pradesh Avas Evam Vikas Parishad within the prescribed time limit, Uttar Pradesh Housing and Development Board may allow extension of time for such default period under exceptional circumstances.
In the event of such extensions of payment date, interest at the rate of 11.50% per annum, compoundable monthly, shall be payable on the defaulted amount for the defaulted period.
The Uttar Pradesh Housing and Development Board will adjust the payment made by allottee first towards the interest due, if any, and thereafter the balance payment shall go towards the installment due payable.
The prepayment in whole is allowed. However, the Uttar Pradesh Housing and Development Board does not allow part payment. No rebate shall be allowable in case of prepayment. In case, an allottee opts to pay the balance of the premium in a lump sum, interest due on the balance premium up to the date of deposit shall be chargeable.
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