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FEATURES

PURPOSE

To fulfil the housing requirement of urban poor including slum dwellers by providing Central assistance from the government. The central assistance will be provided for

  • Purchase of new/old Residential Unit
  • Construction of a Residential Unit.
  • Purchase of plot and construction of a Residential Uni thereon.
  • Extension of existing Residential Unit i.e addition of rooms, kitchen, toilet etc.
  • Take-over of housing loan availed from another bank / FI.

ELIGIBILITY

  • Resident Indian citizen and Non Resident Indian, age group of 21 – 70 years  belonging to economically weaker section (EWS -  household income less than Rs.3.00 lakh per annum) or Low Income Group (LIG- household income more than Rs.3.00 lakh and upto Rs.6.00 lakh) or Middle Income Group (MIG-I – household income more than Rs.6.00 lakh and upto Rs.12.00 lakh) or Middle Income Group (MIG-II- household income more than Rs.12.00 lakh and upto Rs.18.00 lakh)
  • Individual, either singly or jointly with other family members viz. father, mother, son and/or spouse, who have regular sources of income as co-applicants.
  • Siblings, i.e. brother-sister, brother-brother, sister-sister can be permitted as a applicants/co-applicants subject to the property must be in the joint names of the siblings.
  • For EWS/LIG, in case of new purchase, the Property should be in the name of female head of the family or in the joint name of male head of the family and his wife.  Only in cases where there is no adult female member in the family, the house can be in the name of male member of the family.
  • In case of EWS/LIG, if the plot is purchased in the name of male person of the family before the validity of the scheme i.e. 17.06.2015, it will be covered under PMAY.
  • The property proposed to be acquired / constructed should be in Statutory Town as per Census 2011 (To see the list click here)
  • The applicant or his/her family members should not own any pucca house/dwelling unit in any part of the country.
  • The applicant or his/her family members should not be a beneficiary of any other components of Pradhan Mantri Awas Yojna.

AREA OF CONSTRUCTION:

Category

EWS

LIG

MIG- I

MIG-II

Area of construction

<=30 sq. metre

<= 60 sq. metre

<=160 sq metre

<=200 sq. metre


NOTE:

  • However, in case of new purchase of house by EWS/LIG, the larger area may be allowed than the prescribed area. But when the loan is for extension of house by EWS/LIG, the extension must be within the prescribed area.
  • No extension will be allowed for MIG- I/MIG-II.

INCOME PROOF

  • Latest salary slip/Form 16/ITR for the last 3 years to be submitted
  • In case applicant does not possess any of the above, a self certificate by applicant regarding income must be submitted.

QUANTUM OF LOAN

For Interest Subsidy:

Category

EWS

LIG

MIG- I

MIG-II

Loan amount eligible for subsidy

Rs.6.00 lakh

Rs.6.00 lakh

Rs.9.00 lakh

Rs.12.00 lakh

Interest Subsidy

6.50%

6.50%

4.00%

3.00%

NOTE:

  • For EWS/LIG, the maximum quantum of loan is restricted to Rs.30 lakh subject to repayment capacity of the applicant/s  supported by acceptable income proof i.e.Latest Salary Slip/Form16/ITR for the last 3 years.
  •  The maximum quantum of loan is restricted to Rs.6.00 lakh, where self declaration of applicant is considered as income proof.
  • GOI will provide interest subsidy to eligible home loan borrower for 20 years only.
  • The Interest subsidy will be limited to the amount mentioned in each category (EWS/LIG/MIG I/MIG II), even if the loan amount exceeds the maximum ceiling specify for subsidy.

MARGIN

  • For EWS/LIG:

    For Purchase/Construction of Residential Unit

    10%

    For purchase of plot

    20%


  • For MIG-I/MIG-II:
    For purchase/construction/ take-over for home loans margin will be as under:

    Quantum of Loan

    Margin

    Up to ` 75 Lakh

    20%

    Above ` 75 lakh & up to ` 200 lakh

    25%


  • For purchase of plot:

    Margin (on registered value) for loans

    From Govt. agencies

    Private entities

    Up to ` 200 lakh

    25%

    35%


  • For repairs and renovations: 20% of cost of repairs/renovation to be borne by borrower and 80% will be home loan
  • MORATORIUM PERIOD

    • Moratorium period of up to 18 months for EWS/LIG and 36 months for MIG-I/MIG-II.
    • In case of purchase of completed residential unit, no moratorium is permitted.

    REPAYMENT

    • Repayment period of up to 30 years
    • 10 years in case of repairs
    • Repayment to be made as per EMI method only.
    • Servicing of interest during moratorium period is mandatory.

    RATE OF INTEREST AND PROCESSING CHARGES

    • Please click here to know our latest interest rates.
    • No processing charges for loan amount eligible for interest subsidy mentioned under each category (EWS/LIG/MIG I/MIG II).
    • However, for higher loan amount, normal processing charges will be applicable for loan amount, exceeding the prescribed limit, for each category i.e. 0.50% of the loan amount subject to a maximum of Rs. 15000/- plus GST.
    • Rs.1000/- per application in case of EWS/LIG & Rs.2000/-  per application in case of MIG-I/MIG-II will be reimbursed by GOI through CNA(NHB) towards processing charges.
    • All other charges like Valuation / Legal / Stamp Duty / CERSAI / Memorandum of registration to be borne by the applicant.

    Note:

    • No processing charges (offer valid till 31/03/2018).

    PREPAYMENT PENALTY

    • There is no prepayment penalty if loan is prepaid from own verifiable sources or taken over by other banks/FIs.

    SECURITY

    • Equitable mortgage (E.M.) of the residential property.
    • If the house/ flat proposed to be purchased is yet to be constructed or is under construction, interim security may be required (till the period of its completion).

    GUARANTEE

    • Third party guarantee is not mandatory for Resident Indian.
    • One/two guarantors of Indian Residents, having means equivalent to that of the loan amount, is to be provided by the NRI applicant.

    INSURANCE

    • Property insurance is compulsory to the tune of the value of the property.
     

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