PURPOSE

• To fulfill 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 Unit thereon.
  • Extension of existing Residential Unit i.e. addition of rooms, kitchen, toilet etc.

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 up to Rs.6.00 lakh)
    OR
  • Middle Income Group (MIG-I household income more than 6.00 lakh and up to Rs.12.00 lakh)
    OR
  • Middle Income Group (MIG-II-household income more than12.00 lakh and up to Rs.18.00 lakh)
  
  
  
  
  
  
  
  
  
  
• Individual, either singly or jointly with other family members.
• 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 member of the family before commencement 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.
• 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:

NOTE:

• However, in case of new purchase / construction of house by EWS/LIG, the larger area may be allowed than the prescribed area, but interest subvention will be restricted to first Rs.6.00 lakh only.
• But when the loan is for extension of house to EWS/LIG, the extension must be within the prescribed area.
• No loan for 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:

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 eligible quantum of loan for subsidy is restricted to Rs.6.00 lakh, where self-declaration of applicant is considered as income proof.
• GOI will provide upfront 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 specified for subsidy.

MARGIN

• For EWS/LIG:
  

  Purchase/Construction of Residential Unit up to Rs.30.00 Lakh

  10%



• For MIG-I/MIG-II:
  

  Quantum of Loan	Margin
  Up to Rs.75 Lakh	20%
  Above Rs.75 lakh	25%



• For purchase of plot:
  

  Margin (on registered value) for loans	From Govt. agencies	Private entities
  Up to Rs.200 lakh	25%	35%

• For repairs and renovations: 20% of cost of repairs/renovation to be borne by borrower.

MORATORIUM PERIOD

• Maximum moratorium period of up to 36 months.
• In case of purchase of completed residential unit, no moratorium is permitted.

REPAYMENT

• Repayment period of up to 30 years
• 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
• Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actual.

PREPAYMENT PENALTY

• There is no prepayment penalty.

SECURITY

• Mortgage 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 should be comprehensively insured for an amount not less than the value of the property (less cost of land), covering all risks with Bank clause.

**Conditions apply.
**Contact our nearest branch for further details**