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Pradhan Mantri Awas Yojana(PMAY)
A novel initiative by Government of India , Pradhan Mantri Awas Yojana is gaining momentum in the Country. PMAY under the Credit Linked Subsidy Scheme envisage housing for all by 2022 .This scheme has been categorized based on the household income as EWS (ECONOMICALLY WEAKER SECTION),LIG (LOW INCOME GROUP),MIG I (MIDDLE INCOME GROUP I) and MIG II (MIDDDLE INCOME GROUP II).
- The maximum subsidy one can receive is up to Rs. 2.67 lakh*.
- Interest subsidy can be availed at a rate of 6.5%*.
- The subsidy will be applicable only for loan amounts up to Rs. 6 lakh. Additional loan beyond Rs. 6 lakh, if any, will be available at a non-subsidized rate.
- Reduced effective home loan rate and EMI because Subsidy is credited upfront to the loan account of the beneficiary.
1.Loan Term
| Maximum |
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2. Eligibility
- The beneficiary family (comprise of husband,wife, unmarried son and unmarried daughter) should not own a Pucca house and they should not have availed any central assistance under any housing scheme from Government of India.
- Aadhar is mandatory for all members of the household for availing the scheme.
- Properties should fall in the specified town list as per 2011 censusand Carpet Area has be 30 sqmt & 60sq mt in case of EWS/LIG beneficiary and for MIG I & MIG II ,allowable carpet area is 160 sqmt and 200 sqmt.
3.Scheme Details
| CLSS for EWS/LIG | CLSS for MIG | ||
| Loan Amount | Up to Rs. 6 Lakh | MIG I–Up to Rs. 9 Lakh | MIG II–Up to Rs. 12 Lakh |
| Eligibility Criteria | EWS (Annual income of Up to Rs. 3 Lakh) and LIG (Income of up to Rs. 6 Lakh per annum). Women to be the co-owner along with the beneficiary. | MIG 1 – Up to Rs. 12 Lakh per annum | MIG 2 – Up to Rs. 18 Lakh per annum |
| Area of property | 322.8/645 .6 Sqft | 1721.6sq ft | 2152sqft |
| Subsidy | |||
| Loan Amount | Rs. 12 Lakh | Rs. 9 Lakh | Rs. 12 Lakh |
| Amount Eligible for Subsidy | Rs. 6 Lakh | Rs. 9 Lakh | Rs. 12 Lakh |
| Subsidy Rate | 6.50% | 4% | 3% |
| Subsidy Amount | 2.67 Lakh | 2.35 Lakh | 2.3 Lakh |
4. Repayment Mode
You can pay your home loan EMIs through:
- Electronic Clearing Service (ECS)/ National Automated Clearing House(NACH)- based on standing instructions, given to your bank.
- Post Dated Cheques (PDCs) – Drawn on your salary/savings account. (Only for locations where ECS/NACH facility is not available).
5. Insurance
- Free property Insurance.
- Free Accidental Death Insurance.
- Life insurance(Optional against one time premium) arranged through Kotak Life Insurance, Birla Sun Life Insurance .
EMI Calculator:
Home Loan EMI calculator is a basic calculator that helps you to calculate the EMI, monthly interest and monthly reducing balance on the basis of principal amount, loan tenure and interest rate.
Please note that the Home Loan EMI calculator has been created to give you an approximate understanding and should not be considered as absolute.
Eligibility Calculator:
The house loan eligibility calculator acts as a guide for you to understand an approximate amount that you can avail for your Home Loans.
KYC Documents
ID & Address Proof (Any One Required).
- PAN card (Mandatory, if income is considered for loan eligibility calculation).
- Valid Passport.
- Voter ID card.
- Driving license.
- Aadhar Card (Mandatory).
Residence Proof (Any One Required)
- Latest Utility Bill: Electricity, Telephone, Postpaid mobile, water bill etc.
- Ration card.
- Letter from employer.
- Bank statement /copy of Pass book reflecting address.
- Valid Rent Agreement.
- Sale Deed.
Income Documents
Salaried Individuals
- Salary slips for the last 12 months or salary certificate*.
- Copy of bank statements for the past 1 Year (salary account).
- Form 16 / Traces *If variable components like overtime and incentive are reflected,then salary slips for the past six months are required.
Self-Employed Professional
- Certificate of qualification for professionals : CA, Doctors or Architects.
- Copy of last three years’ income tax returns, along with computation of income.
- Copy of last three years’ P/L account with all schedules and audited balance sheet, wherever applicable.
- VAT or Service Tax or GST returns or TDS Certificate.
- Bank statement for the last 12 months (Savings account, current account and O/D account).
Business Class
- Copy of your last three years’ income tax returns, along with computation of income.
- Copy of last three years’ P/L account with all schedules and audited balance sheet, wherever applicable.
- VAT or Service Tax returns or GST or TDS Certificate.
- Bank statement for the last one year (Savings account, current account or an O/D account).
- Business registration certificate.
Property Documents
- Affidavit from applicant stating that he/she does not own any pucca house.
- Allotment letter from builder.
- Agreement of Sale.
- Registration and stamp duty receipt.
- Index- ii.
- NOC from builder.
- Own Contribution Receipt (OCR ).
- All builder linked documents (Applicable for cases which are not approved or previously not funded by GICHFL).
- Development Agreement.
- Partnership Deed.
- Sale Deed.
- Title Search Report.
- Estimate for construction.
Note: We request you to cooperate with us in complying with the guidelines on KYC.