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Housing Loan For Public – Pradhan Mantri Awas Yojana – Housing For All

  • OBJECTIVE
  • Purpose
  • Coverage
  • Eligibility
  • Beneficiary Family
  • Quantum Of Finance
  • Margin (Borrower`S Contribution)
  • Disbursement
  • Credit Linked Subsidy
  • Security
  • Repayment
  • Repayment Holiday/ Moratorium
  • Rate Of Interest
  • Processing Charges/ Upfront Fee
  • Documentation Charges

Objective

  • To ensure availability of Housing Loan to Individuals from Economically Weaker Section (EWS) & Low Income Group (LIG) category at attractive rates and ensure a house for all.

Purpose

  • For purchase, new construction and addition of rooms, kitchen, toilet etc., to existing dwelling units as incremental housing For construction of house/ flat

Coverage

  • All Statutory towns as per Census 2011 and towns notified subsequently would be eligible for coverage under the Mission.

Eligibility

  • Individuals from Economically Weaker Section (EWS) & Low Income Group (LIG) category. Joint owners from the same family are also eligible.
  • EWS households - households having an annual income up to Rs.3,00,000 (Rupees Three Lakhs only)and house size with carpet area upto 30 square meter.
  • LIG households - households having an annual income above Rs.3,00,000 (Rupees Three Lakhs) and up to Rs.6,00,000 (Rupees Six Lakhs)and house size with carpet area upto 60 square meter.

Beneficiary Family

  • A beneficiary family will comprise husband, wife and unmarried children. The beneficiary family should not own a `pucca` house (an all weather dwelling unit) either in his/her name or in the name of any member of his/her family in any part of India. An Affidavit to this effect is to be submitted.

Quantum Of Finance

  • Max. Rs.30 lac. Subject to maintaining Loan to Value ratio (LTV) and repaying capacity

Margin (Borrower`S Contribution)

Loan up to Rs. 20 lac 10%
Loans above Rs. 20 lac
and up to Rs. 30 lac		 20%
  • However Cost of stamp duty, registration and other documentation charges may be added to the cost of the house/dwelling unit for the purpose of calculating LTV ratio in cases where the cost of the house/dwelling unit does not exceed Rs.10 lac.

Disbursement

  • As per extant housing loan scheme to public. However disbursement should be made in not more than 4 installments depending upon the progress of construction, as Subsidy will be released to the Bank by the NHB in maximum of four installments.

Credit Linked Subsidy

  • The subsidy is available at the rate of 6.5% upto loan amount of Rs. 6 lac for tenure of 20 years or during tenure of the loan whichever is lower.
  • Subsidy will be available only for loan amount upto Rs.6 lac and additional loan beyond Rs.6 lac, if any, will be at nonsubsidized rate.
  • The Net present value of the interest subsidy will be calculated at a discounted rate of 9%.
  • Maximum subsidy amount will be Rs 267280.00.
  • Interest subsidy will be credited upfront to the loan account of beneficiaries.

Security

  • Equitable/registered mortgage of the property in question.

Repayment

  • Up to age of 70 years or 30 years, including moratorium period, whichever is earlier.
  • The income of the spouse and earning children (whether married or unmarried) and of the joint owners can be added for determining the income for the purpose of borrowers` repaying capacity. In such cases, they should be made co-borrower.
  • Subsidy will be available for a maximum loan tenure of 20 years.

Repayment Holiday/ Moratorium

  • For Construction/ Additions of House/ Flat: Till completion of construction (including additions) or 18 months, from the date of disbursement of first installment of the loan, whichever is earlier.
  • For carrying out repairs/ renovation / alterations to the house/flat: Till completion of repairs/ renovation / alterations or 6 months, from the date of disbursement of first installment of the loan, whichever is earlier.
  • For purchase of ready built House/ flat : Till the date of possession or 3 months from the date of advance, whichever is earlier.
  • For under-construction flats/houses built by approved private builders:
  • Till possession is handed over to the purchaser (borrower);
  • OR
  • Whichever is earlier, subject to interest being collected on monthly basis (as and when debited) during the moratorium period.

Rate Of Interest

  • Rate On Advances Linked To MCLR (Presently 8.60%) And RLLR (Presently 9.00%) + BSP (Presently 0.25%)

Processing Charges/ Upfront Fee

  • For additional loan amount beyond the eligible loan amount as above– As per the existing housing loan scheme to public.

Documentation Charges

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Scheme Banner
FAQ Thumbnail
Who are eligible for Housing Loan?

All individuals or Joint Owners are eligible for Housing Loan

What is the time taken to Sanction Housing Loan?

5 to 7 days after submission of all the necessary documents.

What is the Maximum amount of Loan?

It is a need based loan.

What is the maximum tenure of Loan?

Maximum Tenure of loan is 30 years or upto age of 70 years

What is the margin requirement?

For loan up to Rs. 30 lakh – 15% / 20%
Loan above Rs. 30 lakh up to Rs. 75 lakh- 20%
Loan above Rs. 75 lakh – 25%

What is the Rate of Interest for Housing Loan?

-

What are the documents required for Housing Loan?

Valid KYC documents i.e Voter ID, Aadhar Card, PAN Card, or any other valid ID/Address Proof.
Income proof i.e last three year ITR, Latest Salary Slip in case of salaried person.
The detailed check list can be provided at specific request from the applicant at his/her email ID.

What is the criteria for CIC Score for Housing Loan?

No minimum Credit Information Company (CIC) score is prescribed, However, If CIC score is good then bank will offer better rate of interest.

What is the Service charges/ Processing Fee?

-

What is the Pre-payment charges of Housing Loan?

There is no pre-payment charges of Retail Loans under floating rate option.

Who will do the Valuation & Legal Opinion?

The valuation of the property will be done by the approved valuer of the bank.
Legal opinion of the property is to be obtained by the Bank approved advocate.

Whether Joint Borrowers are eligible for Housing Loan and who can become the Joint borrower?

Joint borrowers are also eligible. Joint borrower can be joint owner or Close relatives.

Whether I can avail Housing Loan from Delhi for purchase of Property at Mumbai?

Housing Loan can be availed from the Present place of residence irrespective of place of property.

Whether Housing Loan can be sanctioned in un-approved colonies.

Housing Loan is sanctioned for construction of approved house building plan or for purchase of house whose construction is duly approved by the competent authority. (It varies from State to State).

What is the EMI?

EMI Table can be referred

Whether takeover from other bank/NBFC is permitted.

Takeover from other Bank/NBFC is permitted.

Whether loan for Under-Construction flat is available.

Loan for under construction flat of banks approved builder/project is available. List of approved project is available in our corporate website.

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Note on Prerequisites

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