How to Get Subsidy on own house|pradhan mantri awas yojana | Subsidy Providing Bank list ❤

Pradhan Mantri Awas Yojanais an initiative of the government of India which aims to provide housing to the urban poor by 2022. The scheme was launched in 2015 under the Ministry of Housing and Urban Affairs (MoHUA).Subsidy on own house To boost operations of PMAY, a subsidy on the home loan interest rate is offered under a credit-linked subsidy scheme (CLSS). Many banks provide PMAY home loans. The eligibility criteria and documentation requirements for the home loan varies for different banks. So, to make the selection easier for you, we have listed below the best banks for PMAY Home Loan.

Key Highlights of PMAY Scheme on Basis Which PMAY Home Loan is Offered

How to Avail Home Loan Subsidy Under Pradhan Mantri Awas Yojana - Finance Buddha Blog | Enlighten Your Finances

Following are the key highlights of PMAY scheme basis which PMAY home loan is offered:-

Particulars

EWS

LIG

Home loan amount for interest subsidy

Up to Rs 6 lakh

Up to Rs 6 lakh

Maximum Interest Subsidy Amount

Rs.2,67,280

Rs.2,67,280

Maximum loan tenure

20 years

20 years

Discounted rate for calculation of net present value of interest subsidy

9 percent

9 percent

Dwelling unit

Up to 30 sq.m.

Up to 60 sq.m.

Duration of scheme

2015-2024

2015-2024

Quality of house construction

BIS Codes, national building code, and as per ndma guidelines

Approvals for the building design

Mandatory

Mandatory

Basic civic amenities like water, electricity, sanitation, sewerage, road and more

Mandatory

Mandatory

PMAY Features and Benefits

The government aims to provide Subsidy on own house two crore pucca houses to the urban poor. The home will be equipped with basic amenities like water, electricity, and sewage. Following are the features and benefits of the PMAY scheme:

  • For slum rehabilitation, a grant of Rs. 1 lakh per house is given by the Central government.

  • A subsidy of up to 6.5% is offered on home loans.

  • Affordable houses are constructed in partnership with the public and private sectors.

  • It encourages women to be a house owner or co-applicant

  • Senior citizens and differently-abled people are given accommodation at the ground floor National Building Code (NBC) and National Disaster Management Authority (NDMA). Also, eco-friendly and sustainable materials should be used.

  • Approval of building design is compulsory.

Eligibility Criteria for PMAY Scheme

Only the following beneficiaries are Subsidy on own house eligible for CLSS linked PMAY scheme.

  • A person with annual income between Rs. 3- 6 Lakh, falls under Low-income Groups (LIGs)

  • A person with annual income up to Rs 3 lakh, falls under Economically Weaker Section (EWS)

  • A beneficiary can be a husband, wife, and unmarried daughters/sons

  • An applicant should not own a pucca house in any other state or same state. Also, a family member should not own a house across India.

An applicant should fulfill the following requirements:-

Particulars

EWS (Economically Weaker Section)

LIG (Lower Income Group)

Total household income

Upto Rs 3 Lakhs

Rs 3 -6 Lakhs

Max loan tenure

20 years

20 years

Max dwelling unit carpet area

30 sq. m.

60 sq. m.

Max loan amount allowed for subsidy

Rs 6 Lakhs

Rs 6 Lakhs

Subsidy

6.50%

6.50%

Max. interest subsidy amount

Rs 2,67,280

Rs 2,67,280

Let’s understand with an illustration how Subsidy on own house the subsidized home loan interest is decided.

Home loan amount: Rs 6 lakh

Tenure: 240 months

Subsidy amount: Rs 2,67,280

Home loan amount to be paid: Rs 3,32,720

EMI: Rs 1387 per month

How to Get Subsidy on own house|pradhan mantri awas yojana | Subsidy Providing Bank list : watching this video 

List of Banks Offering PMAY Home Loan

Subsidized home loans can be availed from any bank or NBFC, however these institutions should be recognised by the Ministry of Housing and Urban Affairs. Here is a list of financial institutions offering PMAY home loan:-

Public Sector Banks offering PMAY Home Loan

1.

Allahabad Bank

2.

Andhra Bank

3.

Bank of Baroda

4.

Bank of India

5.

Bank of Maharashtra

6.

Canara Bank

7.

Central Bank of India

8.

Corporation Bank

9.

Dena Bank

10.

IDBI Bank Ltd.

11.

Indian Bank

12.

Indian Overseas Bank

13.

Oriental Bank of Commerce

14.

Punjab & Sind Bank

15.

Punjab National Bank

16.

State Bank of India*

17.

Syndicate Bank

18.

UCO Bank

19.

Union Bank of India

20.

United Bank of India

21.

Vijaya Bank

Private Sector Banks offering PMAY Home Loan

1.

Axis Bank Ltd.

2.

Bandhan Bank Ltd.

3.

Catholic Syrian Bank

4.

City Union Bank

5.

DCB Bank Ltd.

6.

Dhanlaxmi Bank Ltd.

7.

Deutsche Bank AG

8.

ICICI Bank Ltd.

9.

IDFC Bank Ltd.

10.

J&K Bank

11.

Karnataka Bank Ltd.

12.

Karur Vysya Bank Ltd.

13.

Kotak Mahindra Bank Ltd.

14.

Lakshmi Vilas Bank

15.

Nanital Bank Ltd.

16.

SBM Bank (Mauritius) Ltd.

17.

South Indian Bank Ltd.

18.

Tamilnad Mercantile Bank Ltd.

19.

The Federal Bank Ltd.

20.

Yes Bank

There are many regional rural banks, co-operative banks, housing finance companies and small finance banks which offer PMAY home loans.

Top 5 Banks Offering PMAY Home Loan

We have listed out the best banks for PMAY home loan on the basis of eligibility and documentation process:

  • Bank of Baroda Bank of Baroda is a nationalized bank headquartered in Vadodra, Gujrat. Subsidy on own house The home interest rate starts at 6.75% per annum for a maximum tenure of up to 30 years.

  • State Bank of India State Bank of India is a public sector bank headquartered in Mumbai, Maharashtra. The home loan interest rate of the lender starts from 6.65% for a tenure up to 30 years. LTV (loan to value ratio) is 90%, meaning you can get 90% of the property amount as the home loan amount. Also, the processing charges are very low.

  • Axis Bank– Axis Bank is the third-largest private bank in India, offering the lowest home interest rates. The home loan starts at 6.75% for 30 years of tenure. A PMAY beneficiary can easily apply for a home loan by visiting the nearest branch of the bank or website. The loan is generally approved within three days to 7 days.

  • HDFC Bank HDFC Bank is a top choice of many borrowers because it offers the lowest rates and best customer service. To avail of a PMAY home loan, just take a few documents like- identity proof, address proof and income proof. You should have proof that you fall within the EWS or LIG category. The loan is approved within a few days if you fall into the eligible category.

  • ICICI Bank– ICICI Bank is a private sector Subsidy on own house bank headquartered in Vadodra. After submitting the required documents, you can easily avail the PMAY home loan at the subsidized rate. Also, you are not required to submit any additional documents to avail PMAY home loan from ICICI Bank.

How to Track Credit Linked Subsidy Scheme

Once you have applied for PMAY scheme, you can easily check the status of your PMAY CLSS. Perform the following steps to track the status:-

  • Step 1: Visit PM Awas Yojana CLSS tracker official website

  • Step 2: Enter Application ID and click on Status

Check PMAY CLSS status on PM Awas Yojana CLSS tracker official website
Check PMAY CLSS status on PM Awas Yojana CLSS tracker official website
  • Step 3: Now, enter the OTP you have received on your registered number.

  • Step 4: After the submission, the phases of the application will be shown on a screen.

  • Step 5: The completed stages will be shown in green, and which are in process will be in blue.

PMAY CLSS Helpline Numbers

In case you have any queries related to PMAY CLSS, you can contact on the following customer care number:-

  • Housing and Development Corporation (HUDCO) (1800-11-6163) Email Id: hudconiwas@hudco.org

  • National Housing Bank (NHB) (1800-113-377,1800-113-388) Email Id: clssim@nhb.org.in

  • State Bank of India (SBI) (1800-11-2018) Email Id: clsspmayurban@sbi.co.in

Wrapping Up: Best Bank for PMAY Home Loan

Multiple banks are available for PMAY home loans, which readily sanctions the loan to the beneficiary. The PMAY home loan can only be availed by those falling in EWS or LIG category with an annual income up to Rs 6 lakh. However, the loan can be availed only by those who do not own a pucca house anywhere. No single bank (depending on person to person) is best for a PMAY home loan; you can avail of SBI, Bank of Baroda, ICICI Bank, HDFC Bank or Axis Bank for faster approval and good customer service.

Frequently asked questions

What is the process of PMAY subsidy ?

If you are eligible for PMAY, you can apply for the scheme online or offline. You can then avail of the PMAY home loan from any bank. Once the subsidy is approved, the amount will be transferred to your account.

Which are some Private sector banks that offer PMAY home loan ?

Mostly, all the private sector banks like Axis Bank, ICICI Bank, HDFC Bank, IDFC First Bank offer PMAY home loan.

Does State Bank of India offer PMAY home loan?

Yes, State Bank of India offers PMAY home loan at subsidized rates.

Which is the best public sector bank for PMAY home loan?

Bank of Baroda and State Bank Subsidy on own house of India are the best banks for PMAY home loan

How much subsidy is offered under the scheme ?

A subsidy for up to 6.90% or Rs 2,67,280.

Who can apply for the PMAY scheme?

Any person under the LIG or EWS category can apply for the PMAY scheme. However, they should not own a pucca house anywhere in the country.

What is the aim of the Pradhan Mantri Awas Yojana?

The Pradhan Mantri Awas Yojana scheme aims to provide affordable housing to economically weaker sections.

What if the construction of the house is stalled after the loan amount is credited?

If the construction is stalled after the loan amount is credited, the subsidy amount should be given back to the lender.

What is the income range for LIG beneficiaries?

The annual income of LIG beneficiaries should be between Rs 3 lakh to Rs 6 lakh.

Conclusion

The Pradhan Mantri Awas Yojana offers a great opportunity for individuals to avail of subsidies and make owning a house more affordable. By following the step-by-step guide mentioned in this article and choosing a bank that provides subsidy provisions, you can make your dream of owning a house a reality. Remember to stay informed about the latest updates and changes in the scheme and always consult with the respective banks for accurate and detailed information.

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