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

Pradhan Mantri Awas Yojana – Credit Linked Subsidy Scheme – EWS & LIG
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
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);
Whichever is earlier, subject to interest being collected on monthly basis (as and when debited) during the moratorium period.
Rate of Interest Click Here
Processing Charges/ Upfront fee Click Here
Documentation Charges Click Here
Read More
The Ministry of Housing & Urban Affairs (GOI) Circular No.N-11011/15/2018-HFA—1(FTS: 9041490) dated 31.01.2020 Read More
The Ministry of Housing & Urban Affairs (GOI) Circular No Circular No F.No.11011/478/2017-HFA-4-/E-9021400 dated 13.01.2020) Read More
Statutory Towns & Planning Areas Codes Click Here

Above are only salient features of the scheme. For details please contact nearest branch

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