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Bank Of Maharashtra Home Loan Details for PMAY
|Subsidy||Subsidy shall be available for loan up to first 6 lakh|
|Income Criteria For Borrowers||3 lakhs to 6 lakhs.|
|Proposed Property Area||30 sqr meters to 60 sqr meters.|
|Age Of The Beneficiaries
||21 to 55 years|
|Repayment||Upto age of 70years or 15 years including moratorium period|
|Disbursement||Maximum within 4 installments|
|How Subsidy Adjustment||Interest subsidy would be credited in the loan account|
|How Subsidy Is Computed||Interest subsidy to be computed based on Net Present Value(NPV) method.|
|Amount Limit||No loan amount limit under this category|
Objective of the scheme : The objective of the scheme is to provide financial assistance to the low income group category viz EWS & LIG for purchasing & construction of residential units.
Eligible Borrowers : Applicant from the Urban area belonging to EWS/LIG categories. The beneficary family should comprise husband, wife, unmarried sons and/ or unmarried daughter. The beneficary family should not own a pucca house in any member of the family in any part of the across country.
Quantum Of Finance : Maximum Rs. 30 lac, subject to maintaining Loan to Value (LTV) and repaying capacity.
Scheme Features of Credit Linked Subsidy Scheme (CLSS)
1. Interest Subsidy of 6.50% p.a. up to a loan amount of 6 lakh for 15 years or the actual term, whichever is lower, credited upfront.
2. Actual subsidy amount credited is as approved by National Housing Bank.
3. Family Income should not exceed 6 lakh annual.
4. Applicable for customers, who are purchasing / constructing their first home.
5. The beneficiary family should not own any pucca house in their name.
6. Family means Husband/wife/unmarried children.
7. Women has to be owner/co-owner of the property.
8. Carpet area should not exceed 60 sq.m.
9. For more details on the scheme, please refer to www.mhupa.gov.in.
Documents For Submission :
1. Application form fully filled in.
2. Self declaration EWS/LIG income certificate.
3. Self-affidavit Income Certificate (only if the income is below taxable limit).
4. Unique identification : Pan Card/Addhar Card/Voter’s Card/Drivng License/MNREGA no. Any Other Number or a certificate of a house of house ownership from revenue authority of beneficiary’s native district etc.
5. Nationality identification proof.
6. Proof of category (belonging to SC/ST/OBC/Minority etc).
7. Copy of address proof.
8. Income proof : Original Salary slip/ Salary certificate/ other income.
9. Latest IT return, I.T. assessment order/ Form 16 if applicable.
10. Statement of account – last 6 months
11. A brief note on the nature of business/activity/self-drawn attested financial statement / business license in case of self employed.
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