BOB PMAY Interest Rates 2020, Eligibility, Documents, Income Criteria

Bank Of Baroda Home Loan for Pradhan Mantri Awas Yojana 2020 – Find Latest ✓ Interest rates ✓ Repayment period ✓ Eligibility loan amount ✓ Documents requirement ✓ income tax benefits ✓ Approved Projects ✓ Loan Schemes for PMAY / Modi Awas Yojana / Modi Housing Scheme ✓ EMI per month. To get instant quotes within seconds for apply home loan online. Bank Of Baroda is the no.1 housing finance company in India.

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Bank Of Baroda Home Loan Details for PMAY 2020

Interest Rates 9.35%
Repayment Capacity Not to exceed 60% of the Gross Monthly Income
Proposed Property Area 30 sqr meters to 60 sqr meters
Income Criteria For Borrowers 3 lakhs to 6 lakhs
Subsidy Subsidy shall be available for loan up to first 6 lakh.
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

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.

Salient 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.
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