Indiabulls PMAY Home Loan – Interest Subsidy of 6.50%

Check Indiabulls PMAY Home Loan Interest Rate, Loan Amount, Documents, Key Features, Benefits, Eligibility Criteria. PMAY – Interest Subsidy of 6.50% scheme are eligible to avail interest subsidy on the purchase or construction of a house.

Indiabulls PMAY Interest Subsidy of 6.50% & save upto 2.67 lakh

The Pradhan Mantri Awas Yojana (PMAY) Credit Linked Subsidy Scheme (CLSS) – is a home loan scheme. The scheme envisions ‘Housing for All’ by the year 2022. It benefits people belonging to the EWS (Economically Weaker Section), LIG (Low Income Group), MIG-I (Middle Income Group-I), and MIG-II (Middle Income Group-II) of society.
Home Loan can be used for different need such as – to purchase a home, renovate or expand your existing home, buy a plot of land and build a home etc.

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Disclaimer: We do not provide Home Loans but help you to connect with banks to get best deals.
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विवरण प्राप्त करें – हिंदी में इंडियाबुल्स PMAY

Eligibility For Indiabulls PMAY Home Loan

  1. People belonging to the EWS, LIG, MIG-I & MIG-II are eligible for PMAY scheme.
  2. Maximum age upto 70 years.
  3. Income criteria for EWS must be below Rs. 3 lakhs p.a. & between Rs. 3 – 6 lakhs p.a. for LIG.
  4. Women who are citizens of India are eligible.

Beneficiary

  1. Applicant must meet the income requirement of the scheme.
  2. The beneficiary family should not already own a ‘pucca’ house.
  3. The beneficiary family should not have already availed any other central assistance under any housing scheme from the Government of India or benefit under any scheme in Pradhan Mantri Awas Yojana.
  4. The beneficiary family shall comprise of husband, wife and unmarried children. However, under the MIG category, an adult earning member irrespective of his/her marital status can also be treated as a separate household.
  5. For married couples, either spouse or both of them together in joint ownership can be eligible for a single subsidy.

Coverage
All Statutory Towns as per Census 2011 and towns notified subsequently will be eligible for coverage under the Scheme.

Key Features of PMAY Indiabulls Home Loan

  1. Interest subsidy of 6.50%* p.a. up to a loan amount of Rs. 6 lakh for 20 years or the actual term.
  2. Actual subsidy amount credited is as approved by the NHB
  3. The carpet area should not exceed 30 sq. mt. for EWS, 60 sq. mt. for LIG , 120 sq. mt. for MIG-I, and 150 sq. mt. for MIG-II.
  4. The construction/extension must be completed within 3 years.
  5. A woman has to be owner/co-owner of the property.

Benefits of Indiabulls PMAY

The Subsidy once released will be directly credited to the borrower’s account and adjusted against the principal loan amount of the borrower. Hence the outstanding principal of loan will get reduced, resulting in reduced (EMI).

Indiabulls PMAY Scheme Grid

Annual Household Income (Rs.) Categories Interest Subsidy (%) Subsidy Calculated on Max. Loan of (Rs.) Max. Interest Subsidy of Max. Carpet Area of the Property
3 lakh – 6 lakh LIG 6.50% 6,00,000 2.67 lakh No Limit
6 lakh – 12 lakh MIG-1 4.00% 9,00,000 2.35 lakh 1291 sq. ft.
12 lakh – 18 lakh MIG-2 3.00% 12,00,000 2.30 lakh 1614 sq. ft.

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