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Punjab National Bank 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 Limit||upto 70 years|
|Repayment||Upto age of 70years or 15 years including moratorium period|
|Disbursement||Maximum within 4 installments|
|Margin||Loan upto Rs.20 lacs : 10% & Loan above Rs.20 lac upto Rs.30 lac : 20%|
|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.
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