Under the Pradhan Mantri Awas Yojana, the Government of India aims to fulfil the dream of every first time home buyer in India, by offering him/her an affordable home loan to buy a ‘pucca’ residential house

Features

The maximum term of your home loan can be up to 30 years and it cannot extend beyond your retirement age or 60* years (whichever is lower).

*70 years for self-employed individuals.

Your home loan amount depends on your annual income and your ability to repay the loan.

Following are the key criteria for your home loan eligibility:

  • First-time home buyers, who will be the end users.
  • Loan applicant should not have availed any Central/State Government subsidy or benefit for housing under PMAY.
  • Individual loan applicants should not own property under their name at present and along with any of the family members (including dependants).
  • Self-Construction, renovation or improvement loans only for EWS & LIG categories.
  • The property should be in urban areas basis 2011 Census.

For the eligible customers falling under Economically Weaker Sections (EWS) and Low Income Groups (LIG), the credit linked subsidy will be available only for loan amounts up to Rs. 6 Lakh at the rate of 6.5% p.a. for tenure of 20 years (or the tenure of loan, whichever is lower).

The Middle Income Group 1 (MIG 1) the credit linked subsidy will be available only for loan amounts up to Rs. 9 Lakh at the rate of 4% p.a. for tenure of 20 years (or the tenure of loan, whichever is lower).

The Middle Income Group 2 (MIG 2) the credit linked subsidy will be available only for loan amounts up to Rs. 12 Lakh at the rate of 3% p.a. for tenure of 20 years (or the tenure of loan, whichever is lower).

You can pay your home loan EMIs through:

  • Electronic Clearing Service (ECS)/ National Automated Clearing House(NACH)- based on standing instructions, given to your bank
  • Post Dated Cheques (PDCs) – Drawn on your salary/savings account. (Only for locations where ECS/NACH facility is not available.)

Your home loan makes you eligible for certain tax benefits* as per the prevailing laws. This means that you can save more money by claiming deductions in your income tax, against principal and interest amount repaid.

*As per Income Tax Act 1961 rules, the current applicable exemption under section 24(b) is Rs. 2,00,000/- for the interest amount paid in the financial year and up to Rs. 1,50,000/- (under section 80 C) for the principal amount repaid in the same year.

Documents

ID & Address Proof (Any One Required)

  • PAN card (Mandatory, if income is considered for loan eligibility calculation)
  • Valid Passport
  • Voter ID card
  • Driving license
  • Aadhar Card

Residence Proof (Any One Required)

  • Utility Bill: Electricity, Telephone, Postpaid mobile, water bill etc.
  • Ration card
  • Letter from employer
  • Bank statement /copy of Pass book reflecting address
  • Valid Rent Agreement
  • Sale Deed

*National Housing Bank (NHB) had introduced Know Your Customer (KYC) guidelines for housing finance companies. We request you to co-operate with us in complying with these guidelines.

Salaried Individuals

  • Salary slips for the last 2 months or salary certificate*
  • Cash Salary – Income details on Company Letterhead
  • Copy of bank statements for the past 3 months (salary account)

*If variable components like over time and incentives are reflected, then salary slips for the past 6 months are required.

Self-Employed Professional

  • Certificate of qualification for professionals : CA, Doctors or Architects
  • Copy of last two years’ income tax returns, along with computation of income
  • Copy of last two years’ P/L account with all schedules and audited balance sheet, wherever applicable.
  • VAT or Service Tax returns or TDS Certificate
  • Bank statement for the last 6 months (Savings account, current account and O/D account)

Self-Employed Non Professionals

  • Copy of your last two years’ income tax returns, along with computation of income
  • Copy of last two years’ P/L account with all schedules and audited balance sheet, wherever applicable
  • VAT or Service Tax returns or TDS Certificate
  • Bank statement for the last 6 months (Savings account, current account or an O/D account)
  • Allotment letter from builder
  • Agreement of Sale
  • Registration and stamp duty receipt
  • Index- ii
  • NOC from builder
  • Own Contribution Receipt (OCR )
  • All builder linked documents
  • Development Agreement
  • Tripartite Agreement
  • Partnership Deed
  • Sale Deed
  • Title Search Report
  • NA order

Note: Original documents are required for verification purpose only

Pradhan Mantri Awas Yojana is a special initiative from Indian Government.. The core objective of the Pradhan Mantri Awas Yojna is to ensure that affordable housing is provided to everyone, especially to the urban poor. The proposal to build houses through Pradhan Mantri Awas Yojna for the economically weaker sections of society is a mission that All Banks shares with the Government of India.