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Jammu and Kashmir Bank Pradhan Mantri Awas Yojna Housing Scheme

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Jammu and Kashmir Bank PMAY – Check Documents, Subsidy Scheme, Interest Rates, Loan Amount, EMI, Processing Fees, Eligibility, Disbursement Process of Jammu and Kashmir Bank at deal4loans.

Jammu and Kashmir Bank : The Government of India took a mojor step by introducing Pradhan Mantri Awas Yojna to the people of India giving them a hope of roof. There are lots of people without a proper house in India. The Prime Minister of India paid a keen eyes on this situation and is trying to help people by sanctioning loan under PMAY for Economically Weaker Section and Lower Income Group. Jammu and Kashmir Bank provides loan under this scheme in order to help beneficiaries purchase or contruct new houses. This scheme was launched on 25th June 2015, and this scheme focuses on providing houses to every individual by 2025.

Features

Interest rates

8.45% – 8.75%

Interest Subsidy

6.5% for a tenure of 15 years

Subsidy under this scheme

  • The Credit Linked Sunsidy is provided on home loans taken by eligible urban poor(EWS/LIG) for purchase or construction of new houses.

  • The credit linked subsidy will be available for a loan amount up to rs 6 lacs and if the loan amount is above Rs 6 lacs than no subsidy is levied.

Ambition

  • The main purpose of this loan product is to contruct of house/flat or purchase of ready built house/flat/flat under contruction in urban areas.

  • To repair or extend or addition of rooms, kitchen, toilets etc.,to the existing areas

Eligibility

  • Women

  • People belonging to Schedule Caste

  • People belonging to Schedule Tribe

  • Economically Weaker Section

  • Lower Income Group

Beneficiary Family

  • The beneficiary family must comprise of husband, wife and unmarried children.

  • The beneficiary family must not possess any pucca houses in his/her name or any member from the family.

Repayment period

You can repay the loan amount within a maximum period of 15 years.

Security

Mortgage of the property purchased under this scheme.

Documents Required

  • Identity Proof

  • Address Proof

  • Income Tax Return if applicable

  • Documents of the property or house purchased under this scheme.

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