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Karnataka Bank Pradhan Mantri Awas Yojna Housing Scheme

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

Karnataka Bank
The most important asset for any individual is a Home, but due to the high raise of property value and low income, some people who are economically fragile are unable to purchase or construst their own house. Prime Minister of India Mr. Narendra Damodar Modi launched a scheme called Pradhan Mantri Awas Yojna specially for the lower class people and economically weaker segment. With the help of this scheme any individual can avail loan amount with low interest rates and longer repayment period to fullfil their dreams of owning their own residential unit.

  1. Interest Rates
  2. Subsidy Scheme
  3. Eligibility
  4. Repayment
  5. Security
  6. Documents

Home Loan applications received for rupees ₹ 419,027 crores till 21 November 2024

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Loan Amount
Occupation
Annual Income
City
120,17,256 loan quotes taken till now.
Home loan Interest rates starts from 6.90% for women, 6.95% for Others.

Interest Rates

8.24% – 10.31%

Interest Subsidy

6.5% for a tenure of 15 years.

Subsidy under the scheme

  • The Net Present Value(NPV) of the interesr subsidy is calculated for a discount of 9%.

  • The credit linked subsidy is available for loan amount up to Rs 6 lacs and for the additional loan amount non-subsidy is levied.

  • The interest subsidized will be credited to the borrower’s account upfront through lending institution resulting in the reduced effective housing loan and Equated Monthly Installments.

Ambition

  • The primary aim under this scheme is avail housing loan to Individuals belonging to Economically Weaker Section and Lower Income Group.

  • People belonging from EWS and LIG could purchase and construct new houses and also add kitchen, toilet etc to their existing dwelling.

Eligibility

  • EWS(Economically Weaker Section)

  • LIG(Lower Income Group)

  • Women, person belonging to Schedule Caste and Schedule Tribe, Other Backward Class, Minorities, Person with Disabilities, transgender is given preference.

Coverage

This scheme shall cover all 4041 statutory town as per census 2011

Beneficiary Family

  • A beneficiary family will comprise of husband, wife and unmarried children.

  • The beneficiary family must not have a concrete house in his/her name or any member of the family.

Repayment Period

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

Security

Mortgage of the property purchased through the loan amount under the scheme.

Documents Required

  • Identity Proof(passport/aadhar card/PAN card/voter’s ID card/any valid Identity Proof.

  • Address Proof(Ration card/electricity bill or any utility bill/passport/any valid proof with address.

  • Income Proof

  • Income Tax applicable

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