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Punjab National Bank Pradhan Mantri Awas Yojna Housing Scheme

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

Punjab National Bank : With the help of Pradhan Mantri Awas Yojna, housing scheme, Punjab National Bank has assisted many economically backward people to sanction loan in order to purchase or contruct new houses. Introduced by the Government of India, this scheme aims to facilitate families with houses. So, many of the Indians are still homeless or staying in a rented house because they could not afford a house but with PMAY(Pradhan Mantri Awas Yojana) these lower class people could think of affording a house of their own. There are no processing fee or documentation charges levied under this scheme.

  1. Interest Rates
  2. Subsidy Scheme
  3. Eligibility
  4. Income Criteria
  5. Loan Amount
  6. Repayment
  7. Security
  8. Documents

Features

Interest Rates

6.90% – 8.70%

Interest Subsidy

6.5% for a time period of 15 years

Subsidy under this scheme

  • The interest subsidy is available for loan amount up to Rs 6 lacs and if the loan amount is more than Rs 6 lacs than non-subsidized rate is levied.

  • The net present value of the interest subsidy shall be estimated at 9% discounted rate.

  • The maximum subsidy amount estimated will be Rs 2,20,187.

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

  • Economically weaker Section (EWS)

  • Lower Income Group (LIG)

  • The maximum age must be 70 years of age before the loan maturity.

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.

  • The beneficiary must obtain an affidavit to the above mentioned effect.

Income Criteria

  • EWS : The minimum annual household income of an EWS category must be Rs 3 lacs per annum.

  • LIG : The minimum annual household income from LIG category is Rs 3 lacs to Rs 6 lacs.

Maximum Loan Amount

The maximum loan amount disbursed is Rs 30 lacs.

Repayment Period

You can repay the loan amount within a maximum period of 15 years including meratorium period, whichever is earlier.

Security

Equitable or Registered Mortgage of the property purchased under this scheme.

Margin

  • Up to Rs 20 lacs : 10%

  • Above Rs 20 lacs to Rs 30 lacs : 20%

Disbursement

  • The loan amount is disbursed in not more than 4 installments depending upon the progress of the contruction.

  • The interest subsidy is released to the bank by the NHB(National Housing Bank) in maximum of 4 installments.

Documentation Required

  • Identity proof

  • Proof of Income

  • Income Tax if applicable.

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