Utkarsh Awas Loan – How to Apply, Interest Rates 2024

Utkarsh Awas Loan (UAL) is a housing loan scheme launched by the Government of India in 2015 to provide affordable housing to the economically weaker sections (EWS) and lower-income groups (LIG). The scheme provides interest-subsidy to eligible borrowers, which can help reduce their monthly EMIs. Utkarsh Awas Loan ek credit linked subsidy loan hai jo Pradhan Mantri Awas Yojana (PMAY) ke तहत दिया जाता है. यह loan EWS, LIG और MIG वर्ग के लोगों को उनके घर खरीदने, बनाने, विस्तार करने या सुधार करने के लिए दिया जाता है. इस loan के तहत सरकार द्वारा ब्याज सब्सिडी दी जाती है, जिससे loan की EMI कम हो जाती है.

The eligibility criteria for UAL are as follows:

• The borrower must be an Indian citizen.
• The borrower’s annual income must not exceed Rs. 3 lakhs for EWS and Rs. 6 lakhs for LIG.
• The borrower must not own any other residential property.
• The borrower must be able to provide a collateral security for the loan.

The interest-subsidy under UAL is available for a maximum loan amount of Rs. 2 lakhs for EWS and Rs. 3 lakhs for LIG. The interest-subsidy is calculated on the principal amount of the loan, and is available for a maximum tenure of 20 years.

The interest-subsidy under UAL can be availed from any bank or financial institution that is participating in the scheme. To avail the interest-subsidy, the borrower must submit an application to the bank or financial institution along with the required documents.

The following are the documents required to apply for UAL:

• Identity proof (PAN card, Aadhaar card, etc.)
• Address proof (voter ID card, driving license, etc.)
• Income proof (salary slip, tax return, etc.)
• Collateral security (property documents, etc.)

The interest-subsidy under UAL can help make housing more affordable for the EWS and LIG. The scheme has helped millions of people to own their own homes.