PMAY scheme was launched by our Prime Minister Mr. Narendra Modi having vision to have housing for all by the year 2022.
It is Credit linked subsidy scheme designed for following income groups: Economically Weaker
Sections (EWS) / Low-Income Group (LIG) and middle-income group (MIG) segment in which
borrower can avail interest subsidy on housing loan upto 2.67 lakh for 1st home purchase.
Home construction loan facility can be used for constructing your dream home, on your owned plot.
Home loan balance transfer facility can be used to transfer your existing home loan at a lower interest rate.
Home extension loan facility can be used for renovation or adding extra space to your existing home.
Home loan for NRI helps NRI people who stay in India for less than 182 days to buy a dream house for their residence.
Loan eligibility takes into consideration factors such as income, age, qualifications, number of dependents, spouse's income, assets, liabilities, savings history, stability and continuity of occupation.
You can borrow up to 90% (upto 80% for original loan between Rs. 20-75 Lacs, & 75% for original loan above Rs. 75 Lacs) of the cost of the property and maximum tenure is of 30 years.
Floating rate of interest are the interest rate which changes with change in interest rates. If rate of interest increases by the lender, customer who has avail loan on floating rate of interest, their rate of interest also increases hence customer repayment (EMI) also increases.
Prepayment / foreclosure is allowed on Home Loan without any charges.
