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PMAY Pradhan Mantri Awas Yojana

About Pradhan Mantri Awas Yojana (PMAY)

Pradhan Mantri Awas Yojana- Credit Linked Subsidy Scheme (PMAY-CLSS) enables home loan borrowers purchasing or constructing their first pucca house to get subsidy credited into their loan account of upto 2.67 lakh.

Key Highlights of the Scheme

Period of the Scheme

EWS / LIG MIG-I / MIG-II
17.06.2015 onwards 01.01.2017 onwards

Coverage:

All Statutory Towns as per Census 2011 and towns notified subsequently including planning area as notified with respect to Statutory Town.

EWS / LIG MIG-I / MIG-II
New Construction, acquisition and addition of rooms, kitchen, toilet etc to existing dwelling as incremental housing Interest Subsidy on housing loan for acquisition / construction of houses (including re-purchase)

Eligibility Criteria for Beneficiaries:

  1. Beneficiary family will comprise of husband, wife and unmarried children. An adult earning member (irrespective of marital status) can be treated as a separate household.
  2. In case of married couple, either of the spouses or both together in joint ownership will be eligible for single house, subject to income eligibility of the household under the scheme.
  3. In case of EWS/LIG, the Unit should be in the name of the female head of the household or in the joint name of the male head of the household and his wife. In case when there is no adult female member in the family, the house can be in the name of male member of the household.
  4. The beneficiary family should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India.
  5. Should have not availed Central assistance under any housing scheme from Government of India

Apply Online for Home Loan under PMAY

Apply for Home Loan under Pradhan Mantri Awas Yojana-Credit Linked Subsidy Scheme (PMAY-CLSS) online. Click here

ILLUSTRATIVE EXAMPLES:

Assuming loan tenure of 20 yrs & Rate of Interest @8.35%:

1. Beneficiary under EWS/LIG:

LOAN AMT EMI BEFORE SUBSIDY CREDIT REDUCED EMI AFTER SUBSIDY CREDIT MONTHLY SAVING SAVING OVER 20 YRS LOAN TENURE
3,00,000 2,575 1,428 1,147 2,75,280
6,00,000 5,150 2,856 2,294 5,50,560
10,00,000 8,584 6,289 2,295 5,50,800

For Rs.10 lacs loan, Total Savings = Rs.5,50,800 (Saving over 20 yrs loan tenure) + Rs.2,67,280 (Maximum subsidy amt) = Rs.8,18,080/-

2. Beneficiary under MIG-I:

LOAN AMT EMI BEFORE SUBSIDY CREDIT REDUCED EMI AFTER SUBSIDY CREDIT MONTHLY SAVING SAVING OVER 20 YRS LOAN TENURE
6,00,000 5,150 3,805 1,345 3,22,800
9,00,000 7,725 5,707 2,018 4,84,320
12,00,000 10,300 8,283 2,017 4,84,080

For Rs.12 lacs loan, Total Savings = Rs.4,84,080 (Saving over 20 yrs loan tenure) + Rs.2,35,068 (Maximum subsidy amt) = Rs.7,19,148/-

3. Beneficiary under MIG-II:

LOAN AMT EMI BEFORE SUBSIDY CREDIT REDUCED EMI AFTER SUBSIDY CREDIT MONTHLY SAVING SAVING OVER 20 YRS LOAN TENURE
9,00,000 7,725 6,244 1,481 3,55,440
12,00,000 10,300 8,325 1,975 4,74,000
15,00,000 12,875 10,900 1,975 4,74,000

For Rs.15 lacs loan, Total Savings = Rs.4,74,000 (Saving over 20 yrs loan tenure) + Rs.2,30,156 (Maximum subsidy amt) = Rs.7,04,156/-

LIC HFL Home Loan Features

  • Online Home loan sanction facility
  • Quick sanction and low EMI
  • Simple documentation
  • Maximum Tenure of 30 years or attainment of 60 years whichever is earlier.
  • Amongst the lowest rate of interest
  • No Pre-Payment Penalty.
  • Available for construction / purchase of house or flat from private developer or housing boards and repairs/renovation to the existing properties.

Interest Rate on Home Loan

Rate of Interests (Floating - Linked to LHPLR) Current LHPLR - 14.70%
Loan slab CIBIL Score Salaried & Professional Non-Salaried & Non Professional
Upto Rs. 50 Lakhs CIBIL >= 700 6.90% 7.00%
CIBIL 650 – 699 7.10% 7.20%
CIBIL 600 - 649 7.30% 7.40%
CIBIL < 600 7.50% 7.60%
 
More than 50 Lakhs & Up to Rs. 1 Cr CIBIL >= 700 6.90% 7.00%
CIBIL 650 – 699 7.30% 7.40%
CIBIL 600 - 649 7.60% 7.70%
CIBIL < 600 7.70% 7.80%
 
More than 1 Cr & Up to Rs. 3 Crs CIBIL >= 700 6.90% 7.00%
CIBIL 650 – 699 7.40% 7.50%
CIBIL 600 - 649 7.70% 7.80%
CIBIL < 600 7.70% 7.80%
 
More than Rs. 3 Crs & upto Rs 15 Cr CIBIL >= 700 6.90% 7.00%
CIBIL 650 – 699 7.50% 7.60%
CIBIL 600 - 649 7.70% 7.80%
CIBIL < 600 7.80% 7.90%
Loan Slab Salaried & Professional Non-Salaried & Non Professional
Up to Rs. 50 Lakhs  (Cibil <=0 ) 7.40% 7.50%
Product Name Interest Type Loan Slab ROI
My Choice –Sure Fixed
&
Apna Ghar (PMAY-CLSS)- Sure Fixed
Fixed for Entire loan tenure Upto Rs.50 lacs 10.05%
Above Rs.50 lacs & upto Rs.5 crs 10.15%
* 1)  In case of joints applicants, CIBIL score of applicant having highest score will be considered

   2)  For cases where CIBIL score is Zero or less and loan amount is more than Rs 50 Lakhs & up to Rs 15 Crs, the ROI applicable will be as per the CIBIL score less than 600 in the respective categories

Maximum Loan Amount and Repayment Period

Loan to Property Cost

  • 90% of Property value for loan upto Rs.30 lakh
  • 80% of Property value for loan more than Rs. 30 lakh and upto Rs.75 lakh
  • 75% of Property value for loan above Rs.75 lakh

Maximum repayment period

  • For salaried upto 30 years
  • For self-employed upto 20 years

The above is subject to the repaying capacity and age of the applicant.

Calculator

Plan your Home Loan using our Calculator. Know the Home loan amount you are eligible for and the EMI against your loan.

EMI Calculator Loan Eligibility calculator

 

Home Loan Documents

KYC documents:

  • Pan Card
  • Aadhaar Card
  • For NRIs, passport is required
  • Proof of residence

Income documents:

  • Salary slips and Form No.16 for salaried
  • Last 3 years income tax returns along with financials for self-employed or professionals
  • Bank statements for last 6 to12 months

Property Documents (incase property is identified):

  • Proof of ownership of property
  • In case of flats, allotment letter of builder/society
  • Up to date tax paid receipt

Disclaimer: All loans are sanctioned at the sole discretion of LIC HFL.

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