House Construction Loan is availed of by those customers who own a piece of land and need financial assistance for the construction of a house thereon. These loans cover expenses of construction and come with flexible repayment tenure of up to 30 years.
|Loan amount||Up to 90% of the construction value|
|Tenure||Up to 30 years|
|Rate of interest||7.30% p.a. onwards|
|Age||21 to 70 years|
|Tax benefits||Up to Rs. 2 Lakhs on interest & Rs. 1.50 Lakhs on principal amount|
Also Check: Best Home Loan for Salaried Person before applying for a loan
The PM Awas Yojana is a scheme introduced by the Prime Minister of India in 2015. It is intended to help the less privileged section of the country to have a dignified and hygienic lifestyle.
The scheme’s main objective is to help a big part of the country have a dignified lifestyle that will eventually help in the growth of the country in general from a socio-economic perspective.
PMAY aims to provide water connectivity, proper toilets, and other essentials to those in need. Eligible families can avail of this scheme and can improve their lifestyle rapidly.
Additional Info: Also check Karnataka Bank Balance Check Number
The PM Awas Yojana was introduced first on 25th June 2015. The main objective of the scheme is to provide several basic and essential necessities to eligible applicants by 31st March 2022.
The PMAY scheme is an initiative that comes under the Housing For All mission (HAF) that was introduced by the Ministry of India in 2015 with the objective of eradicating poverty and improving the overall economy of the country.
The aim of the scheme is to Establish affordable houses in both the rural and the urban spaces of India. Those who belong to the economically weaker zones in the country and have comparatively lower incomes can make the best out of this scheme to drastically change their lifestyles.
Prime Minister Awas Yojana addresses one of the major issues in India- the shortage of pucca houses in rural and urban spaces. Several sub-schemes have evolved as parts of the mean scheme- Affordable Rental Housing Complexes (ARHCS), Global Housing Technology Challenge, and CLSS Awas Portal. The scheme has two major sections-
Several banks offer The PMAY scheme in India, including SBI, ICICI Bank, Kotak Mahindra Bank, HDFC Bank, Axis Bank, Yes Bank, Bank of Baroda, Federal Bank, Karnataka Bank Ltd, Bajaj Housing Finance Ltd, to name a few.
Also Check – SBI Bank offers Home Loan at Lowest Interest Rate
Prime Minister Awas Yojana scheme directly addresses the housing shortage issue in India and aims at improving the situation for the better in the long run.
Along with improving housing systems for Indian citizens, the PMAY scheme contributes to the overall development of the country from an economic point of view.
Also Read – Unlock the Door of Your Dream Home with PMAY
Additional Info: Also check Pan Number for Banks
The Ministry of India offers several benefits to the citizens of India with the help of the PMAY scheme.
Some of the major benefits include:
Also Read – 10 Important FAQs About Pradhan Mantri Awas Yojana
Make sure you check the Pradhan Mantri Awas Yojana Eligibility Criteria thoroughly if you intend to apply for this loan soon.
Also Check – Eligibility Criteria for Home Loan
The major documents that one must keep while applying for the Pradhan Mantri Awas Yojana scheme include:
Also Read – Documents Required for Home Loan
To check the status of your subsidy application, visit the official PMAY website, and reach to track application status/ track assessment form.
Here you will be directed to choose one of the two options:
If you choose the first option, you will be asked to provide information- State Name, District Name, City Name, your name, father’s name, and mobile number.
If you choose the second option, you will be asked to provide assessment ID and mobile number
Those who can be beneficiaries of the PMAY scheme are:
Additional Info: Also check PNB Balance Check Number
There are two different schemes that come under the Pradhan Mantri Awas Yojana scheme in India-
The urban space comprises around 4000+ cities across the country. The PMAY Yojana aims at developing houses across all the urban centres in terms of industrial development, special area development, and housing development with basic necessities. The aim of the first phase is to cover 100 cities by April 2015 and March 2017. The aim of the second phase is to cover 200 cities between April 2017 to March 2019. The focus of the 3rd phase is to cover the remaining cities by March 2022.
The PMAY scheme also aims at covering the slums, villages and rural areas of the country. Its primary objective is to assist the less privileged families in the rural areas to acquire basic amenities such as sanitation, power supply, water connectivity and improve their lifestyles.
Additional Info: You can also Check Banglarbhumi West Bengal Land Record
Take a look at the Pradhan Mantri Awas Yojana subsidy loan amount, and rates to acquire a better understanding of the scheme.
Additional Info: 10 Important FAQs About Pradhan Mantri Awas Yojana
|Particulars||MIG- II||MIG- I||LIG||EWS|
|Household income||12lakh to 18 lakh||6 lakh to 12 lakh||3 lakh to 6 lakh||up to 3 lakh|
|Maximum subsidy||Rs.2,30156||Rs.2, 35068||Rs.2,67280||Rs.2, 67280|
|Maximum loan tenure||20 years||20 years||20 years||20 years|
|Maximum carpet area||200 sq.m.||160 sq.m.||60 sq.m.||30sq.m.|
|The eligible loan amount for calculation||Up to 12 lakh||up to 9 lakh||up to 6 lakh||Up to 6 lakh|
|Lender||Interest rate (Min)||Interest rate (Max)||Processing fee|
|PNB Housing||6.75%||8.75%||Up to 0.35% of the loan amount + applicable GST (minimum Rs. 2,500 & maximum Rs. 15,000)|
|SBI||6.70%||6.90%||Up to 0.50% of the loan amount + applicable GST|
|Bank of Baroda||6.50%||8.10%||Up to 0.50% of loan amount (Min. Rs. 8,500 and Max. Rs. 25,000)|
|HDFC||6.70%||7.65%||Up to 0.50% of the loan amount + applicable taxes|
|Bank of India||6.50%||8.85%||Up to Rs. 50,000|
|Union Bank of India||6.60%||7.35%||0.50% of the loan amount (Max. Rs. 15,000) + Applicable GST|
|ICICI Bank||6.70%||7.55%||0.50% – 2% of the loan amount or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST|
|Axis Bank||6.75%||7.10%||Up to 1% of the loan amount (minimum of Rs. 10,000) + applicable GST|
|Bajaj Finserv||6.65%||8.25%||Upto 0.50% of the loan amount + taxes|
|Kotak Mahindra Bank||6.65%||7.30%||Up to 2% of the loan amount + GST|
Additional Info: Also check Allahabad Bank Balance Cheque Number
Home loan interest rates are the lowest ever in the past 15 years. With raining festival offers on home loan, currently you can avail of the best interest rate on Bajaj Finserv home loan @7.70% p.a for all loan amounts.
You can avail the lowest Home Loan EMI at Rs. 727/- per lakh with maximum repayment flexibility. Some options are Step-Up EMIs, Step Down EMIs, Moratorium, OD facility, balance transfer, top up and more.
Home Loans at floating interest rate (linked to repo rate) offer you ultimate prepayment flexibility. There is no part or full prepayment charge. You can prepay early & reduce interest cost as per your cash flows.