Pradhan Mantri Awas Yogna
Credit Linked Subsidy or Rebates on Home Loan Interest
CRITERIA
There are criteria under which one can avail benefit of home loan interest
- Loan Amount up to 6 lakhs: If the Home Loan amount is up to Rs.6 lakhs then interest on home loan will be charged at concessional rate of 6.5 percent per annum. Here the rate of interest is fixed at 6.5 percent per annum i.e. no effect of RBI rate cut or hike is going to impact the interest amount or EMI.
- Loan Amount up to 9 lakhs taken in 2017 (NEW): If home loan amount is up to Rs.9 lakhs then the beneficiary will get home loan interest subvention of 4 percent per annum. This means if the prevailing interest rate is 9% then the home loan will be provided at 5% interest rate.
- Loan Amount up to 12 lakhs taken in 2017 (NEW): Similarly, if the home loan amount is up to Rs.12 lakhs then the beneficiary will get home loan interest subvention of 4 percent per annum. This means if the prevailing interest rate is 9% then the home loan will be provided at 6% interest rate.
- The tenure of the home loan shall be maximum of 15 years and no default is to be made from the beneficiary side to avail the subsidy benefit.
- Illustration: If home loan of Rs.15 lakhs is taken at 9% interest rate for tenure of 15 years then the interest subsidy of 3% would be applied on Rs.12 lakhs and on remaining Rs.3 lakhs interest rate of 9% is applicable. The subsidy would be credited upfront to the beneficiary loan account resulting in reduced EMI.
| Loan Amount | Interest Rate | Notes |
|---|---|---|
| Upto 6 Lakhs | 6.5 per annum | This interest rate is fixed. It would not have any effect from RBI rate |
| Upto 9 Lakhs | 3% concession on current interest rate | 4% concession on current interest rate This depends on the current interest rate being provided. if current interest rate is 9 % than the applicant has to pay (9-4) = 5% interest |
| Upto 12 Lakhs | 3% concession on current interest rate | This depends on the current interest rate being provided. if current interest rate is 9 % than the applicant has to pay (9-3) = 6% interest |
ELEGIBILITY
- Family/households annual income uptoRs. 6 lacs only.
- Family should not own pacca house in urban area.
- No restriction on cost of unit.
- Carpet area of the unit should not exceed 60 Sqmti.e 645 Sqft
CARPET AREA CHART OF PALM RESIDENCY AS PER PMAY AND RERA (Real estate Regulation Authority)
| Flat Type | Carpet Area as Per PMAY | Carpet Area as per RERA |
|---|---|---|
| 1 Bedroom Flat In Block A | 458 Sqft | 478 Sqft |
| 2 Bedroom Flat In Block B,C,D and E | 644 Sqft | 672 Sqft |
| 3 Bedroom Flat In Block B,C,D and E | 883 Sqft | 933 Sqft |
| 1 Bedroom Flat In Block F | 485 Sqft | 506 Sqft |
DEFINATIONS
Definitions for fulfilling the criteria, as given in PMAY booklet PMAY Carpet Area: Area enclosed within walls, actual area to lay the carpet. This area does not include the thickness of the inner walls.
Family= Husband, wife and unmarried children Note: This document is framed from information given on the website of PradhanMantriAwasYogna. The company will not be responsible for any kind of subsidy or discounts. Government of India will provide the benefits directly to customer from time to time.