| Heading | Exact Content |
|---|---|
| Eligible customer | Individuals with low income under EWS/LIG/MIG category who wish to purchase residential property in Urban and Metro centers only, with a regular source of income either having minimal or no documented income or income proof, but have digital footprints of banking and other economic activities. Eligible customers also include: Small traders, shopkeepers, Skilled and Semi-Skilled workers/ artisans in unorganized sector; Members of SHGs, beneficiaries of PM SVANidhi, PM Vishwakarma, Mudra, Stand Up India; All beneficiary groups under PMAY-U 2.0. |
| Purpose | For purchase/ construct a new house / flat, For purchase of built house/flat. For carrying out Additions to the house/flat. For carrying out repairs/ renovation / alterations to the house/flat. Note: No loan for standalone purchase of plot will be allowed under the scheme. However, loan for purchase of land/plot and construction of house building thereon may be sanctioned subject to condition that total project cost should not exceed the prescribed limit. |
| Eligibility | Individuals with low income under EWS/LIG/MIG category who wish to purchase residential property in Urban and Metro centers only. Applicant(s) with annual income up to Rs. 9.00 lakhs. Applicant(s) should be having no home or one Home, self-declaration to be obtained regarding same. Minimum Age shall be 21 years and Maximum Age shall be 60 years. Carpet Area for a house upto 60 sq mtr; |
| Maximum Loan Amount | For Home Loan:Metro Centres: Rs 35.00 Lakhs, subject to Max Project Cost of Rs. 45.00 Lakhs Other Centres: Rs 25.00 Lakhs, subject to Max Project Cost of Rs. 30.00 Lakhs However, the credit guarantee cover shall be available for Home loan sanctioned upto Rs 20 Lacs only for Purchase/ Construction for first house only and not for the house in different city or for subsequent houses. For Repair and Renovation:Metro Centres: Rs. 10.00 Lakhs Other Centres: Rs. 6.00 Lakhs The credit guarantee cover shall not be available for Home loan sanctioned for improvement (Repair/Renovation) of the existing house. |
| Margin | For All purposes except to purchase of Land/Plot for house building on standalone basis. Home loan Upto Rs.30 lac: 20/15%* Home Loan above Rs. 30 lac and Upto Rs.35 lac: 20% Higher Rate of Interest will be charged in such cases. Borrower be made aware about this before sanction of loan. |
| Repayment Period | Maximum: 25 years (300 Months) subject to full repayment before the youngest earning borrower attains the age of 70 years. |
| Credit Guarantee | 70% of the Loan amount in default for HLs not exceeding Rs 20.00 lakhs Home Loans granted to borrowers under EWS (annual household income up to Rs. 3.00 lakhs) and LIG category (annual household income up to Rs.6.00 lakhs). Property in Metro and Urban area as defined under PMAY-U scheme (covers all statutory towns as per the 2011 Census, as well as any new towns notified after that. This includes Notified Planning Areas and areas under the jurisdiction of urban development authorities) Houses with Carpet Area up to 60 sq mtr Purchase/ Construction for first house only and not for the house in different city or for subsequent houses or improvement of the existing house. |
| Moratorium Period | Up to 12 months in all eligible cases of Self Construction of house. Builder Flats (by Bank’s approved builders)-Construction linked but not more than 36 months Purchase of ready to move house/ Flat – No moratorium. |