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Corporation Bank Pradhan Mantri Awas Yojna Housing Scheme

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Corporation Bank PMAY – Check Documents, Subsidy Scheme, Interest Rates, Loan Amount, EMI, Processing Fees, Eligibility, Disbursement Process of Corporation Bank at deal4loans.com.

Corporation Bank : The Government of India took a mojor step by introducing Pradhan Mantri Awas Yojna to the people of India giving them a hope of roof. There are lots of people without a proper house in India. The Prime Minister of India paid a keen eyes on this people and is trying to help them by sanctioning loan under PMAY for Economically Weaker Section and Lower Income Group people. Corporation Bank provides loan under this scheme in order to help beneficiaries purchase or contruct new houses.

  1. Interest Rates
  2. Subsidy Scheme
  3. Eligibility
  4. Loan Amount
  5. Repayment
  6. Security
  7. Documents

Home Loan applications received for rupees ₹ 419,027 crores till 24 April 2024

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120,17,256 loan quotes taken till now.
Home loan Interest rates starts from 6.90% for women, 6.95% for Others.

Features

Interest Rates

6.85% – 8.35%

Interest Subsidy

6.5% for a tenure of 15 years

Subsidy under this scheme

The interest subsidy is available for loan amount up to Rs 6 lacs and if the loan amount is more than Rs 6 lacs then non-subsidized rate is levied.

Amibition

  • The main purpose of this loan product is to contruct of house/flat or purchase of ready built house/flat/flat under contruction in urban areas.

  • To repair or extend or addition of rooms, kitchen, toilets etc.,to the existing areas.

Eligibility

  • Resident Individuals(singly or jointly).

  • The age must be between 18 years to 65 years of age.

  • Economically Weaker section(EWS)

  • Lower Income Group(LIG)

  • The eligible beneficiary must be a resident of an urban area. An urban area includes the 4041 statutory towns as per Census 2011 where the project will carry on.

Nature of Facility

Term Loan

Beneficiary Family

  • The beneficiary family must comprise of husband, wife and unmarried children.

  • The beneficiary family must not possess any pucca houses in his/her name or any member from the family.

Project Cost

The cost/price of the house contructed under this scheme is levied of registration fees, stamp duty, documentation charges if the loan amount does not exceed Rs 10 lacs.

Maximum Loan Amount

  • EWS Category : Rs 10 lacs

  • LIG Category : Rs 20 lacs

Repayment Period

You can repay the loan amount within a maximum period of 15 years including moratorium period of 18 months.

Security

Mortgage of houses or the property purchased contructed under this scheme.

Guarantee

  • For married individual co-obligation of spouse is necessary.

  • For unmarried/divorced co-obligation of parents is necessary

  • All joint owners of the property must be family members and join as co-applicants.

Margin

Minimum margin 10%

Disbursement

  • The loan amount will be transfered directly to the builder or the sender.

  • In case of construction the loan amount is disbursed on the basis of the progression of the contruction.

Documents Required

  • Identity Proof

  • Address Proof

  • Income Tax Return if applicable

  • Documents of the property or house purchased under this scheme.

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