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IDBI Bank Pradhan Mantri Awas Yojna Housing Scheme

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IDBI Bank PMAY – Check Documents, Subsidy Scheme, Interest Rates, Loan Amount, EMI, Processing Fees, Eligibility, Disbursement Process of IDBI bank at Deal4loans.

IDBI Bank

The accomplishment of Pradhan Mantri Awas Yojana to the folks of India has turned out to be a turning point for the lower class people of India who cannot afford to own a house of their own. PMAY is a type of Housing Loan designed by the Ministry of Housing and Poverty Alleviation Govt. Of India in order to encourage the Economically Weaker Section(EWS) and Lower Income Group(LIG)to purchase or construct their own residential units. Under this scheme IDBI Bank avails PMAY loan to the economically fragile class.

Home Loan applications received for rupees ₹ 419,027 crores till 25 April 2024

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Loan Amount
Occupation
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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

7.50% – 9.15%

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 than non-subsidized rate is levied.

  • The tenure of the loan is restricted up to 15 years.

  • The net present value of the interest subsidy shall be estimated at 9% discounted rate.

  • In order to lower to EMI burden of the borrower the quantum interest subsidy is paid upfront by the government for crediting the same to the loan account of the beneficiaries.

  • If there are any subsidy in the loan amount then the loan amount has to be re-phased.

Amibition

  • The primary aim under this scheme is avail housing loan to Individuals belonging to Economically Weaker Section and Lower Income Group.

  • People belonging from EWS and LIG could purchase and construct new houses and also add kitchen, toilet etc to their existing dwelling.

Eligibility

  • EWS(Economically Weaker Section)

  • LIG(Lower Income Group)

  • Manual Scavengers, Women, person belonging to Schedule Caste and Schedule Tribe, Other Backward Class, Minorities, Person with Disabilities, transgender is given preference.

Coverage

This scheme shall cover all 4041 statutory town as per census 2011.

Beneficiary Family

  • A beneficiary family will comprise of husband, wife and unmarried children.

  • The beneficiary family must not have a concrete house in his/her name or any member of the family.

Nature of Facility

Term Loan

Income Criteria

  • EWS : The minimum annual household income must be Rs 3 lacs to avail loan amount under this scheme.

  • LIG : The minimum annual household income must be Rs 3 lacs to Rs 6 lacs to avail the loan amount.

Minimum Loan Amount

The minimum loan amount is Rs 5 lacs (same as IDBI Home Loan)

Maximum Loan Amount

The maximum loan amount is Rs 10 crore (same as IDBI Home Loan)

>Repayment Period

  • Salaried : Maximum years 30 years .

  • Self-employed Professionals /Non-professionals : 20 years.

  • For the computation of interest subsidy the loan tenor is restricted to 15 years or the actual loan tenure, whichever is lower.

Security

Mortgage of the Residential Property

Guarantee

According to the requirement of the bank the borrower has to obtain guarantee.

Documents Required

  • Documents must be provided as per the guidelines of NHB and additional documents to be submitted wherever necessary to the bank.

  • The borrower must submit a self-declaration regarding the annual household income and whether the he/she is eligible / received any subsidy from any other government sponsored scheme.

  • The borrower must also submit a self-declaration claiming that he/she does not any pucca houses or in the name of his/her family in any part of India.

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