The Scheme will be in operation from 17.6.2015 to 31.03.2022 for EWS/LIG and MIG I & MIG II will be in operation from 01.01.2017 to 31.03.2019.
Purchase of House/Flat, Construction of House on the site owned, Purchase of flats under construction.
Repairing work and addition of rooms, kitchen, toilet etc. to existing dwelling Kucha unit requiring extensive renovation to make Pucca House for EWS/LIG beneficiaries.
The carpet area of house being constructed/enhanced should be upto 30 sq. meters for EWS beneficiaries , 60 Sq. meters for LIG beneficiaries,120 Sq.meters for MIG I and 150 Sq. meters for MIG II respectively. (Carpet Area:The net usable floor area of an apartment, excluding the area covered by the external walls, areas under service shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment).
A house is defined as an all-weather single unit or a unit in a multi storied super structure having carpet area of upto 30 Sq.meters. for EWS and up to 60 Sq.meters. for LIG 120 Sq.meters for MIG I and 150 Sq.meters for MIG II category with adequate basic services.
The eligible beneficiary, at his/her discretion, can build a house of larger area for EWS/LIG beneficiaries only but interest subsidy will be limited to loan amount of first Rs.6 lakh only.
For extension/repairs to the existing Houses, the area limit will be 30 sq. m and 60 sq. m built up area for EWS and LIG category respectively.
House/Flat to be purchased/constructed/repaired should be in 4315 statutory towns.
AGE OF THE BENEFICIARIES:
Age of the beneficiaries shall be 21 years to 60 years. However, if the age of the Family Head/Beneficiary is more than 50 years, the major legal heir to join the loan.
For EWS beneficiaries the annual house hold income shall be up to Rs. 3.00 Lakhs and for LIG beneficiaries the annual house hold income shall be above Rs.3.00 Lakhs and up to Rs.6.00 Lakhs.
For MIG I beneficiaries the annual house hold income shall be above Rs.6.00 Lakh and up to Rs. 12.00 Lakhs and for MIG II beneficiaries the annual house hold income shall be above Rs.12.00 Lakhs and up to Rs.18.00 Lakhs
PROOF OF INCOME:
For Salaried/Employed beneficiaries- Salary Certificate, Salary Slips, Form 16, ITRs whichever is applicable as per our Housing Loan guidelines.
For Self Employed/Professional and other beneficiaries- Self declared income certificate/Affidavit can be submitted for annual income upto Rs.2.50 Lakhs. For annual income above Rs.2.50 lakhs, suitable income proofs to be submitted.
A beneficiary family will comprise of husband, wife, unmarried sons and/or daughters. An adult earning member (irrespective of marital status) can be treated as a separate household.
He/She does not own a pucca (an all weather dwelling unit) house in his/her name in any part of India.
In case of a married couple, either of the spouse or both together in joint ownership will be eligible for a single house, subject to income eligibility of the household under the scheme.
Beneficiary family should not have availed central assistance under any housing scheme from Government of India.
Houses/Flats to be financed to have basic civic facilities like Water, Electricity, Toilet, Sanitation, Sewerage, Roads etc.
Beneficiaries can apply for the loan either directly or through Urban Local Body or NGO or through the Local Agency identified by the State/ULB.
NRIs are also eligible under the scheme.
QUANTUM OF LOAN AND NTH
Four times of gross annual income
Higher loan quantum upto 60 times gross monthly salary or 5 times of gross annual income subject to certain conditions
72 times of gross monthly salary or 6 times of gross annual income for salaried youth aged between 21-45 years subject to certain conditions
NTH should be 25% of the Gross Salary, subject to minimum amount of Rs.10000/-
In case of construction purpose, disbursement shall be made in stages as per progress in construction.(Maximum 4 stages). However, the construction to be completed within 18 months to become eligible for subsidy.
The loan is to be repaid in EMIs within 20 years including the moratorium period.
Tenure of the loan can be more than 20 years with a maximum of 30 years, but the interest subsidy will be applicable for actual tenure of the loan with maximum of 20 years.
In case of construction of House/Flat Repayment to start one month after completion of House/Flat or 18 months of first disbursement whichever is earlier. In case of Ready Built House/Flat, Repayment to start one month after the disbursement.
EMT of the land, House/flat to be purchased/constructed.
FOR EWS/LIG Beneficiaries: No processing fee for the loan up to Rs. 6.00 Lakhs. Actual Processing Charges for additional loan amount beyond the eligible housing loan amount for interest subsidy i.e. 0.50% of the loan amount in excess of Rs.6.00 Lakhs with minimum of Rs.1500/- and Maximum Rs.10000/-.
For MIG I AND MIG II Beneficiaries: No processing fee for housing loan amount upto Rs.9.00 Lakh in case of MIG-I and upto Rs.12 Lakh in case of MIG-II.
Actual Processing Charges for additional loan amount beyond the eligible housing loan amount for interest subsidy. (i.e., Rs.9.00 Lakh in case of MIG-I and Rs.12 Lakh in case of MIG-II) shall be at 0.50% of the loan amount with minimum of Rs.1500/- and maximum of Rs.10000/-.
As a part of retail festival offer, Processing Charges are waived for Housing Loans sanctioned up to 31.3.2018 and disbursed on or before 30.4.2018.
CREDIT LINKED SUBSIDY
The beneficiary shall be eligible for subsidy as below:
Eligible for subsidy
Interest Subsidy in%#
(vary from case to case basis)
> 300000 & upto 600000
> 600000 & upto 1200000
> 1200000 & upto 1800000
*EWS and LIG category can exceed the House Size, in case of Repairs/Extension it should not exceed. #Interest Subsidy for tenure of 20 years or tenure of the loan whichever is less.
The credit linked subsidy will be available for the stipulated amount as mentioned above only.
Bank will claim the subsidy from respective Central Nodal Agency (CNA) after disbursement of loan and on receipt of the same it will be credited to loan account resulting in reduced effective Housing Loan and EMIs.
If the account becomes NPA or project is stalled or construction is not completed within 18 months, the interest subsidy will be recovered and refunded to Central Nodal Agency.