Pradhan Mantri Awas Yojana

Lower Rate of Interest
Reducing Balance Interest Rate
No Prepayment penalty
Loans sanctioned to beneficiaries of EWS/LIG/MIG under the product are eligible for interest subsidy.
subsidy of Rs. 1.80 lakh shall be provided to eligible beneficiaries having loan tenure of more than five years.

Families belonging to EWS/LIG/MIG category, living in urban areas, having no pucca house/Flat anywhere in the country, are eligible under the scheme.
Purchase of a ready built house / flat in urban/Metro areas.
Construction of house / flat in urban/Metro areas.
Purchase of a site and construction of a house as per the eligibility.

Purchase of a ready-built house/flat in urban/Metro areas.
Construction of house/flat in urban/Metro areas.
Purchase of a site and construction of a house as per eligibility.

Loan Quantum

Four-times annual gross income with NTH of 25% after considering the EMI of the proposed loan, subject to the condition that the minimum amount of Net income/NTH quantum shall be stipulated at Rs. 10,000/-.
OR 90% of the project cost (OR) Rs 25.00 Lakhs, whichever is lower.
The value of the house/flat shall not exceed Rs. 35.00 Lakhs.

Annual Income

Economically Weaker Section (EWS): Up to Rs. 3.00 Lakh
Low Income Group (LIG): Above Rs. 3.00 Lakh and up to Rs. 6.00 Lakh
Middle Income Group (MIG): Above Rs. 6.00 Lakh and up to Rs. 9.00 Lakh

If the family income or property value as assessed at the time of sanction of loan is higher than the eligibility limit, the loan will not be eligible for subsidy.

Processing Charges

Processing charges are waived.

Repayment Tenure

The maximum repayment period is 30 years or until the applicant/co-obligant reaches 75 years of age, whichever is earlier. The age of the co-obligant is considered for the purpose of repayment.

Margin

Margin Requirements for Different Loan Amounts:

Loan Amount	New House/Flat	Old House/Flat (Up to 10 years old)	Old House/Flat (>10 years old)
Up to Rs. 25.00 Lakhs	10%	10%	25%

Property Insurance

Compulsory insurance of House/Flat against risks such as fire, lightning, riots, earthquake, floods, etc.

Families belonging to EWS/LIG/MIG category, living in urban areas, having no pucca house/Flat anywhere in the country, are eligible to purchase or construct a house under the scheme.
Age of the beneficiaries shall be 21 years to 75 years.
For Salaried/Employed beneficiaries-
- Salary certificate, salary slips, Form 16, ITRs whichever is applicable to be obtained, verified and satisfied.
For Self Employed/professional and other beneficiaries-
- Self-declared income certificate/affidavit can be obtained for annual income up to Rs 3.00 lakhs (up to taxable income limit).
- For annual income above Rs 3.00 lakhs, suitable income proofs as per existing guidelines to be obtained and verified to satisfy the same.

Stipulated Loan Application with 2 passport size photos of applicant / Co-applicants or guarantor.
KYC documents of applicant/ Co-applicants or guarantor.
Proof of Identity
PAN CARD/Driver’s License/Voter ID /Passport/ Aadhar Card etc.
Proof of Residence
- Driver’s License/Voter Id/Passport / Aadhar Card / Electricity Bill/Telephone Bill etc., /Business Proof related GST and others.
- Age proof of the applicant/ Co-applicants.
- PAN card (photo copy).
Salaried individuals
- Bank statement of salary account for past 6 months.
- Proof of confirmed service of 3 years :
  Form No.16 & ITR if any supported by Employee ID/Appointment Letter/ Confirmation in services evidencing duration of the employment/3 years IT Returns.
Business/Self-Employed individuals
- Balance Sheet and Profit & Loss account for past three assessment years.
- ITR/ITAO filed for past three assessment years.
- In case of agricultural income is also included in ITR, Copy of lands records.
- Statement of Bank Account.
- Brief note on the nature of business.
- Proof of Business.

Documents required based on the loan purpose:

For Construction of House	For purchase of Ready-Built House	For purchase of Flats
Title deeds of the property and link documents for the last 13 years.	Title deeds of the property and link documents for the last 13 years.	Title Deeds of Builder for last 13 years.
Encumbrance Certificate for past 13 years.	Encumbrance Certificate for past 13 years.	Encumbrance Certificate for past 13 years.
Khata Certificate/ Khata Extract	Khata Certificate/ Khata Extract.	Khata Certificate/ Khata Extract.
Upto date tax paid receipts of the property.	Upto date tax paid receipts of the property.	Upto date tax paid receipts of the property.
Copy of the approved plan for the proposed construction / extension / addition.	Copy of the approved plan	Sketch of Flat
An affidavit-cum-undertaking that applicant shall not violate the sanctioned plan, construction shall be strictly as per the sanctioned plan.	An affidavit-cum-undertaking from the applicant declaring that the built up property has been constructed as per the sanctioned plan and/or building bye-laws	Sanctioned Plan & License from competent authority.
Completion Certificate (within 3 months of completion of construction).	Completion Certificate.	Copy of Occupancy Certificate by Local Authority.
Allotment letter of Co-operative Society/Housing Board (wherever applicable)	Agreement of sale of property.	Agreement of Sale with Applicant.
In case of allotment of a plot by the Society, documents to be submitted are as follows Extract of the Resolution Bye laws of the Society Payment receipts(original) Share Certificate(original) Title Certificate Property Register card extract Building Commencement Certificate.		Original Registration Receipts Original Stamp Duty Receipts (if any) Original receipts issued by the Builder to the Purchaser of the flat Certified copy of the Building commencement certificate Builder’s Demand Notice Property Register card extract
NOC from Society/Association/Builder/Housing Board (Wherever applicable).		NOC from Banker of Builder (wherever Project finance has been availed by the builder)
Copy of Lease Deed (wherever applicable)	Copy of Lease Deed (wherever applicable)	Original Sale Deed executed by builder in favour of purchaser
	KYC documents of seller of property.