In order to avail Loan for PMAY, you first have to meet the criteria of the beneficiaries. This scheme that is run by the central government is working in tandem with the respective state governments of India. Central Government has implement Credit Linked Subsidy Component in every state so that it can increase the institutional credit flow and this dream project can finally get completed by 2022. This Credit Linked Subsidy is provided on the home loans that are taken by the beneficiaries of this scheme.
There are many banks allotted and identified by the government who are providing the loans towards this scheme.
Here is the list of the Name of the Banks from where you can avail Loan for PMAY:
- State Bank of India
- Bank of Baroda
- Icici Bank
- Canara Bank
Also find this list to know other financial institutions that are available to provide you loan under PMAY scheme.
|Ummeed Housing Finance Private Limited||Mamata Housing Finance Company Pvt. Ltd.|
|West End Housing Finance Limited||Mahindra Rural Housing Finance Ltd.|
|Viva Home Finance Ltd.||Magma Housing Finance|
|Vastu Housing Finance Corporation Ltd||LIC Housing Finance Ltd.|
|USB Housing Finance Corporation Ltd||L&T Housing Finance Ltd.|
|Tata Capital Housing Finance Ltd.||Khush Housing Finance Ltd.|
|Swarna Pragati Housing Microfinance Private Limited||India Shelter Finance Corporation Ltd.|
|Swagat Housing Finance Company Ltd.||India Infoline Housing Finance Ltd.|
|Supreme Housing Finance Limited||India Home Loan Ltd.|
|Sundaram BNP Paribas Home Finance Ltd.||India Bulls Housing Finance Ltd.|
|SRG Housing Finance Ltd.||ICICI Home Finance Company Ltd.|
|Shubham Housing Development Finance Company Pvt. Ltd.||Housing Development Finance Corporation Ltd.|
|Shriram Housing Finance Ltd.||Housing and Development Corporation Limited|
|SEWA Grih Rin Ltd.||Home First Finance Company Ltd.|
|Saral Home Finance Ltd.||Hinduja Housing Finance Limited|
|Sahara Housing Finance Corporation Ltd||HBN Housing Finance Ltd. Habitat Microbuild India Housing Finance Company Pvt. Ltd.|
|Repco Home Finance Ltd.||GRUH Finance Ltd.|
|Religare Housing Development Finance Corporation Ltd.||GIC Housing Finance Ltd|
|Reliance Home Finance Ltd.||Fullerton Home Finance Company Ltd|
|RAAS Housing Finance (India) Ltd.||Fast Track Housing Finance Company Ltd.|
|PNB Housing Finance Ltd.||Equitas Housing Finance Pvt. Ltd.|
|Panthoibi Housing Finance Company Ltd.||Manipal Housing Finance Syndicate Ltd.|
While going for applying for the loan keep the below mentioned list handy, so that you know in which category you are falling.
|Particulars||MIG I – PMAY (U)||MIG II – PMAY (U)|
|Household annual Income (Rs.)||6-12 lakh||12-18 lakh|
|Eligible Loan Amt for Interest Subsidy (Rs.)||9 lakh||12 lakh|
|Dwelling Unit Carpet Area||160 Sq. mt.||200 Sq. mt.|
|Max loan tenure (in yrs)||20||20|
|NPV subsidy||Rs 2.35 lakh||Rs 2.30 lakh|
|1 sq mt = 10.7639 sq ft|
For MIG-1 group every beneficiary can avail 4% interest subsidy for a loan amount of 9 Lakhs.
MIG –II can avail 3% interest subsidy on a loan amount of 12 lakhs.
If someone wants to take additional loan, he may get it but not on subsidized interest rate.
EWS/LIG category can avail 6.5% interest subsidy on a loan amount of 6 lakhs.
The beneficiaries can avail loan for tenure of 20 years; the Net Present Value (NPV) of the interest subsidy is calculated at a discount rate of 9 % 6.5 % or 3%.
If you are a woman then, it is far more easy for you to avail the loan, because this scheme has been designed mainly for the women, women who are running the houses can avail this great opportunity providing by our central government.