PMAY by DHFL – Jan Awas Home Loan

PMAY by DHFL is brought to the customers in the name ‘Jan Awas Home Loans’

DHFL, the third largest home loan and housing finance company in India, always aims at reaching to its customers with great service and perfect information.

pmay by dhfl
Jan Awas Home Loans

Home is one of the primary needs of every human being. It is in a home that new dreams are nurtured & families are raised.

At DHFL, they vision to enable every Indian to own a home of your own. With the Government’s initiative under ‘Pradhan Mantri Awas Yojana’, DHFL introduces ‘Jan Awas Home Loans’ exclusively for Economically Weaker Section (EWS), Low Income Group (LIG) and Middle Income Group (MIG) 1 & 2 customers under Credit Linked Subsidy Scheme (CLSS). This Scheme is in-line with the Govt. Of India’s initiative “Housing for all by 2022” & aims to make the dream of owning a house for thousand a reality. The product is to target EWS, LIG and MIG 1 and MIG 2 customers in the urban market. First time home buyers i.e. a household who does not own, at present, any pucca residential house in India and wishes to buy a dream home for his/ her stay may avail the benefit under this scheme.

Features And Benefits of PMAY by DHFL – Jan Awas Home Loans

  1. Loan Amount: For EWS and LIG, avail a Home Loan of up to ` 25 lacs including insurance, and for MIG avail a home loan up to ` 140 lacs including insurance (minimum loan amount ` 50,000 excluding insurance).
  2. Tenure & Term: The tenure of your Home Loan ranges from 1 to 30 years. The term, however, does not extend beyond the retirement age or 60 years, whichever is earlier (70 years for self-employed individuals).
  3. Purpose: Credit Linked Subsidy will be available for housing loans availed for new/ resale purchase of home, construction loan for all segment and additionally for EWS/ LIG, extension / improvement of rooms, kitchen, toilet etc., to existing dwelling can be done.
  4. Interest Subsidy: For EWS and LIG, the credit linked subsidy will be available only for loan amounts up to ` 6 lacs and such loans would be eligible for an interest subsidy at the rate of 6.50% p.a. (Approx. ` 2.67 lacs), for tenure of 20 years or during the tenure of loan whichever is lower, to the eligible customers under the scheme.* For MIG 1 customers, subsidy will be applicable for loan amounts up to ` 9 lacs and such loans would be eligible for an interest subsidy at the rate of 4% p.a. for tenure of 20 years. For MIG 2 customers, subsidy will be available for loan amounts up to ` 12 lacs and such loans would be eligible for an interest subsidy at the rate of 3% p.a. for tenure of 20 years.
  5. Processing Fees: Nil**
    Processing Fees on loan amount as per maximum subsidy applicable (as per customer applicability) to be refunded once claim is received from NHB.
  6. Easy Repayments: You have 2 options for repayment of the loan based on the EMIs payable on your Home Loan
    1. Through ECS (Electronic Clearing Service) based on standing instructions to your bank.
    2. Post Dated Cheques (PDCs) drawn on your Savings/Salary account.
  7. Home Loan Tax Benefits: Resident Indians are eligible for certain tax benefits on principal and interest components of a home loan. As per Income Tax Act 1961 rules, the current applicable exemption under section 24(b) is ` 2,00,000/- for the interest amount paid in the financial year and up to ` 1,50,000/- (under section 80 C) for the principal amount repaid in the same year.
  8. Applicant and Co-Applicant: Home Loans can be applied by an individual. The loan amount can be further enhanced by including an earning co-applicant. Female property ownership mandatory for EWS/ LIG category and not mandatory for MIG category.

*Terms and conditions apply.
**Other charges as applicable will be required to be paid for availing the Loan

Eligibility For PMAY by DHFL – Jan Awas Yojana

  1. First-time home buyers who will be the end users
  2. Female property ownership mandatory only for EWS/ LIG and not mandatory for MIG 1 & MIG 2 category (for EWS/LIG customers, only in cases when there is no adult Female member in the family, the property can be in the name of male member of the household, or in cases of construction loan, if land is purchased before the scheme start date, the property may be in the name of male member of household).
  3. Loan applicant should not have availed any central or state government subsidy or benefit for housing under PMAY.
  4. Individual loan applicant should not own property under his or her name at present & along with any of the family members including dependants.
  5. Not applicable on renovation or improvement loans for MIG.
  6. Property should be in urban areas basis 2011 census.
  7. Customer Category
Economically Weaker section
(EWS)
Low Income Group
(LIG)
Middle Income Group 1
(MIG 1)
Middle Income Group 2
(MIG 2)
Household Income in ` Annual Family income up to
` 3.00 lacs
Annual Family income from
` 3.01 to
` 6.00 lacs
Annual Family income from
` 6.01 to
` 12.00 lacs
Annual Family income from
` 12.01 to
` 18.00 lacs
Subsidy 6.50% 4.00% 3.00%
Scheme Validity 2022 1 year from January 2017
Maximum Loan Amount (on which subsidy is available) ` 6 lacs ` 9 lacs ` 12 lacs
Maximum Tenure 30 years 30 years

Subsidy Advantage Under PMAY by DHFL – Jan Awas Home Loan

 

Example Example 1 Example 2 Example 3
Value of the property Rs.6,70,000 Rs.10,00,000 Rs.13,50,000
Loan to value 90% 90% 90%
Loan amount Rs.6,03,000 Rs.9,00,000 Rs.12,15,000
Loan duration 20 20 20
CLSS Subsidy at 6.50% for 20 years

(PMAY – EWS and LIG)

Rs.2,67,280 Rs. 2,67,280 Rs. 2,67,280
CLSS Subsidy at 4.00% for 20 years

(PMAY – MIG 1)

Rs.1,57,496 Rs.2,35,068 Rs.2,35,068

 

CLSS Subsidy at 3.00% for 20 years

2,30,000 (PMAY – MIG 2)

Rs.1,15,653 Rs. 1,72,061 Rs.2,30,156

 

Documentation for PMAY by DHFL – Jan Awas Home Loans 

No. Document Name
1. KYC Documents & Photograph for all applicant.
Aadhar is mandatory for all applicants.
2. For Salaried: Salary slip or Certificate & updated bank statement
For Self Employed: Income Tax Returns with other financial of last two years and bank statement.
3. For identification as an EWS or LIG beneficiary under the scheme, an individual loan applicant will submit self-certificate/affidavit as proof of income.
4. Customer declaration undertaking
5. Additional Jan Awas Application form

PMAY by DHFL – Jan Awas Home Loan Via Loanyantra – 

Planning to buy a home? If you had short-listed DHFL as one of your home loan finance options, we are with you at the knock of your door to fulfill a smoother process. Getting into loan with loanyantra is not just availing home loan but also managing your loan till the end. Loanyantra will also ensure you get the loan for the required from the best fit banks or housing finance companies.

Plan your loan well with the subsidy scheme and close it earlier than expected.

Interest Rate Subsidy on Housing Loans

Interest Rate Subsidy on Home Loans – Know More

The year 2016 ended with the honorable Prime Minister Narendra Modi’s much awaited speech. The speech gave hopes to the poor, women and senior citizens. The housing policy schemes by the P.M., made easy for the poor to have a home of their own. The new policy of home loan interest rates subsidy to the needed, raised hopes in availing a home with the help of home loan. That too for really lower interest rates.

So, here are more details about Pradhan Mantri Awas Yojana and Credit Linked Subsidy Scheme.

Pradhan Mantri Awas Yojana (PMAY)  

  1. This scheme is valid in urban India (towns, cities, metros) for urban poor of income below 6,00,000/ year and age between 21 years to 58 years.
  2. Women play vital role in this scheme. A family comprising of husband, wife and unmarried children. Beneficiary should not own a pucca house either in their name or in the name of any member of their family in any part of India to receive central assistance under the Mission Meeting income criteria defined under the scheme
  3. Credit Linked Subsidy is available for housing loans availed for new construction and addition of rooms, kitchen, toilet etc., to existing dwelling as incremental housing.  The carpet area* of house should be constructed or enhanced under this scheme should be upto 30 sq.meters for EWS(Economically Weaker Section) category and upto 60 square meters for LIG(Lower Income Group) category.
  4. For identification as EWS/LIG beneficiary under the scheme, an individual loan applicant should submit self-attested certificate/affidavit as proof of income.

interest-rate-subsidy-_loanyantra-com

Credit Linked Subsidy Scheme(CLSS).

Any citizen of India can enroll for CLSS under the following conditions. The beneficiary, at his/her discretion, can build a house of larger area but interest subvention would be limited to first Rs. 6 lakh only.

This new policy of Credit Linked Subsidy Scheme (CLSS) is applicable for the Lower Income Group (LIG) of household income less than Rs.3,00,000 and the Economically Weaker Section (EWS) of household income less than Rs.6,00,000, not only for limited square feet.

So, now let us go into details of how the CLSS scheme works.

Any eligible applicant who choose a carpet area within  60 sq.m(645 sqft) of a flat/house then the applicant gets an home loan interest rate upto INR 12,00,000/- availed from the bank.

And if any eligible applicant is applying for 2 bhk of 975 sqft super built up area which has 644sq.ft of carpet area* (the real area you can use, source – 99acers.com), then the flat costs Rs. 40,00,000. Now, the applicant can enjoy interest rate subsidy on housing loan for Rs. 12,00,000.

The possible ROI as per Honorable PM speech is 5.5%. The non subsidized interest rate follows the existing market interest rate, which is currently 8.5%.

Example for CLSS Indetail. 

If any qualified applicant having gross salary of Rs.50,000/- per month and age is 30 years, the person is eligible for 37.88 lakh for maximum tenure of 28 years tenure and 30 lakh for 15 years tenure(know more and calculate your eligibility  http://loanyantra.com/Home-Loan-Calculator.aspx ).

So, the applicant, out of Rs. 40,00,000 has to pay down payment of 20% of the market value, which is Rs. 8,00,000. For the rest of Rs. 32,00,000/-, the applicant can go for a home loan. Under Pradhan Mantri Awas Yojana (PMAY)  Credit Linked subsidy scheme(CLSS) Rs. 12,00,000 will be subsidy interest and other Rs. 20,00,000 (Rs. 32 lakhs – Rs. 12 lakhs ) go as a non subsidy which has existing market rate of interest.

Carpet Area*: Area enclosed within the walls, the actual area to lay the carpet. This area does not include the thickness of the inner walls.

NOTE : Under the Mission, beneficiaries can take advantage under one component only.

Housing and Urban Development Corporation(HUDCO)  and National Housing Bank(NHB) have been identified as Central Nodal Agencies (CNAs) to channelize this subsidy to the lending institutions and for monitoring the progress of this component. Ministry may notify other institutions as CNA in future.

How to Enroll and Apply for Credit Linked Subsidized Scheme (CLSS).

Banks have a separate application for this kind of loan. Follow the official link to  download the application. http://www.tn.gov.in/exwel/forms/app5.pdf

If an applicant can qualify under Pradhan Mantri Awas Yojana (PMAY) for Credit Linked subsidy scheme(CLSS), the applicant can apply through http://loanyantra.com partnered banks and get assured lower interest till you close the loan.