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.

PMAY by Indiabulls homeloan

Indiabulls home loan, one of the leading housing finance companies is at par with the SBI and the private gaints ICICI and HDFC banks in reducing the interest rates on home loan and also making the home loans easier and accessible to the customers.

Here we go with more details on the Pradhan Mantri Awas Yojana- Credit Linked Subsidy Scheme by Indiabulls.

CREDIT LINKED SUBSIDY SCHEME
The Pradhan Mantri Awas Yojana (PMAY) Credit Linked Subsidy Scheme (CLSS) is a scheme launched by our honourable Prime Minister Shri Narendra Modi for the Economically Weaker Section (EWS) and Low Income Group (LIG) of people. Through this scheme, the beneficiary is eligible to avail interest subsidy on the purchase/construction of a house. The PMAY by Indiabulls home loan scheme is also available for the enhancement of a dwelling unit.
SALIENT FEATURES OF CLSS
  • Interest subsidy of 6.50%* p.a. up to a loan amount of ₹6 lakh for 15 years or the actual term, whichever is lower, credited upfront
  • Actual subsidy amount credited is as approved by the National Housing Bank (NHB)
  • Family income should not exceed ₹6 lakh p.a.
  • Family means husband/wife/unmarried children
  • Applicable for customers who are purchasing/constructing their first home. The beneficiary family should not own any home in their name
  • The carpet area should not exceed 30 sq. mt. for EWS (Income upto ₹3 lacs PA) and 60 sq. mt. for LIG (Income up to ₹6 lacs PA)
  • The construction/extension must be completed within 36 months
  • Woman has to be owner/co-owner of the property.
PMAY by Indiabulls homeloan
PMAY-CLSS by Indiabulls
Celebrate the joy of belonging to your OWN home! Begin your own story and create memories in a place you can call your ‘own’. Indiabulls Home Loans provide the most convenient home loan at the most attractive interest rate.
Indiabulls Home Loan Via Loanyantra – 

Loanyantra, a one stop solution for all your needs, is always a perfect guide for you at any stage. Let us know your home loan plan and we will suggest you the path to take. If you meet the criteria for the PMAY-CLSS scheme, and if you wish to get home loan from Indiabulls, we are here, as we partner with Indiabulls home loans, to get things done faster and exactly according to your plan.

PMAY by HDFC bank

pmay by hdfc bank
PMAY by HDFC – Go via Loanyantra

Ministry of Housing and Urban Poverty Alleviation (MoHUPA) has introduced in June 2015, an interest subsidy scheme called Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana (URBAN)-Housing for All, for purchase/construction/extension/improvement of house to cater Economical Weaker Section(EWS)/Lower Income Group(LIG)/Middle Income Group (MIG), given the projected growth of urbanization & the consequent housing demands in India.

Here are the FAQs on the scheme by HDFC bank.

1Q. Who Can Avail Subsidy Under Credit Linked Subsidy Scheme (CLSS)?

1A. A beneficiary family not owning a house in any part of the India is eligible for this subsidy subject to income criteria as defined for the family.

2Q. What Is The Definition Of Beneficiary Family?

2A. The beneficiary family will comprise husband, wife and unmarried children. (An adult earning member irrespective of marital status can be treated as a separate household in MIG category)

3Q. What Are The Income Norms For EWS, LIG And MIG Categories?

3A.

CLSS Scheme Type Eligibility Household Income ( Rs.) Carpet Area-Max (sqm) Interest Subsidy (%) Subsidy calculated on a max loan of Loan Purpose Validity of scheme Max Subsidy (Rs.) Woman Ownership
EWS and LIG Upto Rs. 6,00,000 60 sqm 6.50 % Rs. 6,00,000 Purchase/Self Construction/Extension 31/03/2022 2.67 Lacs Yes *
MIG 1 ** Rs. 6,00,001 to Rs. 12,00,000 90 sqm 4.00 % Rs. 9,00,000 Purchase/Self Construction 31/12/2017 2.35 Lacs Not Mandatory
MIG 2 ** Rs. 12,00,001 to Rs. 18,00,000 110 sqm 3.00 % Rs. 12,00,000 Purchase/Self Construction 31/12/2017 2.30 Lacs Not Mandatory

* woman ownership is not mandatory for construction / extension

**for MIG – 1 & 2 loan should be approved on/or after 1-1-2017

4Q. Is This Applicable For Properties In Rural Areas?

4A. No.

5Q. Is Woman Ownership Mandatory To Be Eligible For This Subsidy?

5A. Woman ownership or co-ownership is mandatory for EWS and LIG. However, this condition is not mandatory for self construction/extension or MIG categories.

6Q. What Is The Process Of Claiming Interest Subsidy?

6A. After the loan is disbursed, the required details are sent by HDFC to NHB for validation of data and other checks. NHB after necessary due diligence approve the subsidy to eligible borrowers.

7Q. How Will I Receive The Interest Subsidy Benefit?

  1.  After the loan is disbursed, the HDFC will claim subsidy for eligible borrowers from National Housing Bank (NHB).
  2. NHB after due diligence would approve & credit the subsidy amount to HDFC for all eligible borrowers.
  3. The subsidy will be calculated on the NPV (Net Present Value) method at a discount rate of 9%.
  4. On receipt of subsidy amount from NHB , same is credited to respective home loan account of the borrower and EMI is reduced proportionately.

8Q. What Happens When The Subsidy Has Been Disbursed But Due To Certain Reasons, The Construction Of The House Is Stalled?

8A. In such cases, the subsidy is to be recovered and refunded to the Central Government.

9Q. Can A Beneficiary Family Get A Loan Term Beyond 20 Years?

9A. Yes, beneficiary can avail a longer term beyond 20 years as per HDFC credit norms but the subsidy will be restricted to a max term of 20 years.

10Q. Is There Any Limit On The Loan Amount Or The Cost Of The Property?

10A. No, but the subsidy will be limited to the loan amount defined against each category and additional amount will be at non- subsidized rate of interest.

11Q. How Will The Interest Subsidy Work In Case I Transfer My Home Loan To Another Lender?

11A. In case a borrower who has taken a housing loan and availed of interest subsidy under this scheme but later on switches to another lending institution for balance transfer, such beneficiary will not be eligible to claim the benefit of this scheme again.

12Q. Where Can I Apply For Credit Linked Subsidy Scheme (CLSS)?

12A. You can apply for housing loan under CLSS at any HDFC branches.

13Q. Do I Have To Give Any Additional Documents To Avail This Subsidy?

13A. No, there are no additional documents except a self declaration of not owning a pucca house in the format as available in HDFC offices.

14Q. Can NRI Avail PMAY by HDFC bank?

14A. Yes.

PMAY by ICICI bank

pmay icici bank home loan
home loan under pmay scheme

Pradhan Mantri Awas Yojana, PMAY by ICICI bank provides more information about the scheme.The scheme was announced by our Honourable Prime Minister Narendra Modi and envisages the vision of housing for all by the year 2022.

Know more by following the below FAQs on PMAY by ICICI bank.

1Q. Who can avail Pradhan Mantri Awas Yojana PMAY under credit linked subsidy scheme?

1A.  A beneficiary is defined as:

  • 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.

2Q. What is Pradhan Mantri Awas Yojana Credit linked subsidy scheme?

2A. Credit Linked Subsidy, is a scheme launched by our honourable Prime Minister Shri Narendra Modi for Economically Weaker Section (EWS) and Low Income Group (LIG). The beneficiary would be eligible for interest subsidy on purchase/construction of a house. The scheme is also available for enhancement of a dwelling unit.

3Q. What is the interest rate subsidy and the loan amount for PMAY?

3A. Beneficiaries of Economically Weaker section (EWS) and Low Income Group (LIG) seeking housing loans would be eligible for an interest subsidy at the rate of 6.5% for a tenure of 15 years or during tenure of loan whichever is lower on the initial Rs. 6 Lakh. Any additional loan/s beyond Rs. 6 Lakh, will be at nonsubsidised rate.

4Q. How will you receive the interest subsidy benefit under PMAY ICICI bank?

4A. The bank will claim subsidy benefit for eligible borrowers from National Housing Bank (NHB). The NHB will conduct a due diligence to exclude claims where customer has submitted multiple request. For all eligible borrowers, the subsidy amount would be paid to the Bank. Once the bank receives the interest subsidy, it will be credited upfront to the Loan Account. The subsidy will be calculated on NPV basis at the rate of 9% discount rate.

For example, the borrower avails a loan for Rs. 8 Lakh and the subsidy works out to Rs. 2,20,000. The amount (Rs. 2,20,000) would be reduced upfront from the loan (i.e., the loan would reduce to Rs. 5,80,000) and the borrower would pay EMIs on the reduced amount of Rs. 5,80,000.

*The above example is for illustration purpose only and will depend on the actual amount received or any changes done by NHB on the same.

5Q. Is there any loan amount limit on PMAY by ICICI bank?

5A. No, there is no loan amount limit under this category of loans by ICICI bank.

6Q. What are the norms for EWS and LIG categories?

6A. The income norms for EWS/LIG categories are defined as follows:

  • EWS households with an annual income up to Rs. 3 Lakh
  • LIG households with an annual income between Rs. 3 Lakh to Rs. 6 Lakh

7Q. Where can you apply for credit linked subsidy scheme?

7A. You can apply for Housing Loan under CLSS at any ICICI Bank branch.

8Q. Do you have to give any additional documents to avail Pradhan Mantri Awas Yojana, PMAY by ICICI Bank?

8A. Just one additional document of declaration of not owing a pucca house in your name.

9Q. If you are a self-employed with a small business, can you avail Home Loan under Pradhan Mantri Awas Yojana, PMAY in ICICI Bank?

9A. Yes, you can avail this facility, if you qualify for the income criteria defined under this scheme.

Illustration:  Pradhan Mantri Awas Yojana, PMAY,  is a government subsidy scheme for families buying their first house, though there is no upper Loan Amount and Tenure cap for the scheme, however the subsidy benefit would be available on the initial Rs. 6 Lakh. It would be computed at a rate of interest of 6.5% p.a on a maximum amount of Rs. 6 Lakh or the loan amount whichever is lower for 15 years tenure with discounting rate of 9%. For 6 Lakh the interest subsidy comes to around Rs. 2,20,000. Hence an upfront subsidy of Rs. 2,20,000 would be claimed by the bank from NHB and the same would be adjusted against the outstanding amount in the Loan Account. The loan outstanding would reduce and result in lower EMI of approximately Rs. 2,000.

10Q. What is the size of dwelling units under Credit Linked Subsidy Scheme under Pradhan Mantri Awas Yojana?

10A. The Credit Linked Subsidy is available for housing loans availed for new construction and addition of rooms, kitchen, toilet, etc. to existing dwellings as incremental housing. The carpet area of houses being constructed under this component should be up to 30 sq. m. for EWS category and up to 60 sq. m. for LIG category. However, the beneficiary can construct a bigger house.

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.