Apply for Pradhan Mantri Awas Yojna Online

Home Loan  Updated date : December 9, 2017 101

Credit linked subsidy scheme under the Pradhan Mantri Awaas Yojana (Urban) provides interest subsidy on housing loans to eligible beneficiaries belonging to the EWS/LIG & MIG segment. Axis Bank is glad to partner with the government of India in this scheme for borrowers availing their housing loans. The subsidy can be availed for construction or purchase of house as per the below eligibility criteria:

CRITERIAEWS-LIGMIG-IMIG-II
Maximum Household income per annumUp to 6 lakhs.6 - 12 Lakhs12-18 Lakhs
Maximum Property Area ( carpet area)No restriction90sq.m110sq.m
Maximum Loan amount for subsidy calculation6 lakhs9 lakhs12 lakhs
Maximum tenure for subsidy calculation20 years
Interest Subsidy (% p.a.)6.50%4%3%
Subsidy amountRs.2.67 lakhsRs.2.35lakhsRs.2.30 lakhs
Women ownership on propertyYesNot applicableNot applicable
The beneficiary family should not own a pucca house in IndiaApplicableApplicableApplicable
Housing loan sanction date to be eligible for subsidyAfter 17.06.2015After 01.01.2017After 01.01.2017

Note:

  • Houshold definition EWS-LIG: A beneficiary family will comprise of husband, wife and unmarried children.
  • Houshold definition MIG-I & II: A beneficiary family will comprise of husband, wife, unmarried sons and/or unmarried daughters. An adult earning member (irrespective of marital status) can be treated as a separate household.
  • The applicants should have an Aadhar card copy to be eligible for benefit under MIG scheme
  • Home extension /Repair is included only under EWS-LIG scheme, the area limit will be 30sq.m./323sq.ft and 60sq.m./646sq.ft of built up area for EWS and LIG category respectively.
  • EWS/LIG households are defined as households having an annual income of upto Rs. 3 lacs/ between Rs.3 lacs to Rs.6 lacs respectively.


Disclaimer:

Interest subsidy on housing loan is calculated at applicable rates for PMAY EWG/LIG/MIG I/MIG II schemes respectively for a tenure of 20 years or the tenure of loan, whichever is lower. GOI will retain the supreme right of granting/rejecting the subsidy and Bank will not be held liable for the decisions taken by GOI.

The Bank may use the services of agents for sales, marketing and promotion of the Home Loan product. Contents of this advertisement, products and services offered by Axis Bank are subject to applicable laws and regulatory guidelines/ regulations. All loans at the sole discretion of Axis Bank Ltd. RBI does not keep funds or accounts of any individual/public/trust. Do not be a victim to any such offers coming to you on phone or email in the name of RBI.

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