Home Loan under Pradhan Mantri Awas Yojana-Urban 2.0

• The objective of the Pradhan Mantri Awaz Yojana-Urban 2.0 Scheme is to facilitate easy and
  affordable access to financial assistance for individuals seeking housing loan.
   

• The applicant family shall be residing in urban areas
• The applicant family shall belong to EWS (Annual household income upto 3.00 Lakhs, LIG (Annual household income 3.00 to 6.00 Lakhs) or MIG categories (Annual household income 6.00 to 9.00 Lakhs). For identification as EWS/LIG/MIG beneficiary under the Scheme, an individual loan applicant will submit self-certificate/affidavit as proof of income.
• The applicant family shall not own a pucca house anywhere in the country.
• The total project cost shall not be more than 35.00 Lakhs.
• The house constructed/ acquired/ purchased under the scheme should be in the name of female head of the family or in the joint name of the female and male head. However, where ever there is no adult female member in the family, the house can be in the name of male member.
• In cases where the applicant is a widower, unmarried, separated person or transgender, the house will be made in the individual’s name. 
• Any beneficiary who has been allotted house under any of the housing scheme of Central Government/State/UT Government or any other Govt agency in last 20 years in urban or rural shall not be eligible for seeking benefits under this scheme. An undertaking to this effect shall be provided by the applicant.
• All eligible beneficiaries (including family members) should have an Aadhar/Aadhar Virtual ID integrated with the details of beneficiaries.
• The selection of beneficiaries shall be carried out by a District/ULB level committee headed by District Magistrate/Municipal Commissioner/Executive Officer.

• The family shall comprise of husband, wife and un-married children
• The composition of family shall be ascertained from latest and valid ration card.
• There shall be below mentioned ceilings on carpet size:
Minimum: 30 Sq Mtrs 
Maximum 120 Sq Mtrs
Carpet area shall be ascertained from the estimate (for construction purpose) or valuation report (for ready built properties).
 

• ₹25.00 Lakhs (irrespective of purpose)

• Minimum 10% of cost/ estimate accepted for financing, thereby ensuring a maximum LTV of 90%.

• Principle along with interest shall be repaid in Equated Monthly Instalments (EMIs) after moratorium which shall be re-fixed with every increase/decrease in interest rate during the tenor of loan. The repayment period and EMIs calculated for repayment shall be decided on the merits of each case on a realistic basis after taking into account the repaying capacity of the borrower. 
  In order to keep the EMI unchanged due to upward revision in interest rate, borrower may be given option to extend loan tenor/ repayment period by a maximum of 5 years.
   

• The moratorium period shall be computed from date of 1st disbursement with below noted ceiling:
  I. For Purchase of built property Nil 
  II. For Construction 12 Months 
  III. For purchase of land along with  construction thereupon 12 Months
  IV. For Purchase of flat in under-construction projects Upto 36 months
   

• Processing charges: 0.25% of Loan amount + applicable GST 
• Minimum Rs 2000+ GST 
• Maximum Rs 5000+ GST
   

• Primary: 
  a) Mortgage of property to be constructed/purchased.  The title of the property must be clear, marketable and free from encumbrance.
• Collateral: NIL
   

• HLRLLR+0.25%

• Maximum value of property Rs 35.00 Lakhs
• Maximum Loan amount Rs 25.00 Lakhs Amount of Loan eligible for subsidy Rs 8.00 lakhs or actual loan amount disbursed, whichever less.
• Tenure for which subsidy available 12 years or actual tenure of loan, whichever less
• Carpet area Minimum: 30 Sq Mtrs
  Maximum: 120 Sq Mtrs
• Annual Household income Maximum Rs 3.00 Lakhs, Rs 6.00 Lakhs or Rs 9.00 lakhs as per category of family
• Maximum interest subsidy  Rs 1.80 Lakhs (@ 4% on 8.00 Lakhs for 12 years)
• Maximum interest subsidy-NPV Rs 1.50 Lakhs
• Subsidy disbursal In five equal instalments during first 05 years of loan disbursal.