A "low interest" loan shouldn't mean you have very little interest in paying it back!
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  • Pradhan Mantri Awas Yojana Reviews

    • Bank Bazaar Customer Support
      0.5 2.5/5 "Just OK"
      Good services, quick response. Hope my requirements will be completed very soon. I suggest everyone to please go through the bankbazar.com for your requirements. Your dreams also will be fullfilled. Thanks to bankbazar.com hip hip hoore!!!
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "Process is so easy and comfortable"
      0.5 4.0/5 "Great!"
      It was a smooth process to apply, rather visiting different bank the experience over here was wonderful.The address and ID proof works amazing also here is no other competitors for bank bazaar and also instant loan application process is amazing. Lets hope for the best service and the result were very much satisfactory.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 20, 2017
    • Axis Bank Home Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The axis bank had very good communication in regards to my home loan application. They have disbursed my home loan within 3 days of time. The customer service and the response was good with Axis bank. The required loan amount has been approved and disbursed by axis bank. I am happy with the loan amount. The rate of interest of interest is nominal with the axis bank. I am satisfied with Axis bank service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • ICICI Bank Home Loan
      "Very Pathetic experience with ICICI HOME LOAN Department"
      0.5 0.5/5 "Unacceptable"
      I had a very Pathetic experience with ICICI HOME LOAN Department as their employees not aware of process to be followed for home loan. They did not consider House Government Proofs. They have their own list according to which all property documents should be arranged. No Responsible employee in Kaushambi Ghaziabad branch. ICICI should take care of this. Same property has been loaned from SBI bank and PNBHFL was also ready to provide loan on same property. Very Bad Service from Kaushambi Ghaziabad Team. Take care if you approach this branch.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jul 19, 2017
    • Axis Bank Home Loan
      "Worst Customer Service Experience"
      0.5 0.5/5 "Unacceptable"
      The worst possible way to get humiliated is when a Bank of choice for you for the past 6+ years decides that Customer service is for Fools. I was thrown around back and forth and was ignored on around 75+ calls made during a period of the whole of 2 months since my loan got sanctioned and the Bank has no response at all. And after 2 months they come back and say We can't process the loan. Does Axis bank think the customer is taken for granted just because they invested in the eco-system? I am closing the Salary accounts and Credit Cards I hold with the bank as they have lost all goodwill from an ardent customer. So in Axis bank's terms 15 working days = 2 Months in Communication Isolation. Worst Customer Service Experience Ever.
      Was this review helpful? 0
      , cuddalore
      Reviewed on Jul 19, 2017
    • LIC Housing Home Loan
      "HIGH Interest rate and NO service"
      0.5 0.5/5 "Unacceptable"
      After 5 years of fixed rate of interest tenure, without any notification or information LICHFL started charging sky high interest, which nowhere near to market rate. When contacted they asked to pay Rs 1050 and I had to fill and submit manual form, which is added head ache. After that also the rate of interest is quite high than the market rate. Again after one and half year, they are asking to submit manual form to their office and pay Rs 1180, to correct the interest rate. This rate is also quite high than the current market rate. YOU WILL END UP PAYING MORE INTEREST AND CHARGES FOR SURE. I would NOT recommend to take home loan from LICHFL.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Great Service"
      0.5 4.0/5 "Great!"
      It was a great service provided by you, I could compare loans terms of different banks in a single window. I need not to go any where for applying loan in my busy schedule. I will like to give it excellent, but I have uploaded my bank statements 3 times as I got some error . It would be great if I had received calls with in two hours as promised in the site, other wise it was a great service provided by them.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 18, 2017
    • Bank Bazaar Customer Support
      "Seemlesss application"
      0.5 3.5/5 "Pretty good"
      I have just managed to fill the application through bankbazaar.com in a span of a few minutes. The address and ID proof works amazing.. Form 16 submission was also pretty quick. Hope for the better service ahead as we move on with the other banking procedures.
      Was this review helpful? 0
      , thane
      Reviewed on Jul 18, 2017
    • Bank Bazaar Customer Support
      "Extraordinary assistance"
      0.5 5.0/5 "Blown Away!"
      I had an impressive conversation with Bank bazaar team and getting instant loan approval. Bankbazaar team is maintaining really a good and consistent workflow for getting the loan approved. I will recommend friends and family to get loans from Bank bazar.com if needed.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 16, 2017
    • IDBI Home Loan
      "Satisfactory service"
      0.5 4.0/5 "Great!"
      IDBI is good, but interest rate is slightly high compared to government sector for the home loan. I had taken the amount of Rs. 15 lakhs for the tenure 20 years, IDBI charged 9.35% for the home loan, and they deducted around 1% as a processing fee.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 13, 2017
    • Bank Bazaar Customer Support
      "Userfriendly site"
      0.5 4.0/5 "Great!"
      Bank Bazaar is good in service,which I post the online request for home loan, Bank Bazaar reach me on time and helped on the process. Whatever queries I had earlier it was rectified by Bank Bazaar executives, its a good site to compare and check the various interest rate.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 13, 2017
    • HDFC Limited Home Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      I have directly reached HDFC Ltd for the home loan, their executive are done a good job. Within three days of time, they have approved my housing loan. HDFC Ltd offered me the interest rate around 8.4 % for the principal of Rs.25 lakhs with the tenure of 20 years. I am very happy with HDFC ltd.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 13, 2017
    • Bank Bazaar Customer Support
      0.5 4.0/5 "Great!"
      Bank Bazaar is quite good, executive is also provided sufficient and satisfactory service. Bank Bazaar is quite good to compare offers in the market and also useful to analyze the best. The website is easy and user friendly I am very fine with that.
      Was this review helpful? 0
      , delhi
      Reviewed on Jul 13, 2017
    • HDFC Limited Home Loan
      "Response part should be improved"
      0.5 2.0/5 "Expected more"
      Hdfc Ltd response is not upto the mark, I have applied for the home loan, I submitted all my documents along with the processing fee of Rs.7800. Even I got sanction letter for the home loan. But still I am not sure about the application status, no one contacted me properly, I am the one calling them and getting the status.
      Was this review helpful? 0
      , delhi
      Reviewed on Jul 13, 2017
    • Bank Bazaar Customer Support
      "Good Responsive Site"
      0.5 3.0/5 "Satisfactory"
      Bank Bazaar is good their representatives are very fast, they helped on the loan process. When I file a loan request, I got instant call, I am very much fine with them. But when I checked home interest rate for the plot it showed some interest rate, it would be great if Bank Bazaar provides exact interest rate and it should match with the rate offered by financial institutions/banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 13, 2017
    • HDFC Limited Home Loan
      "Best offer"
      0.5 5.0/5 "Blown Away!"
      Initially I have some offer from HDFC Ltd, I though to process with that rate, it was shown in online channel, finally HDFC Ltd gave me some thing else. Now my loan is under process, I got my sanction letter, I have finalized a plot to construct a house for that HDFC Ltd processing the interest of 8.65% and also they taking some processing fee.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 13, 2017
    • Punjab National Bank Home Loan
      "Looking for better interest rate"
      0.5 4.0/5 "Great!"
      I have taken home loan from PNB Housing before five years, the experience was good. The process was quick and being housing loan they were processing the request pretty well. I felt interest rate was not competitive it would be flexible and it should be as per the market rate, I took the loan of Rs.34 lakhs, PNB housing had taken a processing fee of 1% from the disbursement.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 13, 2017
    • HDFC Limited Home Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I had applied for the HDFC Ltd for the home loan and as a customer I am very happy with the way they are process this loan. They had explained every bit of the information in detail before I even submitted my paper work. The interest rate and charges are very much reasonable too the loan amount I have taken is 17 lakhs and the rate of interest they have offered is 10% and 8.6% and the EMI is 16400
      Was this review helpful? 1
      , haridwar
      Reviewed on Jul 12, 2017
    • Sundaram BNP Paribas Home Finance Limited Home Loan
      "Interest rate should be reduced"
      0.5 3.0/5 "Satisfactory"
      I tried to take home loan in HDFC Ltd but they were asking so many documents. Hence I gone with Sundaram Bnp for the home loan process was simple but they offered me 10.5% of interest it was high, still they didn't reverse the interest rate. I have taken the amount of 13 lakhs I would like to switch over to other bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 12, 2017
    • LIC Housing Home Loan
      "Very Good service"
      0.5 4.0/5 "Great!"
      I got a home loan with LIC housing finance last year. They took around 2 months to disburse my home loan. The customer service and the response was good with LIC . The rate of interest is high at present, because it is a floating interest rate, I am expecting it may come down in future. The required loan amount has been disbursed and I am happy about the loan amount .
      Was this review helpful? 0
      , kanchipuram
      Reviewed on Jul 11, 2017
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    Pradhan Mantri Awas Yojana (Housing for All 2022 Scheme) is Rated as "Great!" by 22740 Users

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    Pradhan Mantri Awas Yojana

    This is a particular scheme by the Indian Government that takes limelight to make it better for homeless people in India.

    Some of the main facts that one should be aware of, is that the slum or homeless populations are growing at 34% and are expected to reach a whopping 18 million soon. Also, there are 2 million non-slum poor in urban cities that also need a home. Our PM Shri Narendra Modi has come up with the Pradhan Mantri Awas Yojana, which is a housing project for the 20 million people we just discussed earlier.

    If this scheme does work, it would at least help to reduce India's major contribution with one of the highest homeless populations in the World. Also it is essential to understand the different plans for rural and urban PMAY which improves the quality of life for urban people, regardless of their income groups.

    Aim of PMAY Housing Scheme for All By 2022:

    Under the Pradhan Mantri Awas Yojana (PMAY), the main proposal was to constrict 20 million homes for the those people belonging to the Low Income Families and Economically Weaker Sections in the identified urban and semi urban areas by 2022. The central government has already pushed the subsidy of INR 2 lakh crores for this. Housing for all 2022 has mainly four categories, which are:

    • Building and/ or enhancing the houses led by legatees
    • Reasonable housing via Credit Linked Grant
    • In-situ Slum Redevelopment with private sector participation using land as resource
    • Affordable housing in association with private and government funding

    As per these components, government aid will be an amount between INR 1 lakh and INR 2.30 lakhs based on the beneficiary's eligibility.

    Beneficiary of PMAY:

    The beneficiary of this scheme is defined as the following:

    • A family unit that includes a husband, a wife and children who are yet to be married.
    • He/she/they must not own a constructed house in the Indian subcontinent to avail this scheme.
    • He/she/they should be meeting the income requirements of the scheme.
    • Income Requirements of the Beneficiary for PMAY: The economically weaker sections consist of families with a yearly income of less than 3 lakhs. People who belong to annual income group of Rs. 3 lakhs and up to Rs. 6 lakhs will fall under lower income groups or LIG.
    Home Loan Offers

    Highlights of the Pradhan Mantri Awas Yojana (PMAY)

    Scheme Pradhan Mantri Awas Yojana
    Brief introduction about Pradhan Mantri Awas Yojana The Pradhan Mantri Awas Yojana aims to provide cost effective housing solutions for the economically weaker sections of the society. The objective is construct 2 crore houses across the country by 2022.
    Objective Affordable housing for all
    Target group Those who belong to the economically weaker sections of society and low income groups
    Areas where homes will be constructed Urban areas
    Launched by Prime Minister Narendra Modi
    Number of phases Three
    Date of launch June 25,2015
    • The scheme is mainly targeted at the urban poor in India
    • There will be no caste based discrimination while providing loans under this scheme
    • Facility will be available to scheduled castes and scheduled tribes
    Subsidy range Between Rs.1 lakh and Rs.2.30 lakh
    Eligibility criteria
    • Age - 70 years or lesser
    • Income range - less than Rs.3 lakh for economically weaker sections & between Rs.3 to 6 lakh for lower income groups
    Interest rate 6.5%

    Benefits and Basic Features About Urban PMAY

    • Subsidy interest rate is provided at 6.5% on housing loan for the term of 15 years to all the beneficiaries.
    • Differently abled and senior citizens get preference in allocation of ground floors under this scheme.
    • Sustainable and eco-friendly technologies would be used for construction.
    • The scheme covers entire urban areas in the country which includes 4041 statutory towns with the first priority given to 500 Class I cities. This will be done in 3 phases.
    • The credit linked subsidy aspect of the PMAY scheme gets implemented in India in all statutory towns from the initial stages itself.

    Objectives of the PMAY Scheme:

    Based on recent estimates, as of September 2016, the population of the urban dwellers in India increased at an alarming rate and is expected to see a greater rate of growth in the following years. It is said that by 2050, urban dwelling population will rise to 814 million people. The calculation predicted is almost twice the number that already reside in urban areas. The major challenges also include providing people with housing options that are affordable and other major related concerns such as sanitation along with sustainable development. The Ministry also has to ensure a sustainable and safe environment for the urban population.

    1. The main objective of the Pradhan Mantri Awas Yojana is housing that is affordable for all by the year 2022.
    2. It also intends to make it accessible to demographics that are specific such as economically challenged groups, women along people belonging to minorities such as Scheduled Castes and Scheduled Tribes.
    3. The Government's other goal is directly in association with some of the most ignored demographics which include widows, lower income group members, transgender and henceforth provide them with sustainable and affordable housing scheme.
    4. Special preferences for ground floor properties will be given to differently abled and senior citizens if required.
    5. Registration is mandatory to avail the benefits of this scheme which includes the strict beneficiary names to be mothers or wives.

    This scheme launch is intended to target urban areas of the following options to States or Union Territories as well as cities as mention earlier.

    Three Phases of Pradhan Mantri Awas Yojana (PMAY) Scheme

    The Pradhan Mantri Awas Yojana will be executed in three phases. Refer to the below tables for more details:

    Phase 1

    Start date April 2015
    End date March 2017
    Cities covered 100

    Phase 2

    Start date April 2017
    End date March 2019
    Cities covered 200

    Phase 3

    Start date April 2019
    End date March 2022
    Cities covered Remaining cities

    Eligibility of Beneficiaries for PMAY (Gramin)

    The Socio Economic and Caste Census of 2011 (SECC 2011) is going to be utilized to identify and select the list of beneficiaries under the Gramin plan of the PMAY.

    The village panchayats along with tehsils will be considered for consultation of beneficiaries before making the list under the rural housing scheme. This is going to be done in order to ensure transparency of the project and also make sure that only the deserving receive the aid in housing.

    Eligibility for the Pradhan Mantri Awas Yojana (Urban)

    The following demographics are eligible for the scheme:

    1. Indian citizens who are women may apply. No other demographic will be considered as long as they are women.
    2. People who belong to the low income group i.e. LIG and economically weaker sections also known as EWG in the society, may also apply.
    3. Scheduled tribes and castes will also be eligible.
    4. Senior citizens and differently abled will be given special priorities for ground floor housing.

    How to Apply Pradhan Mantri Awas Yojana

    Simply check whether you are eligible under the scheme and apply by completing the following instructions:

    1. First visit the PMAY official website: http://pmaymis.gov.in/
    2. Find the "Citizen Assessment" option from header menu section
    3. Enter your Aadhaar card number
    4. After this it will be landing you to the application page, make sure all the information filled are accurate.
    5. Then download the application form and print the page
    6. Submit the form at your nearest CSC office centres and financial insituation/banks along with the required documents.

    PMAY Home Loan Interest Rate:

    Home loan interest rate is around 9% at present. So, if 4% interest subsidy on a loan of up to Rs.9 Lakhs is applied, then the E.I.R (Effective Interest Rate) would be 5%, which will benefit the borrowers.

    Pradhan Mantri Awas Yojana (PMAY) - Credit Linked Subsidy Scheme

    Eligibility Income Range Carpet Area Rate of Interest Subsidy Amount
    Economically weaker sections Max of Rs.6 lakh 60 sqm 6.5% Rs.6 lakh
    Lower Income groups Max of Rs.6 lakh 60 sqm 6.5% Rs.6 lakh

    Pradhan Mantri Awas Yojana EMI Calculator

    Pradhan Mantri Awas Yojana scheme aims to simplify the process of purchasing a home for the urban poor and weaker sections of society through EMIs at reasonable rates of interest. The rate of interest is comparatively much lesser than commercial rates, thus offering people subsidised loans.

    To calculate the EMI log on to the Pradhan Mantri Awas Yojana website and fill in the following details: http://pmaymis.gov.in/EMI_Calculator.aspx

    • The total loan amount in rupees
    • The rate of interest
    • The total loan period in months

    Once the following details are submitted, click on the ‘Calculate’ option. This will give you the monthly installment or EMI payable in rupees.

    Housing Finance Companies Under PMAY

    IKF Housing Finance Private Limited
    Ummeed Housing Finance Private Limited
    West End Housing Finance Limited
    Viva Home Finance Ltd.
    Vastu Housing Finance Corporation Ltd
    USB Housing Finance Corporation Ltd
    Tata Capital Housing Finance Ltd.
    Swarna Pragati Housing Microfinance Private Limited
    Swagat Housing Finance Company Ltd.
    Supreme Housing Finance Limited
    Sundaram BNP Paribas Home Finance Ltd.
    SRG Housing Finance Ltd.
    Shubham Housing Development Finance Company Pvt. Ltd.
    Shriram Housing Finance Ltd.
    SEWA Grih Rin Ltd.
    Saral Home Finance Ltd.
    Sahara Housing Finance Corporation Ltd
    Repco Home Finance Ltd.
    Religare Housing Development Finance Corporation Ltd.
    Reliance Home Finance Ltd.
    RAAS Housing Finance (India) Ltd.
    PNB Housing Finance Ltd.
    Panthoibi Housing Finance Company Ltd.
    Orange City Housing Finance Ltd.
    North East Region Housing Finance Ltd.
    Nivera Home Finance Ltd
    New Habitat Housing Finance and Development Ltd.
    National Trust Housing Finance Ltd.
    Muthoot Housing Finance Company Ltd.
    Muthoot Homefin Ltd.
    Micro Housing Finance Corporation Ltd
    Mentor Home Loans India Ltd.
    MAS Rural Housing and Mortgage Finance Ltd.
    Manappuram Home Finance Pvt. Ltd.
    Manipal Housing Finance Syndicate Ltd.
    Mamata Housing Finance Company Pvt. Ltd.
    Mahindra Rural Housing Finance Ltd.
    Magma Housing Finance
    LIC Housing Finance Ltd.
    L&T Housing Finance Ltd.
    Khush Housing Finance Ltd.
    India Shelter Finance Corporation Ltd.
    India Infoline Housing Finance Ltd.
    India Home Loan Ltd.
    India Bulls Housing Finance Ltd.
    ICICI Home Finance Company Ltd.
    Housing Development Finance Corporation Ltd.
    Housing and Development Corporation Limited
    Home First Finance Company Ltd.
    Hinduja Housing Finance Limited
    HBN Housing Finance Ltd.
    Habitat Microbuild India Housing Finance Company Pvt. Ltd.
    GRUH Finance Ltd.
    GIC Housing Finance Ltd
    Fullerton Home Finance Company Ltd
    Fast Track Housing Finance Company Ltd.
    Equitas Housing Finance Pvt. Ltd.
    Edelweiss Housing Finance Pvt. Ltd
    DMI Housing Finance Pvt. Ltd.
    DHFL Vyasa Housing Finance Ltd
    Dewan Housing Finance Corporation Ltd.
    Cent Bank Home Finance Ltd.
    Capri Global Housing Finance Private Limited
    Capital First Home Finance Ltd.
    Can Fin Homes Ltd.
    AU Housing Finance Ltd.
    Aspire Home Finance Corporation Ltd.
    Aptus Value Finance Corporation Ltd.
    Aptus Value Housing Finance India Ltd.
    Akme Star Housing Finance Ltd.
    Aditya Birla Housing Finance Ltd.
    Aadhar Housing Finance Ltd.
    Vijaya Bank
    Central Bank of India
    State Bank of Patiala
    United Bank of India
    UCO Bank
    Syndicate Bank
    State Bank of Travancore
    State Bank of Mysore
    State Bank of Hyderabad
    State Bank of Bikaner & Jaipur
    Punjab National Bank
    Punjab & Sind Bank
    Oriental bank of Commerce
    Indian Overseas Bank
    Indian Bank
    Dena Bank
    Corporation Bank
    Canara Bank
    Bhartiya Mahila Bank Ltd.
    Bank of Maharashtra
    Bank of India
    Bank of Baroda
    Andhra Bank
    Allahabad Bank
    South Indian Bank Ltd.
    Nainital Bank Ltd.
    Lakshmi Vilas Bank
    J & K Bank
    Dhanlaxmi Bank Ltd
    City Union Bank
    Yes Bank
    The Federal Bank Ltd.
    Catholic Syrian Bank
    Tamilnad mercantile Bank Ltd
    Karur Vysya Bank Ltd.
    Karnataka Bank Ltd.
    ICICI bank Ltd.
    DCB Bank Ltd.
    Axis bank Ltd.
    Ellaquai Dehati bank
    Purvanchal Bank
    Vanachal Gramin Bank
    Uttarbanag Kshetriya Gramin Bank
    Telangana Grameena Bank
    Satlij Gramin Bank
    Sarva UP Gramin Bank
    Rajasthan Marudhara Gramin Bank
    Meghalaya Rural Bank
    Jharkhand Gramin Bank
    J& K Grameen Bank
    Bihar Gramin Bank
    Baroda Rajasthan Kshetriya Gramin Bank
    Bangiya Gramin Vikas Bank
    Chaitanya Godavari Grameena Bank
    Central Godavari Grameena Bank
    Sarva Haryana Gramin Bank
    Kaveri Grameena Bank
    Punjab GRamin Bank
    Baroda Uttar Pradesh Gramin Bank
    Gramin Bank of Aryavart
    Prathama Bank
    Uttar Bihar Gramin Bank
    Pandyan Grama Bank
    Kashi Gomti Samyut Bank
    Odisha Gramiya Bank
    Madhyanchal Gramin Bank
    Tripura Gramin Bank
    Chhattisgarh Rajya Gramin Bank
    Utal Grameen Bank
    Saurashtra Gramin Bank
    Pragathi Krishna Gramin Bank
    Narmada Jhabua Gramin
    Nagaland Rural Bank
    Mizoram Rural Bank
    Manipur Rural Bank
    Maharashtra Gramin Bank
    Madhya Bihar Gramin Bank
    Langpi Dehangi Rural Bank
    Kerala Gramin Bank
    Karnataka Vikas Grameena Bank
    Dena Gujarat Gramin Bank
    Baroda Gujrat Gramin bank
    Assam Gramin Bank
    Arunachal Pradesh Rural Bank
    Andhra Pradesh Grameena Vikas Bank
    Allahabad UP Gramin Bank
    Janta Sahakari Bank Ltd
    The Punjab State Cooperative Bank Ltd.
    Uttarakhand State Cooperative Bank Ltd.
    Shree Panchganag Nagari Sahakari Bank Ltd.
    Kerala State Co-Operative Bank Ltd.
    Karad Urban Co-operative Bank Ltd.
    Meghalaya Co-Operative Apex Bank Ltd
    Sangli Urban Co-Operative Bank Ltd.
    The Surat People’s Cooperative Bank Ltd.
    The Goa State Co-Operative Bank Ltd.
    Sikkim State Co-Operative Bank Ltd.
    Shikshak Sahakari Bank Ltd.
    Sardar Bhiladwala Pardi People’s Co-Operative Bank Ltd.
    Odisha State Cooperative Bank
    Nutan Nagarik Sahakari Bank Ltd.
    Mizoram Cooperative Apex Bank Ltd.
    Mehsana Urban Co-Operative Bank Ltd.
    Mahanagar Co-Operative Bank Ltd.
    Kalupur Commercial Co-operative Bank Ltd.
    Jharkhand State Co-Operative Bank Ltd.
    J&K State Cooperative Bank
    Cosmos Co-operative Urban Bank Ltd.
    Cosmos Co-operative Urban Bank Ltd.
    Chhattisgarh Rajya Sahakari Bank Maryadit
    Bihar State Co-operative Bank Ltd.
    Jalgaon Janata Sahakari Bank Ltd.
    Sarvodaya Commercial Co- operative Bank
    Citizen Credit Co-op Bank Limited
    The Nawangar Co-operative Bank Ltd.
    The Greater Bombay Co- operative Bank Ltd.
    The Bharat Co-operative Bank (Mumbai) Ltd.
    The West Bengal State Co- operative Bank Ltd.
    The Kalyan Janata Sahakari Bank Ltd.
    The Gujarat State Co-operative Bank Ltd
    The Ahmedabad Mercantile Co- operative Bank Ltd.
    Shri Mahila Sewa Sahakari Bank Ltd.
    Rajkot Nagarik Sahakari Bank Limited
    Punjab & Maharashtra Co- operative Bank Ltd
    Prime Co-operative Bank Ltd.
    Bombay Mercantile Co-operative Bank

    By careful assessment, contemplation and debate, the government has chosen a list of cities and towns from the following states.

    • Kerala: 15 urban and semi-urban regions
    • Telangana: 34 urban and semi-urban regions
    • Gujarat: 30 urban and semi-urban regions
    • Maharashtra: urban and semi-urban regions
    • Madhya Pradesh: 74 urban and semi-urban regions
    • Orissa: 42 urban and semi-urban regions
    • Chhattisgarh: 75 urban and semi-urban regions
    • Jharkhand: 15 urban and semi-urban regions
    • Rajasthan: 40 cities/towns
    • Jammu and Kashmir: 19 urban and semi-urban regions

    Pradhan Mantri Awas Yojana Toll Free Helpline Number

    In case of any queries relating to the application process, interest rates and any other scheme related queries, customers can contact the Pradhan Mantri Awas Yojana toll free helpline number:

    • 1800-11-6163 (Urban, HUDCO)
    • 1800-11-3388 (Urban,NHB)
    • 1800-11-3377 (Urban,NHB)
    • 1800-11-6446 (Gramin)

    Those facing any issues related to the application process can contact the above toll free numbers according to the locations.

    PMAY Loan Amount Doubled - 2017

    On 2nd January, 2017, Narendra Modi, the Prime Minister of India, doubled the loan amount under Pradhan Mantri Awas Yojana (PMAY) that is eligible for interest subsidy for urban areas.


    The government will now provide the following under this scheme:

    • Loans of up to Rs.12 lakhs with up to 4% interest subvention.
    • If people borrow up to Rs.2 Lakhs for the purpose of purchasing a new home or for housing extension in rural areas, then they will get 3% interest subvention.
    • If people borrow loan of up to Rs.9 Lakhs in 2017, they will get 4% interest subvention.
    • If people borrow loan of up to Rs.12 Lakhs in 2017, they will get 3% interest subvention.

    Apart from the above, the government will create 2 new middle income categories in urban areas under PMAY.

    FAQs on Pradhan Mantri Awas Yojana:

    You still may have some questions, regarding some terms that you may not be familiar with or some queries that you may have about. Here are some of these most commonly asked questions about PMAY and PMAY Gramin:

    1. If I am a woman can I apply for this scheme?

      Yes, this scheme gives priority to women who are running a family within the lower income groups. However, if your husband, father or any other family member that you reside with has applied, your application will be rejected.

    2. I am a senior citizen and fall under the local income groups? While the PMAY scheme seems financially viable, as an elderly person I would prefer a housing in the Ground Floor. What should I do?

      You simply need to apply as a senior citizen, since all senior citizens are provided the priority for having access to Ground floor housing. However, ensure that you apply early since the priorities among senior citizens for ground floor is also shared with differently able beneficiaries as well.

    3. What does one mean by DBT?

      People refer to Direct Benefit Transfer as DBT. This means that the beneficiaries will receive the funds they are expected to receive, in the form of installments, under the scheme, directly in their bank accounts, instead of having to go through random offices and banks. The funds allocated for the rural housing scheme under PMAY will also be sent off to the beneficiaries through direct fund transfer to the bank accounts of the listed and identified beneficiaries. Labour allocation and labour training for the Awas Yojana

    4. Why will the Government geo tag the properties under the PMAY housing project?

      The importance of transparency in the whole housing project is essential, right from the scheme rules and regulations being created to the basic requirement of sanitation being implemented in the housing. All of that must be followed, which requires geo tagging, to have all information available for parties involved, whenever needed. Geo tagging, basically means adding meta data to a photograph or map of your home located in the map. It also helps retain updated satellite imagery of the progress of the project. This helps to remotely monitor each unit, without having to be there in person.

    5. How long will the PMAY project last?

      The PMAY project is supposed to last until 2022. But, this is the date, which ensures that all the regions in India have beneficiaries, who can avail the scheme. The construction and ultimately the beneficiaries moving in may take longer.

    6. How Do I Find out whether my town or city is part of the first phase?

      Simply go online, and check for the list of cities in the the first Phase of the PLAY project.

    7. Transgenders are also a part of the Indian society. As a transgender can I apply?

      Transgenders often belong to low income groups and economically challenged groups. As long as they also cover all the other eligibility requirements, such as documentation or a single applicant from a family, this demographic will not be ignored by this scheme. However if you are not in the income groups required by the schemes, you will not be eligible for the scheme.

    8. What is the maximum annual income should I have to be eligible for PMAY?

      Your annual income should not be more than Rs. 6 lakhs. However, there are no lower limits for the PMAY income requirement.

    9. Why would sustainable and eco-friendly technologies be used for construction in the housing projects under the PMAY? Are they not making it more expensive that way?

      Eco-friendly projects do not mean that the PMAY constructions will make the ultimate housing price expensive. It only means that it will ensure that the environment is not harmed in anyway. It is essential to ensure that people in the future and that too in the near future do not perish due to environmental hazards, considering that global warming is a real phenomenon and is hitting our country, more than we realize.

    10. What is a Central Nodal Agency when we are talking about PMAY?

      These are basically nodal agencies that are identified by the Ministry or Government to function as bodies which implement Credit linked subsidy.

    11. What does one mean, by carpet area in lieu with Pradhan Mantri Awas Yojana?

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

    12. How does the housing project ensure that there is enough labour for construction for the housing under the PMAY in rural regions?

      The Mahatma Gandhi National Rural Employment Guarantee Act enables the Government to hire enough labour for construction of homes under PMAY in the rural regions. The beneficiaries under the P M Awas Yojana will have access to unskilled labour for 90 days through MGNREGA. Already 30,000 masons have been trained for the purpose as of September 2016.

    13. What is FAR when it comes to PMAY?

      Let us take a look at the equation to quickly understand what FAR means:

      • Floor Area Ratio = Total covered area on all the floors x 100 divided by Plot area.
      • However, some cities or towns may have varied definitions. The definitions that have been promoted by the region will be considered under such conditions to remove any sort of confusion.
    14. What is Implementing Agencies and how are they different from Central Nodal Agencies (CNA)?

      These agencies comprise of any Urban Local Bodies, Housing Boards, Development Authorities, etc., unlike nodal agencies that have been picked by State Government or SLSMC for the purpose of implementing Housing for PMAY missions.

    15. What is TDR or Transfer of Development Rights?

      This term simply ensures the availability of a particular amount that is additional on the built up with respect to the surrendered or relinquished area of land which allows the owner to use an added built up area for himself/herself in some other land.

    News About Pradhan Mantri Awas Yojana

    • CLSS on housing loan under the MIG category has few takers

      Though the interest subsidy scheme on home loans was announced earlier this year, so far there are only 250 people who have availed the credit-linked subsidy scheme (CLSS) for the middle-income group (MIG). It was discovered in one of the recent reviews which has resulted in the government directing the National Housing Bank (NHB), the Housing and Urban Development Corporation Limited (HUDCO), and the public sector banks (PSBs) to promote CLSS on housing loan. The government is aiming at providing at least 2 lakh home loans under this initiative by end of this year.

      20th July 2017

    • Challenges faced by Pradhan Mantri Awas Yojana (PMAY)

      The government ambitious plan of ‘housing for all’ under the Pradhan Mantri Awas Yojana (PMAY) is facing a lot of challenges which makes it difficult to achieve the scheme’s goal by 2022. From the scarcity of land to complicated property records, illegal possession of properties, etc. have slowed down the Pradhan Mantri Awas Yojana (PMAY) scheme which is expected to ensure affordable housing for all by 2022. Though the government has already approved over 1.5 million house in urban regions and built over 100,000 houses, it is still not sufficient to provide housing for all. Additionally, there are over a million houses which are vacant but not on rent. The government will need to look into these bottlenecks to understand the root cause and take necessary action to achieve ‘housing for all’ by 2022. The government is already working with many of the leading builders/developers and banks to build more affordable homes in rural as well as urban areas.

      14th July 2017

    • Home Loans grow due to affordable housing

      All the providers of housing finance expect that the affordable homes segment will grow by 25% due to the subsidy that is offered under the PMAY (Pradhan Mantri Awas Yojana). This particular scheme can be availed till December 2017. It offers a subsidy of 4% on the home loans that go up to Rs.9 lakh for people who earn up to Rs.12 lakh each year. For people earning more than Rs.18 lakh in a year, a subsidy of 3% on the loans up to Rs.12 lakh can be enjoyed.

      MD of Liases Foras, Pankaj Kapoor stated that the maximum growth in sales was 31% and it was reported in affordable homes segment. This segment includes properties that cost less tha Rs.25 lakh. There was decline in sales by 4% for the ultra-luxury homes segment. The period between October 2016 and December 2016 witnessed a slump after the demonetisation, but the demand was healthy again between January 2017 and March 2017. According to Developer Niranjan Hiranandani, the sales at his project in Thane has been good for the apartments below 600 square feet. He added that a further surge will be noticed after other projects hit the market and individuals start availing tax benefits. Indiabulls Housing, one of the leading mortgage companies in India told the investors that a person seeking an amount of Rs.24 lakh, effective rate he/she will pay stands at 0.42% after considering all the subsidies and tax breaks. The effective rate on home loans in the affordable housing segment (mid-income) is almost at zero levels. Ownership is an affordable option as rental yields stand at 3.2%.

      19th June 2017

    • UP Housing and Development Board to provide subsidies with home loan interest

      The UP Housing and Development Board has announced that subsidies would be provided to people belonging to various income groups who come under the Pradhan Mantri Awas Yojna (PMAY) so that affordable housing will just be an arm’s length away for people residing in Uttar Pradesh. This offer will be extended by the board under the “Credit Linked Subsidy Income” where people will be given subsidies based on a first come first serve basis. People whose annual income falls in the Rs.3 lakh or lower bracket will be entitled to a 6.5% subsidy for homes that measure up to 30 sq.mt. in area. A 6.5% subsidy is provided to people whose annual income falls in the Rs.3-6 lakh bracket for a house that measures up to 60 sq.mt. in area. People whose annual income falls in the Rs.6-12 lakhs bracket can avail 4% subsidy for a house that measures 90 sq.mt in area and 3% subsidy is provided to individuals with an annual salary that falls in the Rs.12-18 lakhs bracket for a house that measures 110 sq.mt. in area.

      The board has announced that this subsidy in home loan interest will be provided for loans that have been sanctioned for a tenure of 20 years.

      6th June 2017

    • ICICI Bank and HDFC cut home loan rates to match SBI under the Pradhan Mantri Awas Yojana

      Supporting the Modi-led government’s campaign to provide housing for all from the below the poverty line and low income families by 2022, ICICI Bank and HDFC also cut the interest rates for home loans by 0.3% to match the interest rate offered by State Bank of India. ICICI Bank MD, Chanda Kochhar, said that the bank is committed to supporting the government's vision to provide housing for all by 2022. He added by saying that customers of Economically Weaker Section (EWS) and Low Income Group (LIG) can avail the dual benefit of low interest rates from us and the Credit Linked Subsidy under the Pradhan Mantri Awas Yojana.

      29th May 2017

    • Home loans get cheaper

      Ever since the Modi-led government launched the “housing for all” campaign under PMAY, top banks around the country have slashed the interest rates for home loans. Currently, Axis Bank, SBI, HDFC and ICICI Bank are offering home loans at an interest rate of 8.35%. Having cut the home loan rates by 15-30 basis points, most banks have said the offer at these rates would be for a limited time only.

      23rd May 2017

    • Orissa sanctions construction of about 10,600 houses under PMAY

      The government of Orissa has sanctioned 31 projects under the Pradhan Mantri Awas Yojna. Under the scheme, around 10,600 houses will be constructed in more than 25 municipal areas. Apart from that, the government has also sanctioned the construction of 50,000 houses for the poor living in urban localities. These houses will be constructed under the BLC scheme, slum development project, and affordable housing project. The housing projects sanctioned by State Level Sanction-cum-Monitoring Committee (SLSMC) will be sent to the Ministry of Housing and Urban Poverty Alleviation for the final approval.

      18th May 2017

    • Affordable housing will be the key to growth for housing finance firms

      The initiative of ‘housing for all’ by Prime Minister Narendra Modi has brought together few of the leading developers, builders, and financing firms to improve the growth of realty sector in India. In the Union Budget, the government also announced the availability of interest rate subsidy for the middle-income group on home loans. Following the changes, most lenders have noticed a significant growth in the total number of home loan application. There are many home loan financing companies who are expecting a positive change to the reality sector in India. The affordable housing schemes with the benefits are becoming the key to the growth of housing finance firms in India.

      10th May 2017

    • Benefits of Pradhan MantriAwasYojana

      Prime Minister Narendra Modi had announced the Pradhan Mantri Awas Yojana (PMAY) on the New Year’s evening. This scheme is named as Credit Linked Subsidy Scheme (CLSS) for Middle Income Group (MIG). It allows induvial in the middle-income group to avail subsidy on home loan interest amount. An individual can avail for as much as 3-4% of subsidy on home loan interest plan under this scheme. An individual can save as much as Rs.2,000 on EMIs. The scheme is applicable for a house, flat, or properties bought on or after 1st of January 2017. This scheme will provide relief to first-time house buyers in the middle-income group. The government is also working with banks and builders to facilitate the subsidy scheme.

      10th April 2017

    • Home loan interest subsidy under CLSS-MIG

      As per the announcement on the 31st December, 2016, Prime Minister Narendra Modi took an initiative of ‘Housing for All’ scheme. Under this Credit Linked Subsidy Scheme (CLSS) for Middle Income Groups (MIG), an individual with annual incomes above Rs.6 lakh and up to Rs.18 lakh per year is eligible for interest subsidy on housing loans under the new CLSS(MIG). The subsidy is provided to borrowers who are buying their first house. The borrower will need to approach the lender in order to take advantage of the subsidy. This subsidy can help the borrower reduce the EMI up to Rs.2000.

      5th April 2017

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