Pradhan Mantri Awas Yojana (PMAY) is a government-launched scheme which aims to provide housing with water connection to every eligible family by 2022. State Bank of India (SBI), in order to help achieve this mission, has launched SBI PMAY under which eligible applicants can apply for this home loan scheme.
Some of the features of SBI PMAY are:
The applicant will have to fulfil certain eligibility criteria to apply for SBI PMAY scheme:
|Criteria||(CLSS – EWS +LIG)||Revised (CLSS – EWS +LIG)||CLSS (MIG-I)||CLSS (MIG-II)|
|Annual Income||Up to Rs.6 lakh||Up to Rs.6 lakh||Rs.6.01 lakh- Rs.12.00 lakh||Rs. 12.01 lakh-18.00 lakh|
|Carpet Area||30/60 sq.m||30/60 sq.m||160sq.m||200sq.m|
|Location||17778 towns||17778 towns||Urban||Urban|
|Woman Ownership||Yes (except for construction)||Yes (except for construction)||NA||NA|
|Maximum Loan Amount for Subsidy||Up to Rs.6 lakh||Up to Rs.6 lakh||Up to Rs.9 lakh||Up to Rs.12 lakh|
|Subsidy Amount||Rs.2.20 lakh||Rs.2.67 lakh||Rs.2.35 lakh||Rs.2.30 lakh|
|Net Present Value||9%||9%||9%||9%|
|Loan Tenure (on which subsidy will be calculated)||15 years||20 years||20 years||20 years|
|Property||1st home||1st home||1st home||1st home|
|Validity||2022||2022||31March 2020||31 March 2020|
|Applicability||Loans approved on or after 17 June 2015||Loans approved on or after 1 January 2017||Loans approved on or after 1 January 2017||Loans approved on or after 1 January 2017|
As per this scheme, an interest subsidy at 6.50% will be charged on the loan amount for a tenure of 20 years. Applicants who belong to the economically weaker section (EWS) or Low- Income Group (LIG) will be eligible to apply for this scheme. However, there are certain points one must note before looking to avail the Revised Credit Linked Subsidy Scheme for EWS/LIG:
17778 towns or 17778 statutory towns are towns which have a municipality, cantonment board, and corporation. Currently, there are 4,041 ‘17778 statutory towns’ in India.
Yes, both your son and daughter can apply for this scheme individually.
You can apply for this scheme by visiting the nearest SBI Branch with all the relevant documents. A representative from the bank will help with the application process. You can visit the SBI Home Loans page where on the SBI-PMAY page you can avail the call back facility. A representative from the bank will call you back.
It is mandatory for you to have Aadhaar for it must be linked to your primary bank account where the loan amount will be disbursed. If you don’t have one, it is recommended you apply for one. Once, you have the Aadhaar in your name, you can apply for this home loan scheme.
You can track the status of your application for Home Loan –PMAY by visiting the SBI Home Loans page where on the SBI-PMAY page, you will find the ‘Application Tracker’ status. You will then have to provide your mobile and reference number to check the status of your application for home loan.
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