Pradhan Mantri Awas Yojana
Time bound process of the submission of your subsidy application
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The Pradhan Mantri Awas Yojana (PMAY) allows eligible first-time home owners to claim subsidies against the purchase of their first property subject to its norms. If you dream of owning a home via PMAY and have applied for a home loan with Piramal Finance then our team of experts can help you through every stage of the application process.
Once your subsidy is approved, it is adjusted against your home loan automatically, making purchasing your dream home even more affordable. Our dedicated relationship managers are also available when you need them to answer any questions that you may have about the home loan application process or about the PMAY and its status. With interest rates as low as 6.5% thanks to a credit-linked subsidy, home ownership is now more affordable than ever before. All the other benefits of a home loan from Piramal Finance such as flexible tenures and installments are also active, to help make home ownership affordable.
| CLSS Scheme Type | Eligibility Household Income(₹) | Carpet Area-Max(sq. ft.) | Interest Subsidy (%) | Subsidy calculated on a max loan of | Loan Purpose |
|---|---|---|---|---|---|
| EWS and LIG | Upto ₹ 6,00,000 | 646 sq. ft. | 6.50 % | ₹ 6,00,000 | Purchase/Self Construction |
| MIG 1 | ₹ 6,00,001 to ₹ 12,00,000 | 1722 sq. ft. | 4.00 % | ₹ 9,00,000 | Purchase/Self Construction |
| MIG 2 | ₹ 12,00,001 to ₹ 18,00,000 | 2153 sq. ft. | 3.00 % | ₹ 12,00,000 | Purchase/Self Construction |
Minimum Age- 23 years
Maximum Age- 70 years
However, Director of listed Public companies will be treated as Salaried
| Interest Rate | |
|---|---|
| Customer Type | Rates |
| Salaried / Self Employed | Interest Rates starting from 10.50%* p.a |
| Fees & Charges | |
| Fees & Other Charges as applicable on application/ during the term of Loan are as under. These are subject to modifications from time to time as decided by Lender as per its internal policy and any such modification shall be notified by the Lender through its website or its branches or such other medium as Lender may consider appropriate | |
| Schedule of Fees & Other Charges | Details |
| Processing Fees |
|
| Part Payment/Pre-closure charges |
|
| Loan repayment instrument dishonour charges | ₹ 500/- + applicable taxes |
| CERSAI charges | ₹ 500/- + applicable taxes |
| Loan Pre-closure Statement | ₹ 1000/- + applicable taxes |
| List of documents deposited with the Lender | ₹ 500/- + applicable taxes |
| Loan Repayment Schedule | ₹ 500/- + applicable taxes |
| Change of Loan repayment mode | ₹ 500/- + applicable taxes |
| "Re-scheduling Loan terms (e.g. EMI Date change / EMI increase /Lowering of Tenor" | ₹ 5000/- + applicable taxes |
| No Due Certificate issuance charges | 1st time free; subsequently ₹ 500/- + applicable taxes |
| Statement of Account | Free once a year; subsequently ₹ 500 + applicable taxes |
| Photocopy of documents | ₹ 500/- + applicable taxes |
| Retrieval of original property documents | ₹ 500 + applicable taxes |
| Additional Charges | 2% p.m. on Outstanding Amount for the non-compliance of any terms and conditions of the Transaction Documents by the Borrower, for the period beginning the date of such noncompliance until the same is cured to the satisfaction of the Lender + applicable taxes |
| For detailed fees & charges and other Terms & Conditions click here | |
Application form with a recent photograph
Co-applicant is mandatory. Additionally, Woman co-applicant is mandatory in certain cases
Application form with a recent photograph
Co-applicant is mandatory. Additionally, Woman co-applicant is mandatory in certain cases
The rate of interest for the same tenor for different clients can be different depending upon the combination of one or more factors listed above.
PMAY stands for Pradhan Mantri Awas Yojana which is a Credit Linked Subsidy Scheme (CLSS) introduced by the Central Government of India with the aim of making affordable housing available to various sections of the society.
Piramal Finance does offer Home Loans under PMAY scheme.
To avail the PMAY subsidy, you will need to submit:
The Pradhan Mantri Awas Yojana subsidy scheme is applicable for a maximum tenure of 20 years.
Considering the numerous applicants of the Pradhan Mantri Avas Yojana, the subsidy will be received within 3-4 months after the government runs a thorough check on the submitted documents.
Under the PMAY scheme to provide affordable homes, the government will provide an interest subsidy of 6.5% on housing loans for a 20-year tenure.
A borrower can avail subsidies under the Pradhan Mantri Avas Yojna when they first acquire or construct the house. While the borrower can transfer the home loan balance, they will not be eligible to avail the subsidy upon the balance transfer.
You can track your PMAY application status on the NHB website www.pmayuclap.gov.in using the application i.d provided by Piramal Finance.
I applied for a home loan with Piramal and I got sanction for the required amount for 29 years under the Gruh Setu Home Loan. I have purchased the row house, and my family and I are happy that we will be moving into our new house soon.
I and my family were planning on buying a new home for which we needed a loan and I chose Piramal Finance. From collecting documents to guiding me at every step, Piramal has been a strong support system through the process.