Hey,
One of the popular initiatives made by the Government of India is the Pradhan Mantri Awas Yojana (PMAY) scheme. It was launched in 2015 and will end on 31 December 2024. Those eligible will get benefits such as low-interest rates and flexible repayment tenure. I will tell you which banks provide home loan under Prime Minister Aawas Yojna.
PM Aawas Yojna-related banks can be used by the beneficiaries. Take a look at the table to know the list of beneficiary groups.
Beneficiary |
Annual Income |
Middle Income Group I (MIG I) |
Rs.6 lakh to Rs.12 lakh |
Middle Income Group I (MIG II) |
Rs.12 lakh to Rs.18 lakh |
Lower Income Group (LIG) |
Rs.3 lakh to Rs.6 lakh |
Economically Weaker Section (EWS) |
Up to Rs.3 lakh |
Under the PMAY Urban and PMAY rural scheme, the following banks will help the beneficiaries to simplify their real estate journey. Few helpful services are : subsidised loan from bank Pardhan Mantri Awas Yojana , low-interest rate. The loan process for these banks may differ. You will have to inquire about each bank to know the details.
Bank of Baroda
State Bank of India
Axis Bank
IDFC First Bank
Bandhan Bank
Bank of India
HDFC Bank
IDBI Bank
Punjab National Bank
Canara Bank
You can look at the table to know the rate of interest for PMAY applicants. The rate is lower in comparison to commercial loans.
Particulars |
Interest Subsidy |
>Maximum Loan for Subsidy |
EWS |
6.50% p.a. |
Rs.6 lakh |
LIG |
6.50% p.a. |
Rs.6 lakh |
MIG -1 |
4.00% p.a. |
Rs.9 lakh |
MIG-2 |
3.00% p.a. |
Rs.12 lakh |
I hope my answer on which banks provide home loan under Prime Minister Aawas Yojna, helps you out.
Read more:
How to get PMAY subsidy? How much time it takes to get PMAY subsidy? Who is eligible for PMAY subsidy?
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Which banks provide home loan under prime minister aawas yojna?
Nithya
105Views
1 Year
2022-12-27T13:32:55+00:00 2022-12-29T13:38:05+00:00Comment
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