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Home / Finance / Home Loan / Which banks provide home loan under prime minister aawas yojna?
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Which banks provide home loan under prime minister aawas yojna?

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0 2022-12-27T13:34:18+00:00

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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