To make your home purchase affordable and give you a tax benefit PNB housing finance Ltd. provides home loans under Pradhan Mantri Awas Yojana (PMAY). All the individuals who belong to LIG, EWS, MIG-1 or 2 are eligible for the PNB home loan. You can get a home loan easily from the housing finance and borrow a desirable loan amount. Read the given article to know the features of PMAY home loans by PNB Housing Finance.
PNB home loan eligibility criteria for PMAY applicants
If you want to apply for a home loan from PNB housing finance under the PMAY scheme then you must meet the loan criteria. PMAY home loan criteria for the loan applicants are as follows.
- Minimum age of the applicant should be above 18 years
- Annual income of the family must be INR 6 lakh if belong to EWS or LIG
- And, INR 6 to 12 lakh annual income for MIG1 and MIG2 applicants
- Shouldn’t have own a “pucca” house in the applicant or family member name
By checking the loan criteria only then you must apply for PNB home loan. Otherwise, your application may get rejected. So you must check the loan criteria before applying for it for a hassle-free loan process. And if you meet the loan criteria then you can negotiate for a low rate of interest.
Subsidy benefit on PNB home loan
You can get a subsidy benefit on your home loan if you take it under the PMAY credit-linked subsidy scheme. As it provides a maximum subsidy interest of 6.50% on the loan amount. The eligible applicants can take this advantage and lower their home loan installments. PNB home loan interest rate ranges from 7.90% to 8.70% and the effective rate of interest after tax and PMAY benefit would be 2.63%. The interest rate on your loan depends on your income and payment capacity. And the loan payment is to be done in equated monthly loan installments.
Apply for a PNB home loan with zero processing and documentation fee
To apply for a home loan under PMAY from PNB Housing you are required to submit a few documents. The documents may contain your ID proof, Income proof and property documents. You don’t have to pay a processing fee for your PNB home loan when you are applying for it under the PMAy scheme. The interest rate is also payable along with your loan EMIs and payment can be done through ECS or auto-debit payment methods.
You can visit the PNB housing nearest branch or its official website to apply for the loan. The loan amount can be up to your desired limit as it depends on your income and payment history. Loan tenure of maximum 20 years is provided to the customers and they can choose it according to their payment compatibility. Now home financing can be affordable and fit in your budget if you get a home loan from PNB Housing Finance Ltd. So get your loan today if you are looking to finance a house or renovate the existing property.