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    HOME LOAN SCHEME FOR EWS,LIG,MIG- URBAN AREAS

    2. Retail loan
    3. HOME LOAN SCHEME FOR EWS,LIG,MIG- URBAN AREAS
    S. No. Parameters Details
    1. Eligible Customers Individuals with a source of income either having minimal or no documented income or income proof but have digital footprints of banking and other economic activities.

    Eligible customers in metro/urban areas includes:
    • Small traders, shopkeepers, Skilled and Semi-Skilled workers/ artisans in unorganized sector;
    • Members of SHGs, beneficiaries of PM SVANidhi, PM Vishwakarma, Mudra, Stand Up India;
    • All beneficiary groups under PMAY-U 2.0.
    2. Annual income Total annual income of applicant(s) (maximum 4) should not exceed Rs. 9.00 lakhs.
    (Income of up to 4 members of the household can be combined to meet this limit.)
    3. Age of Entry Minimum Age — 21 years
    Maximum Age — 60 years
    4. Purpose To purchase / construct a new house / flat, to purchase an existing house / flat or extend an existing house, Repair / Renovate an existing house / flat.
    5. Eligible Property/ Security Equitable or Registered Mortgage of residential property financed.
    (If underlying security is non-mortgageable, alternate SARFAESI compliant security may be accepted only in case of self-constructions.)
    6. Maximum No. of co-Borrowers Applicant with spouse and earning children (Maximum-4). Income of all co-borrowers shall be added to arrive at EMI/NMI ratio/assessment of loan amount.
    7. Maximum Loan amount Loan amount will be the lowest of the following:
    1. Permissible loan amount as per EMI / NMI ratio;
    2. Permissible loan amount as per LTV ratio;
    3. Loan amount applied;
    4. Maximum permissible loan amount under the scheme
    For Home Loan:
    Metro Centres: Rs. 35.00 Lakhs, subject to Max Project Cost of Rs. 45.00 Lakhs
    Other Centres: Rs. 25.00 Lakhs, subject to Max Project Cost of Rs. 30.00 Lakhs

    For Repair and Renovation:
    Metro Centres: Rs. 10.00 Lakhs
    Other Centres: Rs. 6.00 Lakhs maximum Loan limit as per PSL criteria.
    8. Credit Guarantee Credit Guarantee Cover will be available for:
    • 70% of the Loan amount in default for HLs not exceeding Rs. 20.00 lakhs Home Loans granted to borrowers under EWS (annual household income up to Rs. 3.00 lakhs) and LIG category (annual household income up to Rs. 6.00 lakhs)
    • Property in Urban area as defined under PMAY-U scheme.
    • Houses with Carpet Area up to 60 sq mtr only.
    • Purchase/ Construction for first house only and not for the house in different city or for subsequent houses.
    9. Credit Guarantee fee Credit Guarantee fee will be fixed initially 1% of the total housing loan amount and subsequently as specified by the Trust. The credit guarantee fee will be paid by Bank and not to be received from borrower.
    10. Repayment Period Maximum: 25 years (300 months)*
    * Subject to full repayment before the youngest earning borrower attains the age of 70 years.
    11. Moratorium
    • The moratorium period of up to 12 months in all eligible cases of Self Construction of house.
    • The moratorium period of up to 36 months after first disbursement of loan or completion of society / Builder’s flats whichever is earlier is allowed in deserving cases. However, moratorium period not to exceed 6 months after the date of last disbursement in any case.
    • Purchase of ready to move house/ Flat: No moratorium.
    • Interest to be serviced during the moratorium period.
    12. Processing Fee (Upfront) Processing fee: NIL.
    Legal and Valuation fee (Out of Pocket Expenses) are to be recovered on actual basis, to be capped at Rs. 5,000.00 Plus GST.
    pmjdy.gov.in
    swachhbharat.mygov.in
    digitalindia.gov.in
    mudra.org.in
    udyamimitra.in
    pmjdy.gov.in
    swachhbharat.mygov.in
    swachhbharat.mygov.in
    mudra.org.in
    udyamimitra.in
    india.gov.in

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