IDBI Bank Limited|Pradhan Mantri Awas Yojna - Credit Linked Subsidy SchemeInterest Rate, Eligibility & EMI

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Loan Details

Bank Name

IDBI Bank Limited

Maximum Loan Tenure

The maximum loan tenure for this scheme is 30 years for salaried borrowers and 20 years for self-employed borrowers. However, for the purpose of computation of interest subsidy, the loan tenure will be restricted up to 15 years or the actual loan tenure, whichever is lower.

Maximum Loan Amount

EWS & LIG : 6,00,000 MIG-I : 9,00,000 MIG-II : 12,00,000

Interest Rate

8.45% - 10.75% for salaried / professional 8.55% - 12.25% for non-salaried Interest Subsidy (% p.a.) : EWS & LIG : 6.50 MIG-I : 4.00 MIG-II : 3.00 Max. Interest subsidy Amount(INR) : EWS & LIG : 2,67,280 MIG-I : 2,35,068 MIG-II : 2,30,156

Type

Floating

Down Payment

Not specified.

Fees and Charges

Processing Fee: Nil. Prepayment Charges: Nil in case of floating rate loan. Legal Fee: At Actuals Stamp Duty & Registration Fee: At Actuals Penal Interest In Case Of Delayed EMI: 5% p.a.

Minimum CIBIL Score

Not specified.

Down Payment and Fees

Pradhan Mantri Awas Yojna - Credit Linked Subsidy Scheme

Special Features

Interest Subsidy (% p.a.) :

EWS & LIG : 6.50

MIG-I : 4.00

MIG-II : 3.00

Max. Interest subsidy Amount(INR) :

EWS & LIG : 2,67,280

MIG-I : 2,35,068

MIG-II : 2,30,156

Eligibility Criteria

The eligibility criteria for PMAY home loan vary depending on which income category you fall under:

Economically Weaker Section (EWS):

• Annual household income: Up to Rs. 3 lakhs
• Maximum loan amount: Rs. 6 lakhs
• Maximum subsidy: Rs. 2.67 lakhs (subject to loan amount and location)
• Other criteria: No pucca house ownership in any part of India by applicant or any family member. Family must consist of husband, wife, and unmarried children. Beneficiary family cannot have availed any previous government housing scheme benefits. Female member must own or co-own the house (with terms and conditions).

Low Income Group (LIG):

• Annual household income: Up to Rs. 6 lakhs
• Maximum loan amount: Rs. 6 lakhs
• Maximum subsidy: Rs. 2.67 lakhs (subject to loan amount and location)
• Other criteria: Same as EWS criteria, except minimum income requirement is higher.

Middle Income Group (MIG I):

• Annual household income: Rs. 6 lakhs to Rs. 12 lakhs (varies based on location)
• Maximum loan amount: Rs. 9 lakhs
• Maximum subsidy: 4% of the loan amount (subject to loan amount and location)
• Other criteria: No pucca house ownership in any part of India by applicant or any family member. Beneficiary family can avail any previous government housing scheme benefits.

Middle Income Group (MIG II):

• Annual household income: Rs. 12 lakhs to Rs. 18 lakhs (varies based on location)
• Maximum loan amount: Rs. 12 lakhs
• Maximum subsidy: 3% of the loan amount (subject to loan amount and location)
• Other criteria: Same as MIG I criteria, except maximum income requirement is higher and subsidy percentage is lower.

Additional general criteria:

• Applicant must be an Indian citizen.
• Property must be the first house for the beneficiary family.
• Loan must be availed from a PMAY-approved lender.

It's important to note that these are the general eligibility criteria and specific details may vary depending on your location and the specific scheme you are applying for. I recommend visiting the official PMAY website ( https://pmaymis.gov.in/ ) or contacting a PMAY-approved lender for the most accurate and up-to-date information about eligibility criteria in your specific case.

Special Concession

Interest Subsidy (% p.a.) :

EWS & LIG : 6.50

MIG-I : 4.00

MIG-II : 3.00

Max. Interest subsidy Amount(INR) :

EWS & LIG : 2,67,280

MIG-I : 2,35,068

MIG-II : 2,30,156

Home Saver Option

No.

Features, Eligibility and Concession

Pros

• You can get an interest subsidy of up to 6.5% p.a. on the first Rs. 6 lakh of your loan amount, which can reduce your EMI burden by over Rs. 2,000 per month.
• You can avail this scheme for purchasing, constructing, or enhancing your residential unit under affordable housing schemes.
• You can get a longer repayment period of up to 30 years depending on your income and age.
• Nil processing fee.

Cons

• IDBI Bank has a limited network.
• No home saver option.

Pros & Cons

Product Review