Product 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
Application Procedure
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