Which Bank Provides Home Loan Under PMAY?

Which Bank Provides Home Loan Under PMAY?

The government of India introduced Pradhan Mantri Awas Yojana (PMAY) which aims towards housing for all by 2022. People eligible for this will get the interest subsidy of up to Rs. 2.67 lakhs.

Credit Linked Subsidy Scheme (CLSS) is the scheme through which beneficiaries can get the subsidy for their houses under LIG/EWS and MIG I/II portfolio.

The income slab for each house type or each flat size is different. The annual household income for MIG I should between ₹6,00,001/- and ₹12,00,000/-. For MIG II, the family earning should be between ₹12,00,001/- and ₹18,00,000/-. The credit linked subsidy scheme can be availed for the home loans disbursed up to March 2019. Banks who are facilitating this service are given below:

Banks offering Home Loans under PMAY Scheme

List of Public sector bank under PMAY:

Public Sector Banks

  1. Allahabad Bank
  2. Andhra Bank
  3. Bank of Baroda
  4. Bank of India
  5. Bank of Maharashtra
  6. Bhartiya Mahila Bank Ltd.
  7. Canara Bank
  8. Corporation Bank
  9. Dena Bank
  10. IDBI Bank Ltd.
  11. Indian Bank
  12. Indian Overseas Bank
  13. Oriental Bank of Commerce
  14. Punjab & Sind Bank
  15. Punjab National Bank
  16. State Bank of Bikaner & Jaipur
  17. State Bank of Hyderabad
  18. State Bank of India
  19. State Bank of Mysore
  20. State Bank of Travancore
  21. Syndicate Bank
  22. UCO Bank
  23. Union Bank of India
  24. United Bank of India
  25. State Bank of Patiala
  26. Central Bank of India
  27. Vijaya Bank

Private sector Banks

  1. Axis Bank Ltd.
  2. DCB Bank Ltd.
  3. ICICI Bank Ltd.
  4. Karnataka Bank Ltd.
  5. Karur Vysya Bank Ltd.
  6. Tamilnad Mercantile Bank Ltd.
  7. Catholic Syrian Bank
  8. The Federal Bank Ltd.
  9. Yes Bank
  10. City Union Bank
  11. Dhanlaxmi Bank Ltd.
  12. J & K Bank
  13. Lakshmi Vilas Bank
  14. Nainital Bank Ltd.
  15. South Indian Bank Ltd.

Can you avail PMAY benefit to buy a flat?

There is no limitation in buying a type of property. So, if you have planned to buy a new flat and your family income is as mentioned above, you can surely get the interest subsidy.

What is the process of PMAY?

Those who are eligible as per the criteria can apply for the interest subsidy linked home loans. PMAY for urban housing is initiated for the development of the urban population of India who wishes to live in their houses at low-budget. The process is thus made simpler and transparent.

Can NRIs get PMAY benefit?

Yes, an NRI is certainly eligible under the PMAY Scheme, given that the applicant qualifies the eligibility requirements:

  • The income of the whole family has to be below Rs. 18 lakh for a year.
  • The applicant or the direct family member should not have availed for the PMAY scheme already.
  • The applicant or the direct family member should not own a home anywhere in India.

Thus, with the above details, you must have understood who are eligible for PMAY and which banks facilitate the service.

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