Pradhan Mantri Awas Yojana (PMAY) – Housing for all (Urban) Mission is launched in compliance with the objective of National Mission Housing providing Housing for All by 2022. This mission will provide central assistance to implementing agencies through States and UTs for providing houses to all eligible families/beneficiaries by 2022.The scheme envisages the provision of interest subsidy to EWS and LIG segments to enable them to buy or construct houses.
Eligibility for Credit Link Subsidy Scheme (CLSS)
- EWS-Annual household income upto Rs.3 lacs
- LIG-Annual household income between Rs.3 lacs to 6 lacs.
Rate of Interest, Margin, Repayment period is as per our Home loan scheme.
Affordable Housing through CLSS
- Interest subvention subsidy for EWS and LIG for new house or incremental housing.
- EWS- House sizes upto 30 sq.m.
- LIG-House sizes upto 60 sq.m
- The credit linked subsidy will be available only for loan amounts upto Rs.6 lacs and additional loans beyond Rs.6 lacs, if any, will be at nonsubsidized rate.
Housing and Urban Development Corporation (HUDCO) and National Housing Bank (NHB) have been identified as Central Nodal Agencies (CNAs) to channelize this subsidy.
The eligibility and repaying capacity- The eligible loan amount would be assessed by the Bank on the basis of cost of project, income criteria and repaying capacity etc of the borrowers as per regular existing guidelines of our Home Loan.
The scheme is available to only urban poors in EWS/LIG category. Mission with all component has become effective from the date 17.06.2015 and will be implemented upto 31.03.2022.
Can I avail of Home Loan from Bank of Baroda?
- Yes, you can avail a Home Loan from Bank of Baroda, if you plan to construct or purchase a house/flat or extend your existing house/flat and,you are :
- A minimum of 21 years
- Employed or Self Employed with regular income.
Who can be co-applicant?
The proposed owners of the residential accommodation as per the Agreement for sale, in respect of which financial assistance is sought, must be co-applicants. Usually joint applications are from husband-wife, father-son or mother-son etc.
How much does Bank of Baroda lend?
- Loan amount is determined on the basis of the repaying capacity of the applicant/s. Repaying capacity takes into consideration factors such as age, income, dependents, assets, liabilities, stability of occupation and continuity of income, savings etc.
- The maximum loan would be Rs.10.00 Crore per unit to any individual applicant based on the area where property is proposed to be constructed/purchased. We will extend loan upto 90% (for fresh houses / flat) of the cost of property under our Housing Loan Scheme.
For how long a period can I get the loan?
We grant term upto a maximum of 30 years. The term for the loan will under no circumstances exceed the age of retirement or completion of 65 years of age, whichever is earlier.
But can I prepay the loan ahead of schedule?
Yes, you have the option to prepay the loan ahead of schedule either in part or in full from your own sources.
What is the mode of repayment?
- Equated Monthly Instalment (EMI) : It means a uniform lumpsum amount, which includes repayment of a part of the principal amount and payment of interest, calculated on daily products basis.
- Fixing the monthly / quarterly instalments on graduated basis is permitted of EMI as requested by customers.
What is the security for the loan?
The security for the loan is equitable mortgage of the property to be financed. The security for the loan is equitable mortgage of the property to be financed.
Do you insist on LIC policy as additional collateral security?
What are the supporting documents required while applying for the loan?
Common requirements for all applicants.
- Application form duly filled in (with photograph of all the applicant).
- Residence and Age verification, which may be established from the PAN card, Election ID, Passport, Drivers licence and Ration card etc.
- Copy of approved plan and sanction letter from local civic authority.
- Copy of NA permission.
- One/two guarantor/s form/s and salary certificates. - If guarantor is in business, copies of I.T. returns or assessment orders for the last three years are required.
- Bank Pass-book of statements for the last two years.
- Latest salary slip/statement showing all deductions in case of employed applicants.
- Certified copies of Balance Sheets and Profit and Loss accounts, IT acknowledgments, advance tax challans (for both company/firm and personal account) for the last three years in case of self employed applicants.
- Memorandum/Articles of Association for companies, partnership deeds for firms and a brief profile of your company/firm in case of self employed applicants.
- Residence and Age verification, which may be established from the PAN card, Election ID, Passport, Drivers license and Ration card etc.
- In case of purchase from builder
- Copy of Agreement for sale.
- Copy of registration receipt.
- Copy of sanctioned plan & sanction letter of the competent authorities.
- Copy of NA permission/ULC order.
- Copies of receipts of payments already made.
- NOC from builders in our format.
- In case of direct allotment in a Co-operative Housing Society
- Allotment letter.
- Share certificate.Society registration certificate.
- Copy of sale/lease deed in favour of the society.
- NOC from society in our format.
- Possession letter in original.
- In case of resale
- Copy of all previous vendors agreements duly stamped and registered and the registration receipts. (original to be given before disbursement).
- NOC from Society/Builder in our format.
- Original Share Certificate.
Whether you have any Housing loan product for NRIs?
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