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1.
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Purpose
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- Purchase of Ready built House/Flat/ flat under construction
- Construction of House.
- Undertaking extension/repairs/renovation/upgradation.
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2
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Eligibility
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Areas covered: Any other areas not falling under the Statutory Town definition of Pradhan Mantri Awas Yojana-Urban for the following beneficiaries:
- Individuals belonging to weaker section as defined in the RBI’s priority
sector guidelines* and/ or
- Annual household income not exceeding Rs.3 lacs and/or
- Women – Property in their names, either singly or jointly.
* which includes scheduled caste and scheduled tribes, Minority communities as may be notified by Govt. of India from time to time, persons with disabilities.
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3
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Security
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Mortgage of the property being financed. |
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4
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Rate of interest
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Prevailing card rate. |
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5
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Repayment
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Maximum term up to 30 years subject to maximum age of 70 years of applicants. |
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6
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Other conditions
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- The scheme is applicable to individual housing loans sanctioned on or after 01/04/2017 and falling under Rural category.
- ROI is fixed for an initial period of 7 years. ROI would automatically shall be converted to variable interest rate for the respective risk category.
- 2% plus applicable GST where the loan accounts are on fixed interest rate in case the loans are taken over by other banks/financial institutions. However, no pre closure charges will be collected if the borrowers close the loans out of their own funds.
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7
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Margin
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- Up to Rs. 20 lac - 15%.
- Above Rs. 20 lac up to Rs. 75 lacs - 20%.
- Above Rs.75 lacs-25%.
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8
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Rate of interest
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Prevailing card rate. |