Pradhan Mantri Awas Yojana (PMAY)

Securities of loans above Rs.1 lakh have to be insured for full value in the joint name of Kerala Gramin Bank and the beneficiaries, till the currency of loan period against the risks of fire, strike, riot, burglary, civil commotion etc

Purpose

  • Purchase of house property
  • Construction of house property
  • Renovation of house property

Eligibility

  • Individuals including NRIs, having regular income
  • Age of the applicant shall not be more than 55 years
  • Resident of notified statutory town and belong to either Economically weaker section or Low Income group
  • The carpet area of house being constructed or being enhanced should be upto 30 Sq.m for economically weaker section and 60 Sq.m for low income groups
  • For Economically weaker section, annual house hold income shall be upto Rs.3 lakhs
  • For Low Income group, annual house hold income shall be upto Rs.6 lakhs

Limit & Margin

Maximum loan amount that can be availed under this scheme is Rs. 20 lakhs.

Limit

  • For Residents 5 times of annual income
  • For NRI - 4 times of annual income
  • Margin

    • 20% of the total cost

Security

  • Equitable Mortgage of land and building constructed / to be constructed / to be purchased by Bank Finance.
  • The value of the property should be atleast 125% ot the loan limit.

Repayment

  • Tenure upto 20 years.
  • Repayment holiday upto 18 months can be availed.

Interest Rates & Charges

  • Please visit Loan Interest Rates page for details
  • Purchase of house property
  • Construction of house property
  • Renovation of house property
  • Individuals including NRIs, having regular income
  • Age of the applicant shall not be more than 55 years
  • Resident of notified statutory town and belong to either Economically weaker section or Low Income group
  • The carpet area of house being constructed or being enhanced should be upto 30 Sq.m for economically weaker section and 60 Sq.m for low income groups
  • For Economically weaker section, annual house hold income shall be upto Rs.3 lakhs
  • For Low Income group, annual house hold income shall be upto Rs.6 lakhs

Maximum loan amount that can be availed under this scheme is Rs. 20 lakhs.

Limit

  • For Residents 5 times of annual income
  • For NRI - 4 times of annual income
  • Margin

    • 20% of the total cost
  • Equitable Mortgage of land and building constructed / to be constructed / to be purchased by Bank Finance.
  • The value of the property should be atleast 125% ot the loan limit.
  • Tenure upto 20 years.
  • Repayment holiday upto 18 months can be availed.

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