How To Apply Pradhan Mantri Awas Yojana In SBI?

Holding on to a new house is a dream of countless people. And to pave the way for this dream to come true, the government of India initiated Pradhan Mantri Awas Yojana PMAY on June 17, 2015. The government’s motive is ” Housing for All” and was to initiate loans for eligible families. The Central government has set up agencies with the assistance of states and union territories to provide for every eligible family.

What is Pradhan Mantri Awas Yojana In SBI?

 The dream of owning a house of every individual was made into action by the Central government, with the collaboration of SBI. State Bank of India supports the scheme to provide affordable houses to the dreamers.

Prime Minister Awas Yojana SBI is acknowledged by the central government to propose the scheme. SBI PMAY (Pradhan Mantri Awas Yojana ) provides reasonable housing for the fragile division of people.

The government has brought up the Credit Link Subsidy Scheme (CLSS) under PMAY to provide home loans with subsidies in the interest rates for people to buy or construct properties. It is not mandatory for female ownership for the CLSS MIG I and CLSS MIG II plans.

Benefits of SBI Pradhan Mantri Awas Yojana Home Loans

   There are a lot of benefits when you apply for SBI PMAY home loans, as follows

•  Subsidy up to 2.67 lakhs are given when the loan is taken.
• The rate of interest has been reduced when compared to the normal Housing loans up to 6.50% per year for 20 years.
• This scheme is very helpful for old-age citizens and people with disabilities as the ground floor is allocated for them to dwell in peace.
• Green and substantial technologies are employed in the construction of the buildings.
• Credit-linked subsidies will be obtainable for housing loans utilized for construction as well as the expansion of rooms, toilets, kitchen and other amenities to existing homes as accumulative housing.
• The SBI PMAY scheme includes most of the nation’s metropolitan cities, 4041 statutory towns, and 500 class 1 cities. This is to assure there will be three phases receiving top priorities.
• SBI PMAY Awas Yojana’s credit-linked subsidy component is executed immediately in every statutory town, by the Central Government of India.

Eligibility Criteria for SBI Pradhan Mantri Awas Yojana Home Loans

 Let’s discuss the eligible criteria for SBI PMAY.

•  Families can apply for the SBI PMAY, MIG-l loan, if they have an yearly income between Rs. 6,001,001 and Rs. 12 lakhs.
• You can apply for a MIG-ll loan if your yearly income is between Rs. 12,001,001 and Rs. 18 lakhs.
• The family who is applying for the loan must have a husband, wife and unmarried children. Self sufficient adults can apply for their own loan individually.
•  The family who wants to apply for the loan should not have a pucca house in the name of the head of the household or any of his family members.
• The carpet space is upto 160 sq.m for MIG-l and in the case of MIG-ll it is 200 sq.m.
• The home loan program is proposed for a maximum duration of 30 years with an amount of Rs. 20 lakhs. However the subsidy is only for 20 years.
• SBI must provide a consolidated certificate if the construction of the house is getting completed within the year. This certificate is upto three years after the initial loan installment was paid fully. The CNA will be reimbursed by the bank for the subsidy amount if the end use certificate is not provided.

How to Apply for Pradhan Mantri Awas Yojana In SBI Easily?

You can apply for the Pradhan Mantri Awas Yojana if you fulfill all the eligibility criteria imposed by the SBI.

•  With all the necessary paperwork done, you can visit your nearest SBI bank branch for the application of the loan.
•  The bank professional will assist you in the completion of the loan process.
•  To learn more about the loan plan of SBI PMAY, you can also visit their own web page, and also seek a call back from them.
• A bank representative may contact you to help you with the process of obtaining a home loan through the call and you may be asked to visit their bank.

Make your dream of owning a house using this Pradhan Mantri Awas Yojana in collaboration with SBI with reasonable interest rates and subsidiaries.