PRADHAN MANTRI AWAS YOJANA (PMAY)

Interest subsidy at the rate of 6.5% for amount up to Rs.6 lakh for tenure of 20 years or during tenure of loan whichever is lower

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.

OUR KEY PRODUCTS

RECURRING DEPOSIT

GOLD LOAN

AGRICULTURE LOAN

VEHICLE LOAN

RECURRING DEPOSIT

GOLD LOAN

AGRICULTURE LOAN

VEHICLE LOAN

615+

Branches

10,500+

Networked ATMs

3500+

Employees

70,00,000+

Happy Customers

© 2017 Kerala Gramin Bank.    All Rights Reserved.
Powered by : SRV InfoTech