Tag Archives: IDBI Pradhan Mantri Awas Yojana Home Loan Eligibility

IDBI Bank Pradhan Mantri Awas Yojna Home Loan EMI Calculator April 2017

(Updated on 01.04.17) IDBI Bank Pradhan Mantri Awas Yojna Home Loan EMI Calculator April 2017Get Instant Quick & Easy Approval on IDBI Bank Pradhan Mantri Awas Yojana Home Loan. Loansninsurances.com provide a simple tool to calculate your Home Loan EMI on the basis of ✓ Interest Rate ✓ Loan Tenure ✓ Processing Fee ✓ Eligibility ✓ Best Offers & more.

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IDBI Bank Pradhan Mantri Mantri Awas Yojna Home Loan

IDBI Bank Home Loan can be availed at the most competitive home loan rates with feasible loan repayment option, Flexible Loan Installment Plan, Step up & Step down repayment facility, Tranche Based EMI, .Home Loan, Home Loan Interest Saver, Home Loan -Top up, Home Loan – takeover facility and lots more. To let perpetual light shine on all the beneficiaries, IDBI bank provides home loan to all the PMAY beneficiaries at the most affordable interest rates in compliance with PMAY guidelines.

  • IDBI Bank on behalf of the borrowers would submit the claim to NHB for availing the interest subsidy.

  • The interest subsidy being initiated by the government which would be credited in the loan account of the beneficiary and this will ease the EMIs burden of the beneficiary.

  • The rate of interest will be as per the extant interest rate structure of the standard Home loan scheme of IDBI bank but the interest rate subsidy will be computed at 6.5%.

  • There is no loan amount limit under IDBI PMAY home loan scheme. But interest subsidy will be available for the first loan amount of Rs. 6 lakhs.

  • The maximum loan tenure is as per the standard Home loan schemes of the bank i.e. maximum 30 years for salaried and 20 years for non-salaried.

IDBI Bank Pradhan Mantri Mantri Awas Yojna Home Loan Interest Rates

Interest Rate 9.15% (As Per IDBI Home Loan)
Processing Fee Range Nil ((As Per IDBI Home Loan)
Loan Amount

Min. Rs. Lakhs to Max. Rs. 10 lakhs (as per IDBI home loan)

Tenure

25 years (as per IDBI home loan)

IDBI Bank Pradhan Mantri Mantri Awas Yojna Home Loan EMI Calculator

IDBI PMAY Home Loan EMI Calculator

Fill Loan Amount, Interest rate & Tenure in Fields & get Instant Calculation for Home loan emi within seconds.
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Interest Rate (Reducing) % Per Annum
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Monthly EMI
Total Amount with Interest
Flat Interest Rate PA
Flat Interest Rate PM
Total Interest Amount
Yearly Interest Amount

IDBI Pradhan Mantri Awas Yojana Home Loan Eligibility

The applicants from Urban area belonging to EWS/LIG categories intend to acquire/construct residential units are eligible borrowers.

  • Economically Weaker Sections(EWS) households should have an annual income of Rs. 3 Lakhs.

  • Low Income Group(LIG) individuals should have annual income of above Rs. 3 Lakhs and up to 6 lakhs.

  • Manual Scavengers, Women(with overriding preference to widows),persons belonging to Scheduled Castes / Scheduled Tribes /Other Backward Classes, Minorities, Persons with disabilities and Transgender are specially eligible for this scheme.

  • The beneficiary familyof PMAY should not own a pucca house either in his /her name or in the name of any member of his / her family in any part of India.

  • The Carpet Area for the proposed property should be up to 30 sqr. meters and 60 sqr. meters. for EWS and LIG respectively.

  • The property must be located in one of the 4041 statutory towns as per 2011 census.

  • The beneficiary household should comprise of husband, wife and unmarried children.

IDBI PRADHAN MANTRI AWAS YOJANA HOME LOAN AMOUNT ELIGIBILITY

The minimum and maximum loan amount can be availed as per IDBI Bank Home Loan Eligibility criteria. As per PMAY, the interest subsidy will be available for loan amount up to Rs. 6 Lakhs. Currently, the bank offers a minimum loan amount of Rs. 5 lakhs and a maximum loan of Rs. 10 crores.

IDBI PRADHAN MANTRI AWAS YOJANA HOME DOCUMENTS REQUIRED:
  • Proof of identity and residence: Aadhaar card, Voter’s ID card, Passport, PAN card, etc.

  • Proof of income: Pay slips of the last 3 months for salaried person, and proof of business existence for professionals and businesspersons.

  • Form 16 or Income Tax Return for all borrowers.

  • Bank statement for the last 6 months for salaried persons and profit-loss balance sheet for the last 3 years.

  • Application form with photograph.

  • Cheque for the processing fees.

  • A self-declaration certificate stating that he/she does not own any pucca house or in the name of his/her family in any part of India.

IDBI Bank Pradhan Mantri Awas Yojana Home Loan Prepayments

All loan borrowers can prepay their loan amount after 6 EMIs from the date of loan amount disbursement. The bank does not levy any foreclosure fee on loan amount for home loan borrowers.

IDBI Bank Pradhan Mantri Awas Yojana Home Loan Security and Guarantee

Mortgage of the residential property will be taken as security. The borrower should provide a suitable guarantor as per IDBI bank’s requirements.

IDBI Bank Pradhan Mantri Awas Yojana Home Loan Subsidy

The interest subsidy will be computed based on Net Present Value (NPV) method which will be discounted at 9%. it will be based on following parameters.

  • Home loan amount of Rs. 6 lakhs or the actual loan amount , whichever is lower.

  • Home loan tenure of maximum 15 years or the actual loan tenure, whichever is lower.

  • The subsidy on home loan interest rates will be computed at 6.5% p.a., irrespective of interest rate change.