Business Wire IndiaBajaj Housing Finance Limited (BHFL) is offering first-time homeowners a Home Loan clubbed with the benefits of Pradhan Mantri Awas Yojana (PMAY-Urban). As per PMAY’s Credit-Linked Subsidy Scheme (CLSS), eligible beneficiaries can claim an interest subsidy of up to Rs. 2.67 lakh from an empanelled primary lending institutions (PLI) and thereby reduce their Home Loan EMIs. Those seeking affordable housing can apply with Bajaj Housing Finance Limited to get a subsidised loan, with easy repayment options as well as a nominal home loan interest rate and value-added features.
Interest subsidy as per income category
The quantum of interest subsidy is conditional and depends directly on the beneficiary family’s household income.
Reduced EMIs thanks to PMAY CLSS benefits
The subsidy reduces the overall home loan amount, thus leading to lower EMIs. For instance, if an individual belonging to the LIG category takes a loan of Rs. 10 lakh at 9% rate, they can enjoy a subsidy rate is 6.50% on this loan for a maximum loan amount of Rs. 6 lakh. Here, the EMIs, for a 20 year tenor, without PMAY will be Rs. 8,997. After the PMAY subsidy, the balance loan amount reduces to Rs. 7,32,720 (Rs.10,00,000 – Rs. 2,67,280) and for this, the EMIs are Rs. 6,592. This amounts to annual savings of Rs. 28,860.
Apply for PMAY with Bajaj Housing Finance
- Economically Weaker Section (EWS) and Lower Income Group (LIG) individuals, with household income not exceeding Rs. 3 lakh and Rs. 6 lakh respectively, can claim a subsidy of up to Rs. 2,67,280.
- Middle Income Group (MIG) 1 individuals, with household incomes not exceeding Rs.12 lakh, can claim a subsidy of up to Rs. 2,35,068 and MIG 2 beneficiaries, with household incomes not exceeding Rs.18 lakh, can get a subsidy of up to Rs. 2,30,156.
Bajaj Housing Finance Limited (BHFL) has already processed more than 4000 PMAY applications and provided subsidy of approx. >Rs. 50 crore to customers. Individuals can apply for PMAY online or at a Common Service Centre offline and then approach Bajaj Housing Finance Limited for a subsidised loan. To be eligible for CLSS, individuals must not own a pucca
house in any part of the country and must not have availed Central assistance under any housing scheme from the Government of India or any benefit under any scheme in PMAY. In case of married couple, either of the spouse or both together in joint ownership will be eligible for a single subsidy.
Both salaried and self-employed applicants can apply for a Home Loan from Bajaj Housing Finance by filling up an easy online form with details regarding the name, address, employment, salary, and the property they wish to purchase. After this, they will be contacted by an authorised representative for an appointment and then undergo the approval process after paying a secure fees. After collecting needed documents from the customer’s doorstep, the representative will take the process further until the loan amount is disbursed.
Beneficiaries can then not only enjoy the PMAY subsidy, but also convenient facilities like nil charges on part-prepayments and foreclosures. They can check their pre-approved home loan offer to expedite approval and get home financing on customised terms.