Pradhan Mantri Awas Yojana SBI Home Loan Calculator, Eligibility & Interest Rate

March 11, 2021 | Last Modified: March 11, 2021 at 6:09 pm

Pradhan Mantri Awas Yojana SBI Home Loan | PMAY Home Loan Subsidy Scheme 2021| Pradhan Mantri Awas SBI Home Loan Interest Rate | SBI Home Loan Calculator | Pradhan Mantri Awas Yojana SBI Home Loan Eligibility 2021 |Subsidy on Home Loan By Government | Pradhan Mantri Awas Yojana SBI Home Loan Subsidy.

State Bank of India or SBI Bank is offering home loan under Pradhan Mantri Awas Yojana. Interested one can apply for Pradhan Mantri Awas Yojana SBI home loans. SBI Bank is offering an effective interest rate of 8.35 percent on home loan amount up to Rs. 30 lakh in a limited-period offer.

Pradhan Mantri Awas Yojana SBI Home Loan

SBI is an India’s largest bank is in line with the government’s push on affordable housing “Pradhan Mantri Awas Yojana. Eligible borrowers seeking for PMAY home loans from SBI bank can also avail an interest subsidy up to Rs. 2.67 lakh under PMAY-CLSS for LIG & MIG. The government scheme is aimed at providing subsidised housing loans to the low income group and middle income groups of the society. As per the information received from SBI, customers of other banks can also transfer their existing home loans to SBI without any processing fee.

The SBI Offer for Home Loan under PMAY and complete details of SBI home loan offer from https://homeloans.sbi

SBI’s Affordable Home Loans Scheme

The revised rates are effective on new home loans from May 9, 2017
Two year fixed interest rate home loans up to Rs. 30 lakh. Information about borrower type and effective rate of interest is given below:

For salaried:
Women: 8.35%
Other: 8.40%

For non-salaried:
Women: 8.50%
Others: 8.55%

Interest subsidy on home loan will be provided to those eligible home loan borrowers buying their first home under Pradhan Mantri Awas Yojana. National Housing Bank or NHB has come up with operational guidelines for availing subsidy under Pradhan Mantri Awas Yojana (Urban) for middle-income groups.

SBI informed that the SBI is offering home loan takeovers without any processing fee. This facility is applicable on home loans from scheduled commercial bank, private and foreign banks and housing finance companies (HFCs) registered with the National Housing Bank (NHB), among others.

Mobile application has also been launched by SBI with the name SBI Loans, which enables customers to check loan eligibility and apply for SBI home loans online. The SBI Loans app is available on both Android and iPhone platforms.

Pradhan Mantri Awas Yojana SBI Home Loan Eligibility 2021

There are following eligibility criteria for Pradhan Mantri Awas SBI Yojana Home Loan.

  • The household with an annual income from Rs. 600001 to Rs. 12 lacs for MIG-I Scheme.
  • The household with an annual income from Rs. 600001 to Rs. 18 lacs for MIG-I Scheme.
  • The family must consist of a husband wife and unmarried children. A member of the family who is an adult and earns independently can avail this subsidy indecently.
  • If the applicant is married then either of the spouses or both the partners can jointly apply for the scheme.
  • The carpet area for MIG-I scheme is up to 160 sqm and MIG-II it is up to 200 sqm.
  • The bank will be required to submit a consolidates certificate once the house is built within 1 year of completion of construction. The consolidate certificate can also be submitted within a maximum of 3 years from the date of the disbursement of the 1st installment of the loan amount. In case the end use certificate is not submitted, the bank will reimburse the subsidy amount to the CNA.
  • Home loan under this scheme will be available by way of Term loan and Max gain (for loan limit of Rs. 20 lakh and above) with a maximum tenor of 30 years. However, Subsidy is available for a maximum tenor of 20 years only.

SBI Home Loan Calculator

Check SBI Home Loan EMI Calculator from below link

https://homeloans.sbi/calculators

For more information of Pradhan Mantri Awas Yojana SBI Home Loan Scheme visit SBI Bank website https://homeloans.sbi/pmay

Read : Pradhan Mantri Awas Yojana-Gramin