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Home / Loan Products / Affordable Housing (PMAY)

About Affordable Housing (PMAY)

The Pradhan Mantri Awas Yojana is an initiative by the Government of India. The central government envisions building 20 million affordable houses (pucca house) by 31 March 2022. With our low-interest affordable loans, we help you avail the government subsidy and take you closer to your pucca home. Aapko pucca ghar delwana hai
humara pucca irada.

apply now

Scheme Detail

This scheme is targeted towards benefitting Economically Weaker Section (EWS), Low Income Group (LIG), Middle Income Group-I (MIG-I), and Middle Income Group-II (MIG-II) of society.
CLSS Scheme Type Eligibility Household Income ( ₹ ) Interest Subsidy (%) Subsidy calculated on a max loan of Woman Ownership
EWS and LIG Upto ₹  6,00,000 6.50 % ₹ 6,00,000 Yes *
MIG 1 ** ₹ 6,00,001 to
₹ 12,00,000
4.00 % ₹ 9,00,000 Not Mandatory
MIG 2 ** ₹ 12,00,001 to
₹ 18,00,000
3.00 % ₹ 12,00,000 Not Mandatory

Affordable Housing (PMAY) Eligibility

SHFL offers loans to a variety of individuals & Non-Individual. Home loan eligibility is determined by various factors such as income, employment status, tenure and so on. Our aim is to provide affordable housing loans to as many individuals and families as possible.

  • You should be between the ages of 24 to 70 (at the time of completion of your home loan).
  • You should be a salaried individual, a self-employed Professional/Non-Professional or Non-Individual Entities.
    I AM
  • Salaried
  • self employed
  • INDIVIDUAL

For salaried individuals, home loan eligibility criteria is as follows –

Monthly salary must be a minimum of Rs. 30,000
A minimum of two years of work experience is a must

KYC Documents

IDENTITY PROOF (Self attested copy of any one of the following)
Valid Passport
PAN Card
Voters ID Card
Identity Card (only government & PSU employees)
Aadhar Card (UID)
Valid Driving License
ADDRESS PROOF (Self attested copy of any one of the following)
Latest Telephone Bill
Latest Electricity Bill
Bank Account Statement
Valid Passport
Copy of sale deed (if self-owned property or Index II)
Letter from Employer (Government and Public sector organizations)
Rent Agreement
Valid Driving License
Gas Bill/ Utility bill
Aadhar Card(subject to address provided by the customer is the same as on Aadhar Card and positive residence verification of the provided address

Processing Fees

Up to 0.50% of the loan amount or Rs. 5,000 whichever is higher, plus applicable taxes.

Pre-Payment Fees

Individual Borrowers – Nil

For self-employed individuals or entrepreneurs, home loan eligibility criteria are such that they have must at least three years of experience in their current field.

KYC Documents

In case of Pvt. Ltd. Company(name of the company, principal place of business, mailing address of the company, telephone! fax number)
Certification of incorporation
Memorandum & Articles of Association
Resolution from Board of Directors
Latest telephone bill
In case of Partnership Firm (Legal name, address, names of all the partners and their addresses, telephone numbers of the firm and partners)
Registration certificate
if registered
Partnership deed ( preferably registered)
Latest telephone bill in the name of firm/partners
Power of attorney granted to a partner or an employee of the firm to transact business on its behalf. (Authorized signatory proof in case of partnership firm)
AGE PROOF (Self attested copy of any one of the following)
Pan card
Valid passport
Valid driving license
School leaving certificate
Birth certificate
Aadhar Card (UID)
SIGNATURE PROOF (Self attested copy of any one of the following)
Pan card
Valid passport
Signature verification from the bank

Processing Fees

Up to 0.50% of the loan amount or ?5,000 whichever is higher, plus applicable taxes.

Pre-Payment Fees

Individual Borrowers – Nil

Downloads

Evaluate your finance with our calculator

  • EMI Calculator
  • Eligibility Calculator
Loan Amount :
1,00,000
10,00,00,000
Loan Tenure :
Years
1 Year
30 Year
Rate of Interest :
%p.a.
1%
30%

Your EMI Amount will be

1,888/month

Principal Amount

1,00,000

Interest Amount

13,228

Total Amount Payable

1,13,228

Note: These calculators are provided only as general self-help planning tools. Results depend on many factors, including the assumptions you provide. We do not guarantee their accuracy, or applicability to your circumstances or an assurance from SHFL on the calculations.
Gross Income (Monthly) :
15,000
1,00,00,000
Tenure (Years) :
Years
1
30
Rate of Interest :
%p.a.
1%
30%
Other EMIS :
0
1,00,00,000

Your Home loan Eligibility

12,60,081

Your Home Loan EMI will be

12,496

Note: These calculators are provided only as general self-help planning tools. Results depend on many factors, including the assumptions you provide. We do not guarantee their accuracy, or applicability to your circumstances or an assurance from SHFL on the calculations.

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Frequently Asked Questions

When is the right time to apply for a home loan?

From the time you decide to invest in real estate to the time you decide the final property, any time in between is a good time to apply for loans. The loan amount is sanctioned in principle so that you can know the loan amount limit. This will help you plan your other expenses involved during setting up your dream home.

Is home loan only for a ready property?

The good news is that you can avail a home loan for any ready property, under construction or if you are constructing your own house. The loan can also be applied before the commencement of the project.

Can I get an in-principle approval and actually avail of the loan later?

We are happy to say yes again! Before you choose the house you want to buy, we give you an in-principle approval based on your income and capacity to repay. This makes the entire process of identifying and buying a house easier and more flexible.

Who can be a co-applicant?

The Co-owners of the property for which loan has been sought can be co-applicants. The co-applicants must be blood relatives. Usually, joint applications are from husband-wife, father-son or mother-son.

Why should I have a co-applicant to the loan?

To maximize the sanctionable loan amount.. Adding a woman as co-applicant also helps in getting a better interest rate.

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80+Branches in India
4000 +CrGross Loan Assets