/ -- Bajaj Housing Finance Limited (BHFL) has made affordable housing a reality by offering credit linked subsidy scheme (CLSS) known as Pradhan Mantri Awas Yojana (Urban) or (PMAY-U) to the tune of Rs. 50 crore. Till date, a whopping greater than 4,000 applications for the Credit Linked Subsidy Scheme (CLSS) have been processed.
The interest subsidy comes as a boon to first-time homebuyers, helping them reduce their loan EMIs and thereby, own a flat or a home without exceeding their budget. The company's offerings are in line with the Government of India's vision of providing affordable housing to every citizen by 2022.
How much subsidy can a customer claim?
Particulars
EWS
LIG
MIG-I
MIG-II
Household income (rupees per annum)
0-3,00,000
3,00,001-6,00,000
6,00,001-12,00,000
12,00,001-18,00,000
Eligible housing loan amount for interest subsidy (in rupees)
Up to 6,00,000
Up to 6,00,000
Up to 9,00,000
Up to 12,00,000
Interest subsidy (% per annum)
6.50%
6.50%
4.00%
3.00%
Maximum loan tenor (in years)
20
20
20
20
Maximum carpet area of the dwelling unit
Discount rate for net present value (NPV) calculation of interest subsidy (%)
9.00%
9.00%
9.00%
9.00%
Maximum interest subsidy amount (in rupees)
2,67,280
2,67,280
2,35,068
2,30,156
Applicability of no pucca house
Not for renovation/upgradation
Yes
Yes
Ownership/co-ownership of a woman
Mandatory for new acquisition, Not mandatory for existing property
Not mandatory
Not mandatory
How PMAY CLSS makes home loan EMIs smaller
Who can qualify for PMAY benefits?
To benefit from PMAY-U via Bajaj Housing Finance Limited (BHFL), the applicant must belong to beneficiary family. The government defines this as follows:
About Bajaj Housing Finance Limited
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