Dreaming of buying your first home this year? There’s good news for people buying homes across the country. The government provides subsidy on interest rates for home loans to middle income individuals & low income individuals under the PMAY or Pradhan Mantri Awas Yojana. Kotak Mahindra Bank also offers home loans under PMAY scheme.

By now you will be interested to know what is Pradhan Mantri Awas Yojana? PMAY is a scheme by the Government of India, to provide subsidy on housing loans and introduces affordable housing for all. Under the scheme, first time home buyers receive interest rate subsidy on meeting all the eligible conditions.

PMAY housing aims to be the future of India, where homes will have smart civil planning. PMAY will make development schemes easier to access for everyone that resides within its projects. The scheme will also include the financing of residences by private builders constructed in association with the government of India.

The Pradhan Mantri Awas Yojana has taken into consideration the needs of middle income groups and low income groups to formulate a subsidy scheme that benefits them. The Pradhan Mantri Awas Yojana subsidy on EMIs is applicable for those with annual income between Rs. 6 Lac to Rs. 18 Lac annually for middle income groups and below Rs 3 lac annually for lower income groups.

Subsidy on EMIS & home loans by PMAY

The subsidy on home loan EMI and interest of the PMAY scheme is stipulated by certain conditions. The scheme is available for loans up to 20 years or below that span of time.

When you are filling the PMAY form make sure that you have checked all the conditions for eligibility and the right name is listed in the beneficiary list.    Don’t worry about which bank will offer the PMAY scheme as Kotak Mahindra Bank can lend under this scheme. Now is the best time to invest in a home with the help of Pradhan Mantri Awas Yojana through Kotak Mahindra Bank.

Disclaimer: Terms & Conditions Apply.
Credit at sole discretion of Kotak Mahindra Bank Ltd and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.