Aavas Finance Subsidy
The Aavas Finance subsidy scheme is a credit linked subsidy scheme (CLSS) for individuals wishing to purchase a home. There are two criteria to qualify for the scheme. First, the applicant must meet the eligibility requirements, and second, the applicant's credit score must be deemed acceptable. If you are eligible for the scheme, then you will be given a loan that has the same interest rate as your existing mortgage. You can borrow up to 80 percent of the value of the home you plan to buy. This can be paid over a span of 20 years. Maximum loan tenure of 20 years
Buying a home is a big decision, so you'll want to do it right. The best financial institutions can provide you with a customised loan to suit your budget and your lifestyle. With Aavas Financiers you can be sure of a quick approval, and a hassle free experience. They have a number of branches throughout India, and offer a variety of mortgage products and services. Their bespoke offerings are aimed at first time buyers, and those looking to refinance their existing property.
The company offers a number of low cost, high yield fixed rate home loans. This is a great way to get your foot in the door, and to buy your first house. You'll also find that they are extremely transparent in their dealings, and they will happily refund your money if you default on your loan. To make things even easier, they even have a streamlined application process that will have you on your way to a brand new home in no time.
The company's flagship product, the Aavas Smart Home Loan, is a great option for any aspiring homeowner, and has a number of features that set it apart from the rest. These include an exclusive customer support team, a streamlined online application process, and a competitive interest rate. They are one of the few lenders that still offer a good rate on fixed rate home loans.
Aavas Finance has a number of other offerings, and their products and services are all suited to a wide variety of consumers. As a part of its commitment to making borrowing more affordable for all Indians, they are offering a number of discounts on selected products and services, and are offering a no fee, no obligation loan assessment. Eligibility criteria
The Pradhan Mantri Awas Yojana is a credit-linked subsidy scheme which aims at providing affordable housing to the poor. It is administered by the Government of India. It mainly consists of a loan scheme and an interest subsidy.
The loan scheme is applicable to those who want to buy, renovate or extend their existing homes. To qualify, the applicant must meet the eligibility criteria and submit the required documents.
The eligibility criteria for the PMAY scheme is based on three main factors. These include income, the type of house, and the type of loan applied.
For instance, applicants with an annual income of less than three lakhs can get a loan of up to nine lakhs. Meanwhile, those with an income of more than twelve lakhs are not eligible. In addition, only the economically weaker sections (EWS) are eligible for loan interest subsidies.
Using the credit-linked subsidy scheme, the government provides lower interest rates on home loans. These loans are available through housing finance organizations like the National Housing Bank, HUDCO and PLIs. However, the subsidy is only available to buyers from the lower and middle income groups.
The most important factor determining your eligibility for the aforementioned scheme is your annual family income. You can receive a subsidy only if your total family income is below 18 lakhs. Moreover, you must be not own a pucca house in any part of the country.
The Aavas Finance Scheme (AFPS) is an initiative by the Government of India to make affordable housing a reality for all. Its main aim is to encourage the development of homes in slums and under-developed regions. Credit linked subsidy scheme (CLSS)
The Credit Linked Subsidy Scheme (CLSS) was introduced by the Government of India in 2015 to support the Pradhan Mantri Awas Yojana (PMAY). The CLSS aims to help middle income groups and economically weaker sections to get housing loans at lower EMIs.
The PMAY is a government-backed loan scheme to make homes affordable for all. It includes two key components, including the Credit Linked Subsidy Scheme and the In-Situ Slum Redevelopment.
Under the Credit Linked Subsidy, borrowers can seek credit for new construction, adding rooms to an existing house, or for additional renovations. It is available for loans up to INR 6 lakh. Applicants can use it for a total tenor of 20 years.
The CLSS is divided into two segments, the Economically Weaker Section (EWS) and the Low Income Group (LIG). These two groups can avail of interest subsidy on loans up to a total of Rs. 12 lakhs.
Beneficiaries from the EWS are required to submit an affidavit in support of their income proof. They are also not required to own a pucca house. However, the carpet area of their houses should be up to 60 square metres.
The PMAY has now expanded to include the Middle Income Group. This group comprises households with an annual income of INR 18 lakh or less. As such, the eligibility for the interest subsidy scheme is also increased.
For beneficiaries from the MIG, the loan amount is capped at INR 32 lakh. Depending on the tenure, the borrower can choose between a 20-year loan or a longer one. If the applicant wants to take a shorter loan term, the EMI would be capped at INR 6,600. Documents required
If you're looking to get a home loan for construction or renovation, you can qualify for the Pradhan Mantri Awas Yojana (PMAY) subsidy. The amount of the subsidy depends on the income of the applicant and the category he falls into. You can use the PMAY calculator to check the subsidy amount you are eligible for.financesubsidy.com
To qualify for the subsidy, you must be an Indian citizen and have a stable source of income. The minimum annual income should be INR 3 lakhs for LIG and INR 6 lakhs for EWS. In addition to that, you must have a self-declaration with proof of income. Some of the documents that you may need include a tax returns, an ITR and a last two month salary slip.
Applicants must also have a valid Aadhaar card. Additional identity proofs that may be needed are a passport, a Driving License, a Voter ID card or a Photo Credit Card. Depending on the type of home loan, additional documents may also be required.
The PMAY website allows you to update your Aadhaar details, if you're unsure whether you're eligible for the subsidy. After you fill in your details, you can check to see if your name is listed on the beneficiary list. It is important to note that only first time home loan applicants can qualify for the PMAY subsidy.
When applying for a loan, you must submit all the required documents. Aavas Financiers will provide you with a list of all the documents that you will need. You will also need to pay 2% of the sanctioned value plus GST. Expiry date
One of the many things that Aavas finance does is to provide affordable housing loans to citizens of India's poorest cites. It is a win-win situation for all involved. The most important benefit is that the funds are lent without collateral and that too with a minimum guaranty. On top of this, the Aavas scheme enables the lucky few to avail of some of the best interest rates in town. This makes it a worthy addition to the state capitals lending arsenal. As a result, the scheme is already proving itself as a game changer in the Indian housing market. In particular, the Aavas scheme has managed to break away from the restraints of its parent company to emerge as a genuine player in the mortgage and housing loan space.