Want a home loan? This is what SBI offers you under PMAY 'Housing for All' scheme

Days after the Reserve Bank of India (RBI) cut down policy repo rate by 25 basis points, country's largest lender State Bank of India (SBI) also brought down the home loan interest rate for all loans up to Rs 30 lakhs. This means that the SBI customers will now have to pay lesser EMIs on their home loans. But did you know, SBI also offers various facilities to customers opting for home loan under Pradhan Mantri Awas Yojana 'Housing for All' scheme. SBI via its Twitter account says, "Home should be where you are free to dwell, dream and follow your passions! aapka apna ghar #HoSaktaHai."

All details of what SBI offers!

Credit linked subsidy will be provided on home loans taken by eligible urban poor (EWS/LIG) for acquisition, construction of house.

Under Affordable Housing through Credit Linked Subsidy there are 4 schemes:

CLSS – EWS / LIG! 

Under this scheme credit linked interest subsidy @6.50% for 15 years or actual tenor of the loan, whichever is lower, will be provided to the eligible beneficiaries in EWS/LIG category by the Government of India.

Applicants belonging to LIG(Low Income Group) & EWS (Economically Weaker Sections) section. 

EWS households with an annual income upto Rs. 3.00 lacs

LIG households with an annual income between Rs. 3.00 lacs to Rs. 6.00 lacs.

Maximum subsidy of Rs. 2.20 lacs (approx.) is eligible.

Home should be where you are free to dwell, dream and follow your passions! aapka apna ghar #HoSaktaHai. Learn more: https://t.co/meWdyb9yg7 #SBI #StateBankOfIndia, #SBIHomeLoans #HomeLoan #HoSaktaHai pic.twitter.com/Xxbw1JmRFE

— State Bank of India (@TheOfficialSBI) February 18, 2019

Revised CLSS – EWS/LIG:

All the above guidelines of CLSS- EWS / LIG applies to this scheme also.

The Maximum term of loan increased from 15 years to 20 years.

Maximum subsidy of Rs. 2.67 lacs (approx.) is eligible.

CLSS (MIG-I):

The credit linked subsidy @ 4% will be available for loan amount up to Rs. 9 lacs in case of MIG-I and @3% for Rs 12 lacs in case of MIG-II. However, the Banks can sanction Home Loans more than Rs. 9 or12 lacs but the subsidy will be restricted to Rs. 9 or 12 lacs, as the case may be.

Under CLSS, an interest subsidy will be available for a tenor of 20 years or actual tenor of the loan, whichever is lower. However, Bank can sanction loans for a maximum tenor of 30 years but the loan has to be repaid before the borrower attains the age of 70 years. The Net Present Value (NPV) of or the subsidy will be calculated at a discount rate of 9% and will be credited upfront to the loan account.

Maximum subsidy eligible under CLSS-MIG(I) – Rs. 2.35 lakhs.

Maximum subsidy eligible under CLSS-MIG(II) – Rs. 2.30 lakhs.

The beneficiaries have been defined as a family comprising of husband, wife and unmarried children. An adult earning member (irrespective of marital status) can be treated as a separate household and can avail subsidy independently.