Wednesday, September 18, 2019
News
NEWS HOME
»
PRESS RELEASES

Get a Credit Linked Subsidy on Your Home Loan With Bajaj Housing Finance Limited
  SocialTwist Tell-a-Friend  
   


Date: 17-08-2019 11:50AM
Source: Bajaj Finance Ltd.
Category: Business/ Finance, Banking & Financial Services, Financial Analyst & Investors, General, Consumer Interest, Govt. & Public Policy, Lifestyle, Construction And Property, Banking & Financial Services, Business Services, Construction And Real Estate
Location: Pune, Maharashtra, India

Business Wire India
Pradhan Mantri Awas Yojana or PMAY, a well-known government housing scheme, was initially instated to serve Indian homebuyers with limited financial means. However, owing to the positive response that the scheme attracted, reforms were made and it was extended to all sections of society. One of the most important ways you can benefit from PMAY is by availing a subsidy on your home loan interest rate. You can get this based on your income and other eligibility criteria.

Bajaj Housing Finance Limited (BHFL), a 100% subsidiary of Bajaj Finance Limited is offering convenient and affordable Home Loans which are designed to fulfil all your mortgage financing needs. Here’s all about the Credit Linked Subsidy Scheme (CLSS) and how you can make use of it.

What is the home loan subsidy scheme
As per the guidelines of the Pradhan Mantri Awas Yojana, the government has tied-up with a list of reputable financial institutions. These partner lenders sanction home loans and allow you to claim subsidy if you qualify for CLSS. Bajaj Housing Finance Limited is one of the most reputed lenders, offering a Home Loan of up to Rs. 3.5 crore coupled with PMAY benefits based on your eligibility criteria to prospective homeowners.

When you choose Bajaj Housing Finance Limited, not only can you avail of a low-interest top-up loan, but you can also enjoy the property search assistance Flexi-loan facility, doorstep document pickup and more! As an eligible beneficiary for this scheme, you can claim interest subsidy of up to 6.5% on your home loan interest based on your eligibility criteria and maximize your savings.

Qualifying for the Credit Linked Subsidy Scheme
You qualify for the Credit Linked Subsidy Scheme offered by PMAY based on certain parameters. To get started, take a look at the category your annual household income puts you in.

  • EWS: Your household income in a year should be below Rs. 3 lakh
  • LIG: Your household income in a year should be within Rs. 3­–6 lakh
  • MIG 1: Your household income in a year should be within Rs. 6–12 lakh
  • MIG 2: Your household income in a year should be within Rs.12–18 lakh
Based on your income, here’s the subsidy that you can enjoy:
  • You can get a credit-linked subsidy of 4% for loans up to Rs. 9 lakh if you belong to MIG 1 category
  • You can get a credit-linked subsidy of 3% for loans up to Rs.12 lakh if you belong to MIG 2 category
  • You can get a credit-linked subsidy of 6.5% for loans up to Rs. 6 lakh if you belong to EWS or LIG category
How does CLSS work
Once a lender like Bajaj Housing Finance Limited (BHFL) sanctions a loan under PMAY, you are eligible to claim a subsidy for up to 20 years. This period can extend up to 30 years, provided your age at the end of the tenor is less than 70 years based on your eligibility criteria. Here is an example to show how CLSS works in the case of PMAY.

Suppose you take a home loan of Rs. 9 lakh and fall under the EWS category. Then, basis your eligibility for CLSS, you can claim a 6.5% subsidy on only Rs.6 lakh based on your eligibility criteria. So, during repayment of the loan, you pay normal EMIs on Rs. 3 lakh and enjoy subsidy for the remaining Rs. 6 lakh. You can use the PMAY eligibility calculator to know the amount of subsidy on your loan in advance, which in this case will amount to Rs. 2,67,280.

Apart from the subsidy, PMAY also has other goals, such as promoting the use of eco-friendly building material, encouraging home-ownership for women belonging to the LIG/EWS and rural segments and making ground floor accommodation for the senior citizens compulsory. Knowing everything about the scheme in advance will help you become a homeowner with greater ease. So, keep these points in mind and start your journey of buying a home today. Before you apply, check your pre-approved home loan offer for instant approval and accelerated disbursal!
About Bajaj Housing Finance Limited

Bajaj Housing Finance Limited is a 100% subsidiary of Bajaj Finance Limited – one of the most diversified NBFCs in the country with 19 product lines across consumer, commercial and SME finance catering to more than 21 million customers across the country. Head quartered in Pune, Bajaj Housing Finance Limited offers finance to individuals as well as corporate entities for purchase, construction and renovation of homes, plots or commercial spaces. It also provides loan against property for business or personal needs as well as offers working capital for business expansion purposes. It also offers finance to builders and developers engaged in construction of homes. Bajaj Housing Finance Limited prides itself on holding the highest CRISIL AAA (Stable) rating.

To know more: https://www.bajajhousingfinance.in/


More Press Releases

Dalmia Cement Unveils New Brand Positioning - ‘FUTURE TODAY’

Havells Announces Vicky Kaushal as the Brand Ambassador for Its Men’s Personal Grooming Range

Jefferies' Clients, Employees and Shareholders Contribute $4,400,000 for Hurricane Dorian Relief Efforts in the Bahamas

Niine: Focussed on Quality and Safety

Entrepreneur and Author Kapil Pathare Honoured With Doctorate in Business From Ballsbridge University

Beat the Effects of Economic Slowdown by Investing in a Bajaj Finance Fixed Deposit

Solasia Announces Patient Registration Reached Target Number of Cases for Darinaparsin Phase 2 Pivotal Study for T-Cell Lymphoma

UL and Underwriters Laboratories Announce Leadership Succession

SAS Research and Development India Recognized Amongst Top 25 Best Workplaces for Women

The LYCRA Company LaunchesAnnual Fall Denim Co-Marketing Program

Highclere Castle - Home of Downton Abbey - Is Now Available to Book on Airbnb

New nCipher HSM as a Service Delivers High-Assurance Security for Organizations Adopting Cloud-First Strategies

MuscleBlaze Launches a Whey Protein to Solve India's Protein Problem

JW Marriott New Delhi Aerocity Paves the Way to Sustainability With an A.I. Aided Water Treatment Plant, the First in India

FSS and Oracle Partner to Transform Digital Payments

Mavenir’s Virtualized Radio Access Network (vRAN) Awarded ‘Best Ran Technology’ at 5G Asia for Second Year in a Row

Virgin Voyages Reveals High-fashion Uniform Collection Designed by Gareth Pugh With a Star-studded Celebration at London Fashion Week

High Performance Cryptocurrency Mining Rigs Released by BitHarp

Velodyne Executive Addresses Why Lidar is Necessary for Safe Vehicle Automation at IAA 2019 Conference

PSE plans to become part of Siemens

Statement From The We Company

DXC Technology Announces Competition for Startups to Drive Insurance Industry Innovation

 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
INDIA WORLD ASIA
Most of the states support new motor veh...
Congress member accused of charging Rs 5...
Five inmates escape Juvenile Detention C...
Athawale adamant on 10 seats for Maharas...
Delhi govt to give Rs 1 cr each to famil...
SC: Shebait cannot usurp temple property...
More...    
 
 Top Stories
Bhubaneswar airport to remain parti... 
CG Power scam: SEBI bars Gautam Tha... 
Sunny Deol: The unit became a famil... 
Odisha's revenue collection up by 7... 
'Delhi's Entrepreneurship Curriculu... 
Groups trying to mislead on e-cigar... 
CDE to sell Tech Park to Blackstone... 
JGU bags 'Institution of Eminence' ...