A home is a valuable asset for most Indian citizens and is perhaps the biggest expense a person undertakes in his/her lifetime. However, owing to rising property costs, investing in a home is a distant goal for many.
Government’s main motive is ‘Housing for all by 2022′. Provide house to all homeless citizen and to boost housing industry by providing subsidy as a catalyst. For this purpose, the government has introduced the ‘Pradhan Mantri Awas Yojana’ or ‘PMAY’ scheme. The scheme’s goal is to provide house to all Indian citizens.
Central nodal agency like NHB/HUDCO was appointed to get partnership with different Primary lending Institution (PLI) for providing subsidy under the purview of the credit linked subsidy scheme, based on their family‘s annual income and other conditions.
The primary incentive that PMAY promises is a subsidy on the home loan interest rate. This means that if a beneficiary takes a home loan under this scheme, he/she may enjoy a subsidy of up to Rs 2.67 lakh (condition apply).
Bajaj Housing Finance Limited is registered as PLI to provide PMAY subsidy as per the norms. A 100 per cent subsidiary of Bajaj Finance, one of the leading NBFCs in the country, BHFL has extended the benefits of this PMAY scheme to 1,600+ customers, providing them with timely CLSS benefits.
In addition, BHFL serves 200 to 250 customers approximately on a monthly basis under PMAY. As a beneficiary of PMAY via BHFL, customers can not only enjoy a significant credit subsidy, but can also make use of a string of benefits that come with the loan sanction.
Apart from financing at a competitive interest rate, customers get access to a higher tenure spanning for repayment. Besides, value-added services such as a top-up loan, Flexi dropline facility, minimal eligibility and documentation requirements, and online application and loan management make every aspect of the process beneficial and convenient for customers.
By utilising the many benefits of PMAY CLSS through Bajaj Housing Finance Limited, more Indians are sure to be able to realise their dream of owning a home, whether it is to offer their family security, or invest in an asset that appreciates over the years.
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