Pradhan Mantri Awas Yojana-Urban 2.0 (PMAY-U) – Interest Subsidy Scheme (ISS) is a scheme launched by our Honourable Prime Minister for customers belonging to Economically Weaker Section (EWS), Low Income Group (LIG), and Middle Income Group (MIG). The beneficiary would be eligible for interest subsidy on purchase/construction of a house.

The beneficiary family should meet the following conditions in order to be eligible for Interest Subsidy Scheme (ISS) under PMAY-U:

• Beneficiary should be a family comprising of husband, wife and unmarried children
• Beneficiary can also be an unmarried individual earning member of the family
• Beneficiary should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India
• Beneficiary should be meeting income criteria defined as per various categories under the scheme
• Beneficiary should not have received central assistance under the mission, “Housing for all”
• woman ownership is mandatory in the property under consideration for all cases.
• The property must have basic infrastructure such as water supply, electricity supply and drainage/sanitation facility

Hinduja Housing Finance will claim subsidy benefit for eligible borrowers from National Housing Bank (NHB). The NHB will conduct a due diligence to exclude claims where customer has submitted multiple requests.

For all eligible borrowers, the subsidy amount would be paid to the Hinduja Housing Finance. Once we receive the interest subsidy, it will be credited upfront against loan account. The subsidy will be calculated on Net Present Value (NPV) at 8.5% discount rate.

E.g., the borrower avails a loan for Rs. 12 Lakh and the subsidy works out to Rs. 1,80,000. The subsidy amount will be released in five equal yearly installments. The amount would be reduced upfront from the loan (i.e., the loan would reduce to Rs. 11,64,000) and the borrower would pay EMIs on the reduced amount of Rs. 11,64,000.

Note: The above example is for illustration purpose only and the subsidy* amount will depend on the actual amount received or any changes done by NHB on the same..

Yes, this rate is applicable only for first-time pucca home buyers as per PMAY-U criteria..

Pradhan Mantri Awas Yojana -Urban is available for salaried as well as self-employed customers.

The Pradhan Mantri Awas Yojana-Urban is applicable for tenure upto 12 years.

The loan eligibility of the applicant will be assessed based on internal guidelines and processes of the Hinduja Housing Finance as amended from time to time.

As per the extant requirement, the borrower will be required to submit income documents like, salary slip, ITR, bank statement, existing loan details etc. for the purpose of eligibility assessment.

Maximum Loan amount upto Rs.25 Lakhs and Maximum Property cost upto Rs.35 Lakhs under PMAY-U ISS scheme.