Company Name : Bajaj Finance Ltd.

Saturday, August 17, 2019 11:50AM IST (6:20AM GMT)
Get a Credit Linked Subsidy on Your Home Loan With Bajaj Housing Finance Limited
Pune, Maharashtra, 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:

More News from Bajaj Finance Ltd.

Here’s How Bajaj Finserv’s Pocket Insurance Comes to Your Rescue if You Are Robbed at an ATM

19/09/2019 11:00AM

Despite the shift towards a cashless economy, the number of people using ATMs across the nation is still significantly large. A recent report by the RBI said that over 800 million Indians have been actively using ATMs ...

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

17/09/2019 5:04PM

The Indian Market has been going through a challenging phase as a result of slowdown in economic growth, higher tax impact on foreign institutional investors, the shutdown of major factories resulting in layoffs and ...

Leverage Your Finances Hassle-Free With the Bajaj Finserv RBL Bank SuperCard

16/09/2019 5:09PM

In a time when the market is filled with credit cards tailored to meet various spending habits, finding a versatile card that offers attractive rewards irrespective of the category of your transactions is rare. Thanks ...

Similar News

Your-Space Announces Senior Leadership Appointment to Strengthen Its Footprint

19/09/2019 5:51PM

India’s premier student housing brand, Your-Space today announced its senior leadership team to further strengthen the company’s operations and power next phase of growth. Veteran ex-banker, KR Kamath has been appointed ...