The Pradhan Mantri Awas Yojana is a government scheme that was launched in 2015 with the aim of providing affordable housing to all citizens of India. The scheme offers various benefits such as interest rate subsidies, credit-linked subsidies, and direct benefit transfer. It is estimated that over the next three years, the scheme will benefit about 2 crore families.
Kotak 811 is a digital bank that offers numerous benefits to its customers, one of which is the ability to avail of the Pradhan Mantri Awas Yojana. In this blog post, we will take a look at how you can apply for the scheme with Kotak 811 and what are the benefits of doing so.
What Is Pradhan Mantri Awas Yojana.
The Pradhan Mantri Awas Yojana (PMAY) is a flagship housing scheme of the Government of India that aims to provide affordable housing to all by the year 2022. The scheme offers a number of benefits, including interest rate subsidies, credit-linked subsidies, and preferential treatment in government housing schemes.
To be eligible for PMAY benefits, applicants must meet certain criteria, such as having a family income of less than Rs. 18 lahks per annum (or Rs. 24 lahks per annum for applicants living in metros).
In addition, applicants must not own a pucca house anywhere in India and must not have availed themselves of any other central or state government housing scheme benefits.
The scheme offers a number of other benefits, as well. For instance, beneficiaries can avail themselves of an interest rate subsidy of up to Rs. 2.67 lahks on their home loan.
In addition, they are also eligible for a credit-linked subsidy, which can bring down their effective interest rate to as low as 6.5%.
Finally, beneficiaries will also get preferential treatment in government housing schemes, such as the Pradhan Mantri Awas Yojana (Urban).
All in all, the Pradhan Mantri Awas Yojana is a comprehensive housing scheme that offers a number of benefits and advantages to eligible applicants.
How to Apply for Pradhan Mantri Awas Yojana with Kotak 811.
In order to be eligible for the Pradhan Mantri Awas Yojana, you must:
-Be a citizen of India
-Be above 18 years of age
-Have a regular source of income
-Do not own a pucca house in your name or in the name of any member of your family anywhere in India
Documents Required
The following documents are required in order to apply for the Pradhan Mantri Awas Yojana:
-Aadhaar Card
-PAN Card
-Bank account statement for the last 6 months
-Income proof (salary slips, ITR, etc.)
Step-by-Step Guide to Apply
Follow the steps given below to apply for the Pradhan Mantri Awas Yojana with Kotak 811:
- Log on to www.kotak.com/personal banking/Kotak 811 and click on ‘Apply Now’.
- Enter your personal details like name, date of birth, gender, mobile number, email ID, etc.
- Enter your income details and submit KYC documents like your Aadhaar Card, PAN Card, bank account statements for the last 6 months, etc.
- Once your application is approved, you will get an SMS and email confirmation from Kotak 811.
Benefits of Availing Pradhan Mantri Awas Yojana with Kotak 811.
The interest rate under the Pradhan Mantri Awas Yojana is lower than the prevailing market rates, making it an attractive proposition for home loan borrowers. With Kotak 811, you can get an additional 0.5% discount on the interest rate, making it even more affordable.
Loan Amount.
Under the Pradhan Mantri Awas Yojana, you can avail of a loan amount of up to Rs. 20 lakhs for your home purchase or construction. With Kotak 811, you can get up to Rs. 25 lakhs as a home loan, giving you additional financial flexibility.
Other Benefits.
In addition to the lower interest rate and higher loan amount, availing of the Pradhan Mantri Awas Yojana with Kotak 811 also gives you the benefit of a doorstep service for document collection and processing. You also get a free Home Loan Kit with all the necessary information and documents required to apply for a home loan.
Conclusion
Pradhan Mantri Awas Yojana is a great scheme for those who are looking for affordable housing. The scheme provides many benefits such as interest rate subsidies, loan amount subsidies, and other benefits. Kotak 811 is a great option for those who are looking to avail the benefits of the scheme. The eligibility criteria and documents required are mentioned in the blog post. The step-by-step guide to applying for the scheme is also mentioned in the blog post.
