Pradhan Mantri Awas Yojana - Urban 2.0 (PMAY-U 2.0) – ‘Housing for All’ Mission for urban areas will implement Interest Subsidy Scheme (ISS) vertical as a Central Sector Scheme to expand institutional credit flow to the affordable housing sector.
Subsidy will be provided on home loans sanctioned and disbursed on or after 01.09.2024, to eligible beneficiaries of EWS/LIG and MIG for purchase/**re-purchase/construction** of houses.
Eligibility
A beneficiary family will comprise husband, wife, unmarried sons and/or unmarried daughters. Families belonging to EWS/LIG/MIG category, living in urban areas, having no pucca house (means all-weather dwelling unit) either in his/her name or in the name of any member of his/her family anywhere in India, are eligible to purchase or construct a house under PMAY-U 2.0.
A beneficiary will be eligible for availing benefit under any of the verticals of PMAY-U 2.0 scheme. The beneficiary who has been allotted house under any of the housing scheme of Central Government, State/UT Government and Local Self Government in last 20 years in urban or rural areas, shall not be eligible to seek benefit under PMAY-U 2.0.
Beneficiary family belonging to EWS, LIG and MIG category with an annual income of up to Rs.3 lakh, Rs.6 lakh and Rs.18 lakh, respectively will be eligible to avail the benefit of the Scheme.
The houses constructed/acquired/purchased with Central Assistance under the Scheme should be in the name of the female head of household or in the joint name of the male head of the household and his wife and only in cases where there is no adult female member in the family, the house can be in the name of male member of the household. In cases where the applicant is a widower, unmarried, separated person, or transgender, the house will be made in the individual's name.
To enable the applicant and to avail benefits of PMAY-U 2.0, the inclusion of name of female member of the family in title deed/sale deed of the house acquired/purchased during the Mission period, should also be allowed at a later stage and State/UT should make provision for exemption of additional stamp duty and registration charges for such cases.
An undertaking from the beneficiary will be taken as a declaration of the fulfillment of eligibility criteria of income and not owning a pucca house anywhere in India on his/her name or any other family members.
All eligible beneficiaries (including family members) should have an Aadhaar/Aadhaar Virtual ID integrated with the details of beneficiaries. In case any eligible beneficiary does not have an Aadhaar card/Aadhaar Virtual ID, States/UTs should ensure that Aadhaar/Aadhaar Virtual ID enrollment of such beneficiary is done on priority.
Purpose
Installation of new rooftop solar power system at residential house with maximum capacity up to 10 kW.
Income Groups
Economically Weaker Section (EWS) – Households having an annual income up to Rs. 3.0 lakh.
Low Income Group (LIG) – Households having annual income above Rs. 3 lakh and up to Rs. 6 lakh.
Middle Income Group (MIG) – Households having annual income above Rs. 6 lakh and up to Rs. 18 lakh.
Loan Amt
Maximum up to Rs. 25 lakhs.
Subject to maintaining Loan to Value (LTV) ratio and repaying capacity.
Subsidy
A maximum release of interest subsidy of Rs. 3.0 lakh shall be provided to eligible beneficiaries having a loan tenure of more than five years.
Households having income up to Rs. 6 lakh, loan value up to Rs. 25 lakh for property value up to Rs. 35 lakh shall be eligible for a subsidy at 4.0% on the first Rs. 18 lakh for a tenure up to 12 years. The carpet area of houses under this component shall be up to 120 sq.mtr.
Subsidy to the beneficiaries will be released in equal yearly installments.
The interest subsidy shall be at the rate of 4% on the principal amount of the home loan for EWS, LIG and MIG segment, admissible for a maximum loan amount of Rs. 8 lakh, where maximum loan can be given up to Rs. 25 lakh (Minimum tenure 5 years).
However, cost of stamp duty, registration and other documentation charges may be added to the cost of the house/dwelling unit for the purpose of calculating LTV ratio in cases where the cost of the house/dwelling unit does not exceed Rs. 10 lakh.
Loan Tenure
Up to age of 70 years or 30 years, including moratorium period, whichever is earlier.
Further, for availing benefit of subsidy, minimum tenure should be 5 (Five) years.
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A New Internet Banking and Mobile Banking Solution - PSB UnIC for Retail Customers including NRE/NRO and PSB UnIC Biz for Sole Proprietor customers and Corporate Customers has been rolled out successfully by the Bank bringing UPI, IMPS, NEFT, RTGS and many more banking services under one platform.
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Our existing old Internet Banking customers ( Retail and Sole Propriership) who are yet to register in PSB UnIC are requested to make a onetime registration by visiting our website: https://punjabandsindbank.co.in and by clicking on PSB UnIC and choosing appropriate Option as follows:
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These corporate customers will be sent a registration kit through email after submission of the above documents. By Using the credentials in the mail, the corporate customers are requested to register by following the instructions contained in the email and start availing the benefit of PSB UnIC Biz services.
General Manager-IT,
Punjab & Sind Bank
Internet Banking
Dear customers,
A New Internet Banking and Mobile Banking Solution - PSB UnIC for Retail Customers including NRE/NRO and PSB UnIC Biz for Sole Proprietor customers and Corporate Customers has been rolled out successfully by the Bank bringing UPI, IMPS, NEFT, RTGS and many more banking services under one platform.
Please note that our customers have already been notified that the old Internet Banking Portal of the Bank will be pulled down by 28.02.2022. The Funds Transfer services were blocked for Retail Internet Banking Customers since 09.01.2022. However, our old Internet Banking Portal was running parallelly for the last few days for the benefit of old Retail and Corporate Internet Banking Customers. It has now been decided that the Old Internet Banking will be pulled down on midnight of 21.03.2022. Bill Payments and Tax Payments ( OLTAS and GST) can be done through PSB UnIC digital platform. Bill Payment services are moved to PSB UnIC from 16.03.2022 onwards and the OLTAS functionality will be live from 18.03.2022 through PSB UnIC.
Our existing old Internet Banking customers ( Retail and Sole Propriership) who are yet to register in PSB UnIC are requested to make a onetime registration by visiting our website: https://punjabandsindbank.co.in and by clicking on PSB UnIC and choosing appropriate Option as follows:
And submit the duly signed application form along with required documents Viz. Board Resolution / Partnership Letter with Deed / Trust, Society, Club Resolution Letter/ HUF Letter etc. and also the KYC documents of the Authorised Users immediately to the parent Branch.
These corporate customers will be sent a registration kit through email after submission of the above documents. By Using the credentials in the mail, the corporate customers are requested to register by following the instructions contained in the email and start availing the benefit of PSB UnIC Biz services.
