The scheme provides comprehensive support to rural households for the construction of permanent houses, alongside convergence with other government schemes for basic amenities such as sanitation, clean fuel, and employment. Key benefits include: Eligibility Criteria Beneficiaries are selected using the “Housing Deprivation Parameters” from the Socio-Economic and Caste Census (SECC), further validated by the Gram…
The Pradhan Mantri Awas Yojana (PMAY) comprises two distinct components: PMAY-Urban (PMAY-U) and PMAY-Gramin (PMAY-G), each aimed at providing affordable housing to different segments of the population. PMAY-U focuses on urban areas and seeks to offer housing solutions to Economically Weaker Sections (EWS), Low-Income Groups (LIG), and Middle-Income Groups (MIG) residing in statutory towns. In…
Banks are issuing credit cards to their customers as well as to general public. The bank on receipt of application from individuals for credit cards, process the same and decides about issuing the cards and fixing credit limit on the basis of the creditworthiness of the customers.The credit cards are issued in the form of…
Students who belong to minority communities’ viz. Muslims, Christians, Sikhs, Buddhists, Jains, and Parsis are eligible for a 100% interest subsidy on education loans. This assistance is available to students who have secured admission to foreign Universities to pursue higher studies (i.e Post-Graduate Diploma, Masters, M.Phil, and Ph.D. level) and whose overall family income is…
(This article envisions what are the title deeds of a property, how to examine them, and how to find out if the construction is legal and authorized, etc.) Identifying a property for purchase is not just about the price of the property, locality, or amenities like a gym, club swimming pool, etc. Along with identifying…
Commercial Banks extend varieties of credit facilities to individuals like salaried persons, professionals, businessmen by way of personal loan, vehicle loans and consumer loans. Personal loan will be granted for any legitimate purposes like whatsoever (e.g. expenses for domestic or foreign travel, medical treatment of self or a family member, even in medical contingencies, meeting…
Most banks allow you to repay both part and full prepayment of a home loan. You are also allowed to pay a certain portion of the outstanding balance and go with the same EMI afterward. However, many banks charge early repayment penalties of up to 2-3% of the principal amount outstanding. Prepayment penalty may vary…
Banks and non-banking financial institutions lend for purchase or construct a new home. For a smooth home loan (also known as housing loan in some banks) process, the prospective borrower must submit a duly filled application along with important documents such as identity proof, address proof, income proof, etc. If there is a co-borrower they…
Updated as per RBI master circular dated April 2, 2024 Regulated entities like Banks and Financial institutions have to take into account RBI guidelines while sanctioning loans to individuals for different purposes. A loan may be granted by the Bank for the purchase of a plot, subject to a declaration obtained from the borrower that…
In the past, it was a prevalent practice in certain Indian States wherein a deed of power of attorney, coupled with the sale agreement, was treated as concluding or confirming the sale. No sale deeds were registered for conveying the properties. However, in 2011, the Supreme Court, in the case of Suraj Lamp & Industries…
