Overview: Pradhan Mantri Awas Yojana (PMAY-Urban)
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…
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What is a Credit card ?
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…
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Padho Pardesh : 100% Interest subsidy to students of minority communities
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…
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How to examine title deeds while buying house property?
(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…
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How commercial Banks sanction Personal Loan, Consumer Loan & Vehicle Loan?
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…
What happens if you repay your home loan ahead of Schedule?
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…
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