September 11, 2017 - Lodha Palava
PMAY Scheme Explained: Codename Riverside
Some things are best done sooner rather than later. There is no reason to delay
investing in your dream home in Lodha Palava’s newest project, Codename Riverside.
One reason to keep in mind is the all-time low home loan interest rate hovering at
8.35% currently. The other reason is the possibility to avail loan subsidy through the
PMAY (Pradhan Mantri Awas Yojna). This scheme was envisioned to fulfill a lofty
mission – to enable housing for all by 2022, a time when India completes 75 years of
Some important details about the scheme are:
1. It is open to everyone whose annual income does not exceed INR 18 lakhs.
2. The person purchasing a house under this scheme, should not already own a pucca
house, i.e. one constructed of concrete.
3. You are entitled to avail loan subsidy of a maximum of 2.67 lakhs (for economically
weaker section and lower income group) to 2.30 lakhs for the others, under this
4. You must provide proof of income, address, identity, bank statements of previous 6
months and any other documents that the bank offering home loan demands from you.
5. The home loan you take from the bank should be for a period of 20 years to avail the
maximum subsidy offered under this scheme.
6. You can purchase only one house per family/applicant in this scheme. Shown below is
the maximum permissible limit of house built area for different income groups:
Income group Max. permitted carpet area (in sq. meters)
Under 6 lakhs/annum 60
Under 9 lakhs/annum 90
Under 18 lakhs/annum 110
you satisfy all conditions needed for home loan eligibility as well as PMAY scheme, then
the bank will submit a claim for subsidy on your behalf to the National Housing
Bank/HUDCO. Following this, the subsidy will be credited directly to the bank you took
the home loan from and the same amount will be transferred from the bank to your
savings account. You will receive the subsidy approximately within 3 months post
applying for it.
There can never be a better time for your dream of owning a house come true.
Particularly valuable for a lifetime will be an investment in Codename Riverside, a
premier project inside Palava smart city. Here, the luxury, security and green
surroundings offered to the customers are unparalleled and the satisfaction you and
your family get from the affordable yet high quality lifestyle cannot be matched to
anything else. Go ahead, book your home in a beautiful location and buy the best
advantage your family can enjoy.