EWS/LIG:
Beneficial for individuals or households with low income levels.
Can be availed for purchase or new construction or addition of rooms, kitchen, toilet etc., to existing dwelling units as incremental housing. The new construction includes purchase of new construction house from a builder, developer or from an existing owner.
In case of incremental housing i.e. addition of rooms, kitchen, toilet etc., it should be ensured that the same is for conversion of kutcha / semi pucca houses and require extensive renovation to pucca houses and Carpet Area of 30 sq.mt. / 60 sq.mt. as per borrower household category.
The loan amount availed could be between Rs.1 Lakh to Rs.15 Lakh for EWS and between 1 Lakh to 30 lakhs for LIG, subject to fulfilling 90% LTV and other credit norms.
The loan tenure would be for a minimum period of 3 years and maximum of 20 years.
MIG Category:
Beneficial for individuals or households in the middle-income group.
The purpose of the home loan could be for acquisition or new construction or repurchase of an existing dwelling. Loans for repair, renovation or extension of an existing dwelling unit are not eligible for subsidy under this scheme.
The loan amount availed could be between 1 Lakh to 1 Crore, subject to fulfilling up to 90% LTV, 25% Margin and other credit norms.
The loan tenure would be for a minimum period of 3 years and maximum of 20 years.
EWS/LIG:
Salaried individual with minimum 2 years’ service with 6 months or more in the current job
Self employed/businessmen should have been in the business/profession for a minimum period of 2 years
The entry age of borrower/s shall be less than 55 years at the time of availing the loans
EWS households are those which have an annual income up to 3,00,000 (Rupees Three Lakh). LIG households are those which have an annual income between 3,00,001 (Rupees Three Lakh One) upto 6,00,000 (Rupees Six Lakh).
The beneficiary family should not own a pucca house (an all-weather dwelling unit) either in his/her name or in the name of any member of his/her family in any part of India
MIG Category:
Salaried individual with minimum 2 years’ service with 6 months or more in the current job
Self employed/businessmen should have been in the business/profession for a minimum period of 2 years
The entry age of borrower/s shall be less than 55 years at the time of availing the loans
MIG loans are of two categories, viz. MIG I and MIG II. MIG I households are those which have an annual income between 6,00,001 (Rupees Six Lakh One) upto 12,00,000 (Rupees Twelve Lakh). MIG II households are those which have an annual income between 12,00,001 (Rupees Twelve Lakh One) upto 18,00,000 (Rupees Eighteen Lakh).
The beneficiary family should not own a pucca house (an all-weather dwelling unit) either in his/her name or in the name of any member of his/her family in any part of India
EWS/LIG:
Processing fees are applicable at the time of disbursement. There would be no processing fee for a loan amount upto 6 Lakh. For home loans beyond 6 Lakh, processing fee shall be charged at 1% on the additional sanctioned loan amount subject to a maximum of 9,000 plus GST for EWS and maximum 19000 plus GST for LIG.
Statutory charges in the form of Stamp Duty/MOD/MOE will be payable on fixing of disbursement as per the rules of the respective State, where the property is located.
Late payment charges will be added to the monthly interest at 2% per annum over and above the applicable interest rate on the overdue amount for the period of default.
The borrower also needs to pay legal and technical fees on an actual basis.
Cheque/ECS/ACH Bouncing charges will be 300 plus GST.
MIG Category:
Processing fees are applicable at the time of disbursement. There would be no processing fee for a loan amount up to 9 Lakh and 12 Lakh for MIG I and MIG II respectively. For home loans beyond 9 Lakh and 12 Lakh for MIG I and MIG II respectively, processing fee shall be charged at 1% of the additional sanctioned loan amount. The maximum processing fee would be 16,000 plus taxes and 13,000 plus taxes for MIG I and MIG II respectively.
Statutory charges in the form of Stamp Duty/MOD/MOE will be payable on fixing of disbursement as per the rules of the respective State, where the property is located.
Late payment charges will be added to the monthly interest at 2% per annum over and above the applicable interest rate on the overdue amount for the period of default.
The borrower also needs to pay legal and technical fees on an actual basis.
Cheque/ECS/ACH Bouncing charges will be 300 plus GST.
Visit the nearest Utkarsh Small Finance Bank branch for assistance.
What are the pre-conditions of a beneficiary family to avail the Utkarsh Awas Yojna under MIG category?
The beneficiary family will comprise husband, wife, unmarried sons and/or unmarried daughters. An adult earning member (irrespective of marital status) can be treated as a separate household.
To be eligible to receive central assistance under CLSS for MIG:
• The beneficiary family should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India.
• The beneficiary family should not have availed of central assistance under any housing scheme from Government of India.
Is there any section of the society who get preferential benefits under MIG scheme?
Preference under this scheme is given to Women (with overriding preference to Widows and Single Working Women), Persons belonging to Scheduled Castes/Scheduled Tribes/Other Backward Classes, Persons with disabilities and Transgenders. However, these applicants should be from MIG category.
To qualify for the preferential beneficiaries, certificate by the appropriate government bodies needs to be submitted.
What is the maximum subsidy amount payable?
The maximum subsidy amount depends on the loan amount, tenor, time taken for construction and date of disbursement. Maximum subsidy amount would be 2.35 Lakh and 2.30 Lakh for MIG I and MIG II respectively. The subsidy amount paid by the NHB shall be final and binding to the applicant(s).
What are the pre-conditions of a beneficiary family to avail the Utkarsh Awas Yojna under EWS/LIG category?
A beneficiary family will comprise husband, wife, unmarried sons and/ or unmarried daughters. The beneficiary family should not own a pucca house (an all weather dwelling unit) either in his/her name or in the name of any member of his/her family in any part of India. An adult earning member (irrespective of marital status) can be treated as a separate household;
Is there any section of the society who get preferential benefits under this scheme?
Preference under this scheme is given to Manual Scavengers, Women (with overriding preference to Widows), Persons belonging to Scheduled Castes/Scheduled Tribes/Other Backward Classes, Minorities, Persons with disabilities and Transgender. However, these applicants should be from EWS/LIG category.
To qualify for the preferential beneficiaries, certificate by the appropriate government bodies needs to be submitted.
