What is a Home Loan PMAY Subsidy Calculator?

What is PMAY and How Does It Work?

Pradhan Mantri Awas Yojana (PMAY) is an affordable housing scheme launched by the Central Government in 2015. The aim is to provide "Housing for All" by constructing over 2 Crore homes in urban and rural areas.

CLSS - Credit Linked Subsidy Scheme:

CLSS provides an interest subsidy on Home Loans taken by eligible beneficiaries. This subsidy is credited upfront to the borrower's loan account, reducing the EMI burden.

Categories and Eligibility:

• EWS (Economically Weaker Section): Income up to ₹ 3 Lakh
• LIG (Low Income Group): Income between ₹ 3 Lakh to ₹ 6 Lakh
• MIG-I (Medium Income Group I): Income between ₹ 6 Lakh to ₹ 12 Lakh
• MIG-II (Medium Income Group II): Income between ₹ 12 Lakh to ₹ 18 Lakh

Maximum Subsidy Amounts:

• EWS & LIG: Up to ₹ 2.67 Lakh
• MIG-I: Up to ₹ 2.35 Lakh
• MIG-II: Up to ₹ 2.30 Lakh

Key Features:

• Interest subsidy up to 6.5%* for 20 Years*
• Available for purchase, construction, or enhancement of home
• Property should be in the name of a female member or jointly owned

No previous benefits from Central/State housing schemes

How is the PMAY Subsidy Calculated?

The PMAY subsidy is calculated based on your annual household income and loan amount. First, your eligibility is checked and you're classified under EWS, LIG, MIG I, or MIG II. Each category offers a different interest subsidy rate (from 3% to 6.5%) on a specified loan cap, ranging from ₹ 6 Lakh to ₹ 12 Lakh. The subsidy amount is then computed using the Net Present Value (NPV) of interest saved over the loan tenure (up to 20 years). If your loan exceeds the capped limit, the extra amount will attract normal interest rates without subsidy. A PMAY calculator can simplify this process.

Key Factors Considered:

• Loan Tenure: Maximum subsidy available for 20 Years*
• Interest Rate: Interest subsidy ranges from 3%* to 6.5%*
• Loan Amount: Subsidy applicable up to a certain limit
• Collateral: Property must be registered in the name of a female member or jointly
• Landholding Size: Only applicable for households meeting the income and property ownership criteria

How the PMAY Subsidy Calculator Helps:

• Estimate the subsidy amount under CLSS
• Adjust EMI based on subsidy
• Provide a breakdown of eligible benefits
• Effective Home Loan planning

Additional Criteria:

• No family member should own a pucca home in India
• Married couples are eligible for a single subsidy
• Loan must be from a lender partnered with NHB or HUDCO
• Construction must be completed within 36 months from the first disbursal

What is the Maximum Subsidy Amount Available under the Credit Linked Subsidy Scheme (CLSS) of PMAY?

Under CLSS, the subsidy amount is fixed according to income groups. Here is the maximum subsidy you can get:

• EWS/LIG: Up to ₹ 2.67 Lakh on loan amount of up to ₹ 6 Lakh with 6.5%* interest subsidy
• MIG-I: Up to ₹ 2.35 Lakh on loan amount of up to ₹ 9 Lakh with 4%* interest subsidy
• MIG-II: Up to ₹ 2.30 Lakh on loan amount of up to ₹ 12 Lakh with 3%* interest subsidy

Even though there is no upper cap on loan amount, the subsidy is calculated only up to the eligible loan limit.

Advantages of Using the PMAY Calculator

• Quick Eligibility Check: Instantly determines if you qualify for the PMAY subsidy based on income and loan details.
• Accurate Subsidy Estimate: Calculates the exact subsidy amount you may receive under the scheme.
• Identifies Beneficiary Category: Clearly categorises you as EWS, LIG, MIG I, or MIG II.
• Instant EMI Calculation: Helps you know your monthly EMIs post-subsidy for better financial planning.
• Time-Saving Tool: Delivers results in seconds without manual calculations.
• Easy to Use: Requires only basic loan and income inputs.

Factors That Impact Your PMAY Subsidy

• Annual Household Income: Categorises you into EWS, LIG, MIG-I, or MIG-II
• Loan Amount: Subsidy is applicable only up to a certain loan cap
• Loan Tenure: Only the first 20 Years* of the loan are considered
• Property Ownership: Must be in the name of a female or jointly with male spouse
• Location and Use: Property must be in an approved urban area and used for residential purpose

How to Apply for a PMAY Subsidy?

Follow these steps to apply for PMAY:

• Visit the official PMAY website: PMAYmis.gov.in
• Click on 'Citizen Assessment'
• Select 'Benefit under 3 other components'
• Enter your Aadhaar number and name as per Aadhaar
• Fill in the application form with personal, contact, and income details
• Click the disclaimer, enter the Captcha, and click 'Save'
• Take a printout of the filled application form
• Submit the form with necessary documents to your nearest bank or CSC (Common Service Centre)

If you are planning to take a Home Loan and wish to benefit from the PMAY scheme, using a Home Loan PMAY Subsidy Calculator or PMAY EMI Calculator will help you check your Subsidy Eligibility Calculator in advance. Tools like the Awas Yojana Calculator it easier to check potential savings through the PMAY Subsidy Calculator. Always refer to the official sources or consult your Home Loan provider to apply accurately and receive timely subsidy benefits.