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    Home Loan Subsidy Calculator

    A home loan subsidy calculator is an application that allows you to determine the discount you would be able to avail on a home loan obtained from a PMAY scheme. In order to calculate the subsidy on your PMAY scheme, you simply have to enter the details of your loan alike rate of interest, principal, etc. The application will then estimate the subsidy you would receive from obtaining a home loan.

    To Use The Home Loan Subsidy Calculator, Follow The Steps Mentioned Below

    Step 1: Log in to the official PMAY website

    Step 2: Click on 'Others' and Select ‘NPV Subsidy Calculator’ from drop down or Else Visit pmaymis.gov.in/EMI_Calculator.aspx

    Step 3: You will now have to enter the loan details (Total Loan Amount, Rate of Interest & Loan Term in Months) as requested by the page

    Step 4: Now, click on ‘Calculate’

    Step 5: You will now get information on the subsidy amount you will gain from your loan

    Subsidy Classification Of PMAY

    Clss Max. Household Income Maximum Subsidy Max. Area Subsidy On Interest Max. Loan Amount Loan Tenure
    MIG - 2 Rs.12 – 18 lakh Rs.2.30 lakh 110 sq. meter 3% p.a. Rs.12 lakh 20 years
    MIG -1 Rs.6 – 12 lakh Rs.2.35 lakh 90 sq. meter 4% p.a. Rs.9 lakh 20 years
    LIG Rs.3 – 6 lakh Rs.2.67 lakh 60 sq. meter 6.5% p.a. Rs.6 lakh 20 years
    EWS Rs.0 – 3 lakh Rs.2.67 lakh 30 sq. meter 6.5% p.a. Rs.6 lakh 20 years

    Documents Required To Obtain The Benefits Of PMAY

    • Aadhaar card
    • Buyer builder agreement or ATS copy
    • Sanction letter for the loan
    • PAN card
    • Stamp paper / affidavit

    How To Check If You Are Eligible For A PMAY Scheme

    • Log in the official PMAY website
    • Now, click on ‘Search Beneficiary’
    • After this, click on ‘Search Name’
    • You will now have to type in your name and click on ‘Show’
    • The website will now display all the beneficiaries with the name entered by you
    • Press ‘Ctrl + F’ if you want to filter out the names and then type in your surname name
    • Your name should pop up on the screen if you are a beneficiary
    Apply for Home Loan

    Eligibility Criteria For PMAY Scheme

    In order to be eligible for a PMAY scheme, an individual must meet the following criteria.

    • Any individual who is a first-time homebuyer that doesn’t have any property in his/her name
    • In case of an unmarried applicant, his/her parents must not own a property in any part of India
    • In case of a married applicant, his/her spouse or kids must not own a property in any part of India
    • For applicants under LIG or EWS, a woman co-applicant is mandatory to avail the benefits of PMAY
    • The applicant and his family should not have availed any housing scheme, including PMAY, previously
    • The beneficiary can obtain the home loan only for construction/improvement/purchase of a home.

    News About Home Loan Subsidy Calculator

    • Carpet Area Raised For Houses Built Under The Pradhan Mantri Awas Yojana

      Since its introduction, Pradhan Mantri Awas Yojana has gained popularity in India. In order to help many people avail houses under this scheme and to meet its objective, the PMAY has widened the eligibility for applicants under this scheme. In a recent statement, The Ministry of Housing and Urban Affairs announced that they have decided to increase the carpet area of the houses built under this scheme.

       

      According to the Ministry of Housing and Urban Affairs, the carpet area of the house excluding the thickness of the walls is increased to 160 square metres for Middle Income Group- I category. The carpet area is increased to 200 square metres for Middle Income Group-II category.

      The ministry stated that this move will benefit a lot of middle income group people and will boost the construction sector as well. Apart from increasing the carpet area of the houses, the ministry says that they have increased the beneficiaries too.

      19 June 2018

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