A "low interest" loan shouldn't mean you have very little interest in paying it back!
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
| 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 |
In order to be eligible for a PMAY scheme, an individual must meet the following criteria.
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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