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.

Disclaimer

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.