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.
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