PMAY Eligibility Calculator

Note: The PMAY subsidy scheme has been not extended by the regulatory authority for MIG I and II categories. Please check the category-wise scheme validity below.

1. EWS and LIG categories are valid up to 31 March 2022

2. MIG I and MIG II categories were valid up to 31 March 2021

The PMAY eligibility calculator or the home loan subsidy calculator is a customised financial tool that allows housing loan borrowers to estimate the interest subsidy they can avail of on the financing availed for affordable residential property purchase.

Available as a self-help planning tool, the PMAY home loan calculator provides quick and accurate insight into the possible savings one can make through the interest subsidy received on housing loans and the EMIs payable thereafter.

All you need to do is enter the factors that affect your PMAY subsidy, such as the home loan amount, household income, home loan interest rate, and tenor, along with your CLSS category for quick and accurate results.

To calculate the subsidy savings, you must also be aware of the Pradhan Mantri Awas Yojana eligibility criteria that define the Credit Linked Subsidy Scheme category you qualify for. This tool also serves as a PMAY EMI calculator, allowing users a peek into their monthly repayment liabilities after subsidy deduction.

Alongside this, users must also know that the calculator only helps compute the savings one can make under a CLSS category as per their PMAY eligibility fulfilment. The decision for subsidy disbursal remains at the government’s discretion. It is, thus, advisable to also use the PMAY eligibility calculator along with the PMAY calculator for subsidy benefits to get a suitable idea of its availability.

How to Check PMAY Eligibility Online?

Using a home loan EMI calculator with PMAY subsidy computation is simple and easy. Follow the steps given below to learn how to check PMAY eligibility online.

• Enter the total amount of family/ household income.
• Proceed to select a suitable home loan tenor for subsidy calculation. Your tenor should not exceed 20 years.
• Next, enter the home loan amount in the calculator to complete your PMAY eligibility check online for interest subsidy.
• Once these steps are complete, the total subsidy amount available to you will be computed and displayed on the screen.

The calculator helps check eligibility for PMAY online with close accuracy and in no time.

Factors that Affect Your PMAY Subsidy

There are three essential factors that affect the PMAY subsidy that you may be eligible to avail of. They include the following.

• Annual household income: Income earned by a household annually is segmented into three slabs for beneficiary identification, i.e., Rs.6 lakh, Rs.9 lakh, and Rs.12 lakh. Such income is inversely related to the subsidy amount computed.
• Loan amount: Subsidy amount computed for a loan value is directly proportional to it. It, thus, rises with an increase in the loan amount and vice versa.
• Tenor selected: An extended tenor attracts a higher interest subsidy and vice versa, wherein the benefits available are limited to a duration of 20 years.

These values, along with the carpet area and entry for the type of house, are used to calculate the interest subsidy benefit under PMAY.

These parameters also help decide the CLSS beneficiary category one qualifies for, whereby the four categories for subsidy benefit are MIG-I, MIG-II, LIG, and EWS.