PMAY Eligibility Calculator

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 on the financing availed for affordable residential property purchase.

Available as a self-help planning tool, the PMAY home loan calculator provides a quick and accurate insight into the possible savings you can make through 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 like the home loan amount, household income, interest rate, and tenure along with the 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 it only helps compute the savings one can make under a CLSS category as per his/her PMAY eligibility fulfilment. 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 for a suitable idea on 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, which comprises a husband, wife, and unmarried, non-earning child(ren).
• Proceed to select a suitable home loan tenure for subsidy calculation. It 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 primarily 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 tenure 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 include MIG-I, MIG-II, LIG, and EWS.

PMAY subsidy scheme for MIG I & II category is not extended by regulatory. Category wise scheme validity is mentioned below:

     1. EWS & LIG category is valid up to 31st March 2022

     2. MIG I & MIG II category was valid up to 31st March 2021