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Pradhan Mantri Awas Yojana Eligibility Calculator

An essential component of the Pradhan Mantri Awas Yojana, the Credit Linked Subsidy Scheme enables beneficiaries to avail themselves of interest rate subsidy on Home Loan amounts for house purchase or construction. A PMAY subsidy calculator allows beneficiaries to assess the total interest amount they can save based on their housing loan amount and the tenor selected.

As subsidy availability depends on various verticals, such as household income, subsidy rate, maximum loan cap, and more, a Home Loan subsidy calculator provides prospective or existing borrowers with the right tools to help them gauge their savings without hassle. With its simplified interface and minimal entries, the PMAY calculator allows easy computation of overall interest savings.

Borrowers can also use a PMAY EMI calculator alongside this specialised tool to gain a comprehensive understanding of their monthly repayment liability to make an informed borrowing decision. Borrowers must, however, know about the PMAYU or PMAYG category they belong to, to be able to easily use the  Home Loan EMI Calculator  with PMAY subsidy.

Knowing the suitable PMAY eligibility requirements for subsidy benefit can help borrowers select the right CLSS category for accurate assessment of interest savings. It is advisable to use the PMAY loan calculator for subsidy benefit estimation before you apply for PMAY online to make suitable financial decisions.

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Note

The validity of the PMAY scheme has not been extended.

  • The EWS/LIG schemes were discontinued w.e.f. March 31, 2022
  • The MIG schemes (MIG I and MIG II) were discontinued w.e.f. March 31, 2021

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What is the PMAY Eligibility Calculator

What is the 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 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.

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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.

  1. Enter the total annual family/household income
  2. Select the loan amount required
  3. Select a suitable Home Loan tenor for subsidy calculation (Your tenor should not exceed 20 years)
  4. Next, enter the property’s carpet area in the calculator, followed by a confirmation that this is your first pucca house, 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. You will also be able to see the CLSS category you qualify for.

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

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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: The 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: The 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.

*Terms and conditions apply

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