PMAY Subsidy Calculator

PMAY Subsidy Calculator

Pradhan Mantri Awas Yojana PMAY, is an initiative by the Government of India, which makes housing affordable to the urban poor. Pradhan Mantri Awas Yojana has a target of building 2 Crore affordable houses by 2022. PMAY scheme was launched in 2015.

PMAY is classified into two categories:  Pradhan Mantri Awas Yojana (Urban) (PMAY-U) for the urban poor and Pradhan Mantri Awas Yojana (Gramin) (PMAY-G and PMAY-R) for the rural poor. This scheme is linked to other Central Government schemes to ensure houses have a toilet attached, Saubhagya Yojana electricity connection, Ujjwala Yojana LPG gas connection, access to drinking water, Jan Dhan banking facilities and so on.

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PMAY Subsidy Calculator

Benefits of Pradhan Mantri Awas Yojana Subsidy

• Subsidy: A subsidy in the range of Rs 1,00,000 to Rs 2,67,000 is granted to individuals of lower income group (LIG) and economically weaker sections (EWS). This subsidy can only be used for purchasing or constructing a house under the PMAY scheme.
• Subsidized rate of interest: Pradhan Mantri Awas Yojana Subsidy is provided on the home loan interest rates. The PMAY scheme reduces the rate of home loans. All applicants availing loans of up to Rs 6,00,000 would pay interest at the rate of 6.5% as against the current market rate, thus reducing the burden of high interest rates. This interest subsidy is for up to 15 years. In case the amount borrowed is more than Rs 6,00,000, the borrowers must pay the normal rate of interest on the excess amounts borrowed.
• Female applicants are prioritized: Female applicants are given preference under PMAY. This makes PMAY a pro-women scheme.
• Ground floor houses: Physically impaired applicants would be granted ground floor houses. The elderly applicants would be allotted houses on the ground floor.
• Eco-friendly: The Government has laid down strict guidelines to construct eco-friendly houses under the scheme.
• Renovation or extension: Individuals from lower income group LIG and economically weaker sections EWS can avail PMAY subsidy to renovate or extend self occupied house. If the loan availed is for extension or renovation of an old house, then the carpet area of the house must to be less than 30 sq meters for EWS category and 60 sq meters for LIG category.

See More: Benefits of the Pradhan Mantri Awas Yojana

Eligibility criteria for PMAY scheme

Below mentioned are the eligibility criteria for PMAY scheme:

• The applicant and any of the applicant’s family members must not own a pucca house anywhere in India.
• The applicant must not have availed any housing schemes with the Central or State Government’s assistance.
• One adult female member of the family must mandatorily be the owner of the property.
• Location of the property must fall under any statutory towns as per 2011 census and their adjacent planning area (updated by the government from time to time).
• Subsidy Classification of PMAY on the basis of income is done as shown below:

i) To fall under EWS category, the applicant’s income must be under Rs 3 Lakhs per annum. Subsidy of Rs 2,67,000 is provided on loan amount of Rs 6,00,000.

ii) To fall under LIG category, the applicant’s income must be Rs 3 - 6 Lakhs per annum. Subsidy of Rs 2,67,000 is provided on loan amount of Rs 6,00,000.

iii) To fall under mid income group-1 MIG 1, the applicant’s income must be Rs 6 - 12 Lakhs per annum. Subsidy of Rs 2,35,000 is provided on loan amount up to Rs 9,00,000.

iv) To fall under mid income group-2 MIG 2, the applicant’s income must be between Rs 12 - 18 Lakhs per annum. Subsidy of Rs 2,30,000 is provided on loan amounts of up to Rs 12,00,000.

See Also: Pradhan Mantri Awas Yojana: How To Choose The Right Home Loan?

Documents required to get PMAY

Below mentioned are the documents required to apply for PMAY house:

• Proof of identity: Aadhaar Card, Voter ID, Valid Passport, Valid Driving License and so on
• Proof of address: Ration Card, Telephone Bills, Gas Connection Bills, Electricity Bills, Water Supply Bills and so on
• The applicants must possess PAN
• Aadhaar card of the applicant (s)
• Certificate supporting the category of applicant
• Documents supporting property ownership
• Property supporting no pucca house owned.

Pradhan Mantri Awas Yojana Subsidy Calculator

Most home loan lenders have enabled PMAY subsidy calculator on their official websites. This can be used by applicants to check the extent of subsidy covered depending on category. Do note that the results displayed are purely based on the inputs. Actual rates may differ from what a PMAY calculator displays.

Steps to use the Home Loan Subsidy Calculator:

Log on to the official website of your chosen home lender.

• Open PMAY subsidy calculator.
• Input family’s annual income.
• Enter your desired loan amount.
• Enter the tenure of your loan.
• Click on ‘NO’ for the question ‘do you own a pucca house?’, note that you are not eligible for PMAY subsidy if you own a pucca house.
• Enter the carpet area of the property you plan to purchase by availing PMAY subsidy.
• Your subsidy coverage would be displayed.

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