PMAY Subsidy Calculator

PMAY Calculator is a simple yet powerful tool designed to help you understand and maximise the benefits of the Pradhan Mantri Awas Yojana (PMAY) scheme. This online calculator takes the guesswork out of the process, allowing you to estimate the amount of subsidy you could receive under the Credit Linked Subsidy Scheme (CLSS).

By inputting a few key details, such as your household income, loan amount, and tenure, the PMAY calculator quickly and accurately estimates your potential subsidy amount. This allows you to plan your finances effectively and make informed decisions about your home loan.

Think of it as your personal guide to the PMAY scheme, helping you to:

  1. Assess Eligibility: Quickly determine if you qualify for a subsidy under PMAY.
  2. Estimate Subsidy: Calculate the potential subsidy amount you could receive.
  3. Plan Finances: Make informed decisions about your home loan and budget accordingly.
  4. Save Money: Maximise your savings on interest payments with the CLSS subsidy.
Our PMAY home loan calculator is a valuable resource for anyone looking to buy or build a home under the PMAY scheme. It's easy to use, accurate, and completely free. Try it today and discover how much you could save.

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How is the PMAY Subsidy Calculated?

The PMAY subsidy is calculated based on your annual household income, home loan amount, and home loan tenure. It is capped at a maximum loan amount. The calculator factors in your income to determine your beneficiary category, which then determines the maximum subsidy amount you can receive.

For example, if you belong to the MIG I category and take a home loan of Rs. 30 lakhs, you would receive a subsidy on the first Rs. 9 lakhs at an interest rate of 4% p.a., and the remaining Rs. 21 lakhs would be charged at the lender's standard rate.

Subsidy Classification Of PMAY

The eligibility criteria for a home loan can vary depending on the lender, but here are some factors that are generally considered:

Category Income Range Maximum Loan Amount Interest Subsidy Maximum Subsidy
EWS Up to Rs. 3 lakh Rs. 6 lakh 6.50% Rs. 2.67 lakh
LIG Rs. 3 lakh to Rs. 6 lakh Rs. 6 lakh 6.50% Rs. 2.67 lakh
MIG I Rs. 6 lakh to Rs. 12 lakh Rs. 9 lakh 4% Rs. 2.35 lakh
MIG II Rs. 12 lakh to Rs. 18 lakh Rs. 12 lakh 3% Rs. 2.30 lakh
These are just some of the most common eligibility criteria. It's important to visit the lender’s website directly to get the most accurate information about their specific requirements.

Documents Required to Obtain the Benefits of PMAY

The documents required to obtain the benefits of PMAY vary depending on the specific scheme and your individual circumstances. However, some of the most common documents include:

  1. Aadhaar card
  2. Buyer builder agreement or ATS copy
  3. Sanction letter for the loan
  4. PAN card
  5. Stamp paper/affidavit
For more information on the specific documents required, please consult a financial advisor or visit the Ministry of Housing and Urban Affairs website.

Eligibility Criteria for the PMAY Scheme

To be eligible for the PMAY scheme, you must meet the following criteria:

  1. Be a first-time homebuyer with no property in your name.
  2. If unmarried, neither the applicant nor their parents can own property in India.
  3. If married, neither the applicant, their spouse, nor their children can own property in India.
  4. A female co-applicant is required for applicants who fall under LIG or EWS. 5. The applicant and their family cannot have availed of any housing scheme, including PMAY, before.
  5. The beneficiary can only obtain a home loan for the construction, improvement, or purchase of a home.

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