Pradhan Mantri Awas Yojana Eligibility and Subsidy Calculator

Pradhan Mantri Awas Yojana (PMAY) is a government scheme that supports affordable housing for people in lower- and middle-income groups. It aims to help families own a home by providing financial support. The scheme covers both urban and rural areas, making housing more accessible across India.

 

One of the key features of PMAY is the Credit Linked Subsidy Scheme (CLSS). Under this, eligible homebuyers can receive an interest subsidy on their housing loan. This reduces the overall cost of borrowing and eases the repayment process. The scheme also encourages eco-friendly construction methods to promote sustainable living.

 

Through PMAY, the government continues its goal of 'Housing for All'. It provides financial assistance for building, purchasing, or improving houses, helping more families live in safe and secure homes.

The PMAY subsidy is calculated by considering your annual household income and the home loan amount. The scheme offers different subsidy rates based on income groups. Each category has a set interest subsidy and a maximum loan limit for which the subsidy applies. If your loan exceeds this limit, only part of it qualifies for the subsidy. The remaining amount is charged at the usual interest rate by your lender.

 

You can also use a PMAY calculator to check your subsidy amount. By entering details such as your income, loan amount, interest rate, and tenure, you can view your estimated savings and EMIs. This helps you plan your home loan more effectively.

 

Here’s How the Subsidy Is Calculated for Each Income Group:

Economically Weaker Section (EWS):

• Income up to Rs. 3 Lakhs

• 6.5% interest subsidy on a loan of up to Rs. 6 Lakhs

Low-Income Group (LIG):

• Income between Rs. 3 Lakhs and Rs. 6 Lakhs

• 6.5% interest subsidy on a loan of up to Rs. 6 Lakhs

Mid-Income Group I (MIG I):

• Income between Rs. 6 Lakhs and Rs. 12 Lakhs

• 4% interest subsidy on a loan of up to Rs. 9 Lakhs

Mid-Income Group II (MIG II):

• Income between Rs. 12 Lakhs and Rs. 18 Lakhs

• 3% interest subsidy on a loan of up to Rs. 12 Lakhs

• Loan amounts above the subsidy limit are charged at the normal interest rate.

• A PMAY calculator shows your subsidy, category, and EMIs quickly.

Knowing what impacts your PMAY subsidy helps you plan your home loan better and avoid missing out on benefits. Here are the key factors that affect your subsidy amount and eligibility:

Annual Household Income

Your income category determines the interest subsidy rate and the maximum loan amount eligible for subsidy. Lower-income groups receive a higher subsidy compared to higher-income groups.

Loan Amount

Only a part of your loan qualifies for the PMAY subsidy, based on your income category. Any amount beyond the eligible limit is charged at the normal rate.

Loan Tenure

The subsidy is calculated for a maximum loan tenure of up to 20 years. If your tenure is shorter, the interest savings may also be lower.

Beneficiary Category

PMAY divides applicants into EWS, LIG, MIG I, and MIG II based on income. Each group has fixed subsidy rates and eligible loan caps.

Property Ownership

To qualify, the applicant or family should not already own a pucca house in India. If they do, they may be excluded from the subsidy benefit.

Female Co-ownership

Having a female co-owner is encouraged under the scheme, especially for EWS and LIG categories. It may increase the chances of approval and eligibility.

Property Location

The property must be in an area approved under PMAY. Urban and rural zones have different coverage and eligibility conditions.

First-time Homeownership

The scheme supports first-time homebuyers. Those who have not availed of central assistance before are considered eligible.

Understanding the categories under PMAY helps you know which benefits apply to you and your family. Here are the main categories defined under the scheme:

Economically Weaker Section (EWS)

This category covers households with an annual income of up to Rs. 3 Lakhs. Applicants here receive the highest interest subsidy rate under the scheme.

Low-Income Group (LIG)

Households earning between Rs. 3 Lakhs and Rs. 6 Lakhs fall under this category. They enjoy the same interest subsidy as the EWS group.

Middle-Income Group I (MIG I)

MIG I includes families with an income between Rs. 6 Lakhs and Rs. 12 Lakhs. They are eligible for a 4% subsidy on a loan of up to Rs. 9 Lakhs.

Middle-Income Group II (MIG II)

This category is for households earning between Rs. 12 Lakhs and Rs. 18 Lakhs. They can receive a 3% interest subsidy on a loan of up to Rs. 12 Lakhs.

Special Beneficiary Groups

Certain groups such as widows, differently abled persons, and senior citizens may receive special consideration. The scheme prioritises these groups for better housing support.

PMAY eligibility calculator is a financial tool that has been customised for determining one’s eligibility for the scheme. The tool allows PMAY housing loan borrowers to estimate the interest subsidy they will be entitled to post securing the required financing.

 

All one will need to do is enter the factors which will be taken into consideration while calculating the PMAY subsidy that they can avail. These are the likes of the loan amount, household’s annual income, the interest rate and tenure.

 

To Calculate the subsidy savings, you have to check the pradhan mantri eligibility criteria that falls under the Credit Linked Subsidy Scheme category that you are qualified for.

The Pradhan Mantri Awas Yojana subsidy calculator is an online tool that helps you check if you qualify for the Pradhan Mantri Awas Yojana scheme. It also estimates the subsidy you may receive on your home loan.

 

To use the calculator, you need to enter details such as your household income, loan amount, interest rate, and loan tenure. Once you provide these inputs, the tool will display your eligibility status and potential subsidy amount.

 

The calculator works by matching your details with the eligibility criteria under the Credit Linked Subsidy Scheme (CLSS). It tells you which category you fall under and the benefits available to that group.

 

Using the Pradhan Mantri Awas Yojana eligibility calculator can save time and give you clarity before applying for a home loan. It helps you plan your finances better by showing your expected savings through the subsidy.

Here’s how you can check your PMAY eligibility online using a PMAY Subsidy Calculator:

1. Input your household or family income into the PMAY eligibility calculator

2. Choose the loan amount you plan to apply for under the PMAY scheme

3. Choose the required loan amount

4. Select the loan tenure for subsidy calculation and ensure that your chosen tenure does not exceed 20 years

5. Provide the carpet area of the property in the calculator to proceed

6. Confirm that this is your first pucca home to complete the eligibility check for the interest subsidy

 

Once you complete these steps, the calculator will display the total subsidy amount you are eligible for. It will also show the CLSS category that applies to you. This tool helps you check your PMAY eligibility criteria online quickly and accurately.

The maximum subsidy under the CLSS (Credit Linked Subsidy Scheme) of PMAY depends on your income category. Each category has its own subsidy rate and loan cap, which determines the final benefit you can receive.

 

The highest subsidy is Rs. 2.67 Lakhs, available to those in the Economically Weaker Section (EWS) and Low-Income Group (LIG). Middle-income groups receive lower subsidy amounts, but this still helps reduce the overall cost of the loan.

 

Here’s a quick look at the maximum subsidy limits under each category:

Economically Weaker Section (EWS)

Up to Rs. 2.67 Lakhs subsidy at 6.5% interest on a loan of up to Rs. 6 Lakhs.

Low-Income Group (LIG)

Up to Rs. 2.67 Lakhs subsidy at 6.5% interest on a loan of up to Rs. 6 Lakhs.

Middle-Income Group I (MIG I)

Up to Rs. 2.35 Lakhs subsidy at 4% interest on a loan of up to Rs. 9 Lakhs.

Middle-Income Group II (MIG II)

Up to Rs. 2.30 Lakhs subsidy at 3% interest on a loan of up to Rs. 12 Lakhs.

 

Note: If your loan exceeds the eligible amount, the remaining portion will not qualify for the subsidy benefit.

Before applying for PMAY, it is important to check if you meet the eligibility requirements. Here are the key criteria you must consider:

Income Category

Your annual household income places you in the EWS, LIG, MIG I, or MIG II categories. If your income is above Rs. 18 Lakhs, you are not eligible for PMAY benefits.

Female Ownership

The property must include a female owner, either as sole or joint owner. This rule can be relaxed only if there is no eligible female member in the family.

First-time Homeownership

You must not already own a pucca house anywhere in India. The scheme supports only those buying their first property.

No Prior Government Assistance

Applicants should not have received any housing benefits from central or state government schemes. This includes benefits from any credit-linked subsidy scheme.

Property Location

The property must be located in approved areas under the scheme. These include towns, villages, or cities as per the official Census list.

Purpose of the Loan

The scheme applies to new property purchases or construction. If the loan is for renovation or extension, the work must be completed within 36 months of the first instalment.