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✓ Home Loan from ₹2 Lakhs To ₹15 Cr ✓ Multiple Lending Partners ✓ Interest Rates Starting @ 7.70%

PMAY Eligibility Calculator

  • 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.

 

How to use the PMAY Scheme Calculator?

It is extremely simple to check the PMAY eligibility online. All you have to do is enter the,

  • Annual Family Income 

  • Loan Amount

  • Tenure (Minimum 24 to 360 Months)

  • Information Related to Pucca House

  • Is women Ownership Present in the Property Under Consideration

Once you enter all the values, the estimated PMAY Eligibility result will appear in the calculating tool.

Pradhan Mantri Awas Yojana Eligibility Criteria

Below mentioned is the PMAY eligibility criteria divided into different groups:

Parameter(s)

Middle Income Group 1 (MIG 1)

Middle Income Group 2 (MIG 2)

Lower Income Group (LIG)

Economically Weaker Section

(EWS)

Annual income of the household

₹6-12 lakh

₹12-18 lakh

₹3-6 lakh

Up to ₹3 lakh

Home loan interest rate subsidy (p.a.)

4%

3%

6.5%

6.5%

Loan amount eligible for Interest Subsidy (₹)

₹9 lakh

₹12 lakh

₹6 lakh

₹6 lakh

Maximum repayment tenure

(Years)

20

20

20

20

Maximum interest subsidy amount 

₹2.35 lakh

₹2.30 lakh

₹2.67 lakh

₹2.67 lakh

Maximum carpet area of the dwelling unit (in square metres)

160

200

60

30

 

Additional Pointers under PMAY Eligibility Criteria:

  • Minority Groups: People hailing from minority groups, such as SC,ST and OBC, among others, will fall under minorities. To be considered under the scheme, these people need to meet to provide the relevant income and caste certificates.

  • Women Entrepreneurship Encouragement: Women that belong to the EWS and LIG categories will be given preferential treatment under this scheme.

  • The applicant or their family must not own a house anywhere in India.

  • If a married couple is applying for a loan, either a single or a joint ownership deal is allowed. And both the options will receive just one subsidy.

  • The applicant’s family must not be past beneficiaries of any Indian government-run housing-related schemes.

  • Additionally, if the beneficiary is a family, the unit must consist of a husband, wife and unmarried children.

PMAY Eligibility Criteria FAQs

✔️Who is not eligible for PMAY?

Pradhan Mantri Awas Yojana aims to provide affordable housing to the urban poor. However, there is a set of criteria in order to avail the loan. If an individual already has a pucca house in any part of the country or has earlier availed benefits from any of the central/state government-run housing schemes. Also, if the applicant's annual income is more than Rs.18 lakhs he/she is not eligible for loan under PMAY.

✔️Is govt employee eligible for PMAY?

Irrespective of the type of organization the applicant works for, a person belonging to one of the income-based categories can apply for the PMAY scheme. Under this scheme, interest subsidy on purchase/ construction/ extension/ improvement of house is provided to customers belonging to the Economically Weaker Section (EWS), Low Income Group (LIG), and Middle Income Group (MIG-I & MIG-II).

✔️Is female co applicant mandatory for PMAY?

A female co-applicant is not required while applying for a home loan under the PMAY scheme if you belong to the MIG 1 or MIG 2 category. But for the EWS and the LIG category, a female co-owner is required. The property must be co-owned by the leading lady of the family against which the PMAY scheme is being applied for.

✔️How are low-income, middle-income groups classified?

  • Low Income Group (LIG) - People that fall under this category have to provide proof that the annual household income is between Rs 3 lakh and Rs 6 lakh.
  • Middle Income Group (MIG) 1 - Those who earn less than 12 lakh are entitled to avail a loan up to Rs 9 lakh with a maximum subsidy of Rs 2.35 lakh under the Credit-linked subsidy scheme.
  • Middle Income Group (MIG) 2 - Individuals earning less than 18 lakh fall under this category and can avail a loan up to Rs 12 lakhs.