Pradhan Mantri Awas Yojana Eligibility and Subsidy Calculator

It is a tool that helps you estimate the maximum subsidy you can receive under the PMAY scheme. By entering your annual family income, loan amount, and tenure, you can quickly check your beneficiary category and the eligible home loan subsidy.

The PMAY calculator simplifies the process of checking home loan eligibility, works on the PMAY subsidy formula, and provides instant results.

The PMAY subsidy calculator helps you quickly estimate your eligible home loan subsidy. To use it, provide the following details:

• Enter your total household income.

• Specify the home loan you plan to take.

• Choose the duration of your loan in months.

• Indicate if this is your first pucca house (Yes/No).

• Select Yes if a woman is a co-owner of the property.

The calculator will instantly show your beneficiary category and subsidy amount.

The PMAY subsidy is calculated based on your annual household income and the eligible home loan amount. Each income group has a fixed subsidy rate and a maximum loan limit. If your loan amount exceeds this limit, the subsidy applies only to the eligible portion, while the rest is charged at the normal interest rate.

The subsidy is credited upfront to your loan account, reducing the principal and lowering your EMIs. You can use a PMAY calculator to estimate your subsidy and revised instalments for better loan planning.

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.

The Pradhan Mantri Awas Yojana provides interest subsidies on home loans based on your income group. PMAY eligibility and subsidy limits are categorised as follows:

Example Calculation

Suppose a family falls under the LIG category with a home loan of ₹6 Lakhs at 9% p.a. Under PMAY, they get a 6.5% subsidy on the eligible loan amount. This effectively reduces their rate to 2.5% on the subsidised portion. The maximum benefit here is ₹2.67 Lakhs, which directly lowers the loan principal and reduces the overall repayment burden.

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 the eligible portion of your loan qualifies for the PMAY subsidy. Any amount beyond the limit is charged at the regular interest rate.

• Loan Tenure

The subsidy is calculated for a maximum loan tenure of up to 30 years. Shorter tenures may result in lower interest savings.

• 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, applicants who already own a pucca house may be excluded from receiving the subsidy.

• 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.