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PMAY Calculator
Calculate the subsidy for your Home Loan
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The Pradhan Mantri Awas Yojana is one of the most ambitious affordable housing initiatives launched by the Central Government of India. Under the scheme, the government aims to build more than two crore new affordable housing units across selected urban cities in India to help the citizens get a permanent residence.
The Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 was initiated in August 2024. This scheme is targeted towards helping one crore urban households own/purchase/build a pucca house. The program includes eligible households of EWS/LIG/MIG categories who do not have a pucca house.
What is PMAY Calculator?
How is the PMAY Subsidy Calculated?
The PMAY (Pradhan Mantri Awas Yojana) subsidy is calculated based on the Credit Linked Subsidy Scheme (CLSS), which provides interest subsidies on home loans for eligible beneficiaries. The key factors considered in the calculation include:
- Annual Household Income: Households with an annual income of up to ₹9 lakh can apply under the Interest Subsidy Scheme (ISS), subject to PMAY-U 2.0 eligibility criteria.
- Loan Amount & Tenure: he subsidy is available on the first ₹8 lakh of a home loan, with a maximum loan amount of ₹25 lakh for a property valued up to ₹35 lakh. The loan tenure can be up to 12 years.
- Interest Subsidy Rate: Eligible beneficiaries receive an interest subsidy of 4% on the first ₹8 lakh of the loan.
- Subsidy & NPV: The maximum interest subsidy is ₹1.80 lakh, with a maximum Net Present Value (NPV) of ₹1.50 lakh, calculated using a discount rate of 8.5%. The subsidy is released in five equal annual instalments.
To put it in a real-life scenario: Rahul has an annual household income of ₹8 lakh and takes a ₹20 lakh home loan to buy a house worth ₹30 lakh. Since he meets the PMAY-U 2.0 eligibility criteria, he can receive a 4% interest subsidy on the first ₹8 lakh of his home loan.
Factors that Affect Your PMAY Subsidy
Several factors determine the final subsidy amount you receive under PMAY:
- Income Category
- Economically Weaker Section (EWS): Income up to ₹3 lakh
- Low-Income Group (LIG): Income between ₹3 lakh – ₹6 lakh
- Middle-Income Group I (MIG-I): Income between ₹6 lakh – ₹12 lakh
- Middle-Income Group II (MIG-II): Income between ₹12 lakh – ₹18 lakh
- Loan Amount Considered for Subsidy
- Maximum loan amount eligible for subsidy differs across categories.
- Loans beyond the limit will not receive additional subsidy benefits.
- Property Location & Size
- The house should be within urban areas defined under PMAY.
- Carpet area restrictions apply based on the income category.
- Gender & Special Category Preference
- Women applicants, differently-abled individuals, and members of Scheduled Castes/Tribes may get priority.
Benefits of Using PMAY Calculator
The PMAY Calculator simplifies subsidy estimation by:
- Interest Subsidy Estimation Calculator: Get an estimate of the PMAY-U 2.0 interest subsidy that you are eligible for based on your earnings and loan information
- Compare Different Loan Scenarios: Check different figures for your income, loan amount, and tenure period to know the impact of subsidy on your home loan.
- Know How Much You Save in EMI: Find out how much the PMAY subsidy will save you from your loan liability and EMI payments.
- Check Eligibility Right Away: Know if your income, loan amount and property value qualify for the PMAY-U 2.0 Scheme.
Verify Eligibility Based on Carpet Area - Check whether the carpet area of your property meets the required standards set under the PMAY Scheme.
| Category | Annual Household Income | Maximum Carpet Area | Maximum Subsidy |
|---|---|---|---|
| Economically Weaker Section | Up to Rs. 3 Lakhs | 60 Sq. Mts. | Up to Rs. 2.67 Lakhs |
| Low Income Group | Rs. 3 Lakhs to Rs. 6 Lakhs | 60 Sq. Mts. | Up to Rs. 2.67 Lakhs |
| Medium Income Group I | Rs. 6 Lakhs to Rs. 12 Lakhs | 160 Sq. Mts. | Up to Rs. 2.35 Lakhs |
| Medium Income Group II | Rs. 12 Lakhs to Rs. 18 Lakhs | 200 Sq. Mts. | Up to Rs. 2.30 Lakhs |
Eligibility for PMAY Subsidy
- You or any of your family members should not own a pucca home anywhere in India.
- For a married couple, either the spouse or both will be eligible for a single subsidy.
- The lender you apply the loan for must have an MOU with National Housing Bank (NHB) and Housing and Urban Development Corporation.
- You or your family members should not have received any financial benefit under any other central or state government housing scheme.
- The property that you purchase must be mandatorily registered in the female family member's name as a co-owner, irrespective of their contribution towards the home loan.
- If you are married, you can apply for a subsidy either individually or jointly with the spouse.
- If you are looking to apply for a home loan subsidy for construction of a home, then the home's construction must be completed within 36 months from the date of receiving the first instalment.
- If you apply for a home loan subsidy under the EWS or LIG category, the annual household income should not be more than Rs. 6 lakhs.
- If you apply for a home loan subsidy under the MIG – I category, your total household income should not exceed Rs. 12 lakhs in a year.
- If you apply for a home loan subsidy under the MIG – II category, your annual income must not be more than Rs. 18 lakhs.
How to Use a PMAY Subsidy Calculator?
Follow these steps to estimate your PMAY subsidy:
- Enter Your Annual Household Income: This helps determine your PMAY category (EWS, LIG, MIG-I, MIG-II).
- Select Loan Amount & Tenure: Input the amount you wish to borrow and the repayment tenure.
- Choose Your Property Location: Urban or semi-urban areas fall under PMAY.
- Enter Applicant Details: Specify if the applicant is a woman, differently-abled, or belongs to a special category.
- Click ‘Calculate’: The system will display your estimated subsidy amount and how it reduces your loan burden.
What is the Maximum Subsidy Amount You Can Get Under CLSS PMAY?
- EWS and LIG – up to 2.67 lakhs
- MIG 1 – up to 2.35 lakhs
- MIG 2 – up to 2.30 lakhs
When you apply for a home loan under the CLSS PMAY scheme, there is not maximum limit on the loan amount you can avail but, the subsidy will be available only to the extent of the maximum income under different income groups. The subsidy is available for a maximum period of 20 years for all applicants.
Steps to Apply for PMAY Subsidy?
● Visit the PMAY-U 2.0 Portal: Open the official PMAY-U website (https://pmay-urban.gov.in/ )and select Apply for PMAY-U 2.0.
● Check Your Eligibility:Review the eligibility criteria and keep the documents required for home loan ready.
● Complete Aadhaar Verification:Verify your Aadhaar using your registered mobile number and OTP.
● Fill Out the Application Form:Enter your personal, income, property, and home loan details.
● Upload Supporting Documents:Upload valid identity, address, income, and property documents.
● Review and Submit : Verify all the details before submitting your application.
● Save Your Application ID: Note the Application ID to track your application and subsidy status.
Looking for your dream home? Try out ABC Home Loans and take advantage of the interest subsidies offered by the government under the PMAY-U 2.0 scheme to eligible customers.
The PMAY Calculator is a handy tool that helps in efficient financial planning for a home loan and informed borrowing decisions.
FAQs (Frequently Asked Questions)
How Will I Receive the Interest Subsidy Benefit Under PMAY?
The interest subsidy for PMAY-U 2.0 is directly transferred to your home loan account, thus decreasing the principal amount. As a result , you might have a reduced EMI rate or a shorter duration of the home loan from the moment of subsidy transfer to your loan account.
How can I maximise my PMAY subsidy benefit?
You can get the maximum subsidy benefit if the disbursed amount is equal to or above Rs. 6 Lakhs in case of EWS/LIG, Rs. 9 Lakhs in case of MIG I, and Rs. 12 Lakhs in case of MIG II. The loan tenure is of 20 years.
You can avail PMAY scheme if you fulfill these conditions
Eligible Income Group: Your annual household income must be up to ₹9 lakh under the PMAY-U 2.0 Interest Subsidy Scheme
No Pucca House: Neither you nor any member of your family should own a pucca house anywhere in India.
Eligible Home Loan: The subsidy is available on home loans of up to ₹25 lakh for properties valued up to ₹35 lakh.
Eligible Property: The house must meet the scheme's prescribed carpet area limit and other PMAY-U 2.0 eligibility conditions.
How a Customer Can Get Maximum Subsidy Benefit?
A person can get the maximum subsidy benefit if the disbursed amount is equal to or above Rs. 6 Lakhs in case of EWS/LIG, Rs. 9 Lakhs in case of MIG I, and Rs. 12 Lakhs in case of MIG II. The loan tenure is of 20 years.
What is the Subsidy Amount in Categories of CLSS-PMAY?
The subsidy amount for EWS/LIG is up to Rs. 2.67 Lakhs. Whereas, for MIG I, the subsidy amount is up to Rs. 2.35 Lakhs and up to Rs. 2.30 Lakhs for MIG II.
Whether Repairing Work to the Existing House is Covered for Benefit is Covered for Benefit Under the Scheme?
Repair work to the existing houses can be done in homes that are kutcha and semi-pucca. However, this benefit is only offered to EWS/LIG applicants.
How are Low Income, Middle Income Groups Classified?
The groups are classified based on the annual household income-
- EWS- The annual household income is up to Rs. 3 Lakhs.
- LIG- The annual household income is up to Rs. 6 Lakhs.
- MIG I- The annual household income is up to Rs. 12 Lakhs.
- MIG II- The annual household income is up to Rs. 18 Lakhs.
Who Can Avail PMAY Subsidy Under Credit Linked Subsidy Scheme (CLSS)?
In order to avail the PMAY subsidy, an applicant must meet the eligibility requirements and submit the essential documents.
What is the Definition of PMAY Beneficiary Family?
The beneficiary family consists of a husband, wife, and unmarried children.
What are the Norms for EWS, LIG and MIG Categories Under PMAY?
EWS- The annual household income is up to Rs. 3 Lakhs.
LIG- The annual household income is up to Rs. 6 Lakhs.
MIG I- The annual household income is up to Rs. 12 Lakhs.
MIG II- The annual household income is up to Rs. 18 Lakhs.
Is the PMAY Subsidy Applicable for Properties in Rural Areas?
If the scheme is Pradhan Mantri Awas Yojana-Gramin, then it is applicable for rural areas.
Is Woman Ownership mandatory to be eligible for PMAY subsidy?
Woman ownership/co-ownership is required for EWS and LIG. However, it is not required for MIG or self-construction/extension.
What is the Process of Claiming PMAY Interest Subsidy?
Once the loan disbursement is made, the essential details are sent to the central nodal agency by the bank. Then, the central nodal agency approves the subsidy.
How much will I get in Pradhan Mantri Awas Yojana (PMAY)?
The subsidy amount under PMAY depends on your income category and loan amount. Here’s a breakdown: | Income Category | Annual Income Range | Maximum Loan Amount Eligible for Subsidy | Interest Subsidy Rate | Maximum Subsidy Amount | |-------------------------------|---------------------|------------------------------------------|-----------------------|------------------------| | Economically Weaker Section (EWS) | Up to ₹3 lakh | ₹6 lakh | 6.5% | Up to ₹2.67 lakh | | Low-Income Group (LIG) | ₹3 lakh – ₹6 lakh | ₹6 lakh | 6.5% | Up to ₹2.67 lakh | | Middle-Income Group I (MIG-I) | ₹6 lakh – ₹12 lakh | ₹9 lakh | 4% | Up to ₹2.35 lakh | | Middle-Income Group II (MIG-II) | ₹12 lakh – ₹18 lakh | ₹12 lakh | 3% | Up to ₹2.30 lakh |
What is PMAY-U 2.0?
PMAY-U 2.0 is the affordable housing scheme of the Government of India, rolled out in the month of August 2024, to support eligible urban households in purchasing, constructing, or owning a pucca house through financial assistance and interest subsidy facility.
Is PMAY-U 2.0 applicable to the properties under construction?
Yes. The facility of PMAY-U 2.0 can be extended to eligible properties under construction, subject to the terms of the scheme and approval by lending institute.
DisclaimerThe information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.