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It will assist you in understanding your loan liability as a borrower and, therefore, the monthly EMIs for the rate of interest as applicable. The data generated herein is completely and solely based on the information/details provided by you in response to the questions specified by ICICI Bank Limited ("ICICI Bank"). These values, along with the carpet area and entry for the type of house, are used to calculate the interest subsidy benefit under PMAY. There are three essential factors that affect the PMAY subsidy that you may be eligible to avail of. The calculator helps check eligibility for PMAY online with close accuracy and in no time.
Woman ownership or co-ownership is mandatory for EWS and LIG. However, this condition is not mandatory for self construction/extension or MIG categories. The beneficiary family will comprise husband, wife and unmarried children. The subsidy amount you are eligible for under CLSS - PMAY depends on the income group you belong to. If you wish to avail subsidy under CLSS - PMAY, the PMAY calculator is the perfect tool to make an informed borrowing decision. The tool will automatically do the calculation and give instant result once you enter your basic details as required.
Eligibility to Avail PMAY
Any additional loans beyond the subsidised loan amount will be at a non-subsidised rate. For all the slabs, the scheme will apply to loans with a tenure of upto 20 years. However, this manual calculation process could be very tedious and error-prone. Also, it helps you know the exact EMI payable towards the home loan and the subsidy you can avail. By knowing the EMI amount in advance, you can plan your finances well and set aside a fixed sum every month towards the EMI payment. Thus, the PMAY calculator helps you decide the appropriate loan amount you can avail so that the EMI repayment is easy.
This subsidy is however limited to a maximum loan amount of ₹9 lakh over a home loan tenure of up to 20 years. Before applying for loan under the PMAY scheme, we recommend that you check your eligibility under the scheme with our PMAY calculator. It is designed to help you check your subsidy eligibility under PMAY on the loan availed for affordable residential property purchase. It will also help you calculate your EMIs beforehand so that you can plan your finances accordingly. With its simplified interface and minimal entries, the PMAY calculator allows easy computation of overall interest savings. Knowing the suitable PMAY eligibility requirements for subsidy benefit can help borrowers select the right CLSS category for accurate assessment of interest savings.
How to Calculate PMAY Subsidy?
In case of married couple, either of the spouse or both together in joint ownership will be eligible for a single subsidy. Now, Economical Weaker Section /Lower Income Group /Middle Income Group can avail interest subsidy on purchase/ construction/ extension/ improvement of house. Loan amount – Enter the home loan amount that you are applying for or has been disbursed. In the case of a married couple, either a single or a co-ownership deal is permitted. However, in both cases, applicants will get only one subsidy. The borrower should not already own a pucca house in their name or any family member’s name in any part of India.
The government also provides credit linked subsidies based on the applicant's income. Once the loan disbursement is made, the essential details are sent to the central nodal agency by the bank. You need to enter a few important details, and the calculator will provide you with the result. The beneficiary family should not own a pucca house in his/her or in the name of any member of his/her family in any part of India.
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To be eligible for PMAY subsidy, the housing loan should be at least for 36 months and maximum up to 360 months . It offers a subsidy on the interest rates of home loans to cut down on your financial burden. CLSS is a part of the Pradhan Mantri Awas Yojana scheme, under which middle-income groups are also included. The PMAY scheme is directed towards streamlining the process of buying a home for the weaker sections and urban poor. The scheme offers subsidized loans to various poor and needy sections of society.
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Have you availed central assistance under any housing scheme from Govt. or any benefit under PMAY?
The decision for subsidy disbursal remains at the government’s discretion. It is, thus, advisable to also use the PMAY Eligibility Calculator along with the PMAY calculator for subsidy benefits to get a suitable idea of its availability. An essential component of thePradhan Mantri Awas Yojana, the Credit Linked Subsidy Scheme enables beneficiaries to avail themselves of interest rate subsidy on Home Loan amounts for house purchase or construction. A PMAY subsidy calculator allows beneficiaries to assess the total interest amount they can save based on their housing loan amount and the tenor selected.
Borrowers must, however, know about the PMAYU or PMAYG category they belong to, to be able to easily use the Home Loan EMI Calculator with PMAY subsidy. A. Credit Linked Subsidy Scheme or PMAY subsidy is computed on the carpet area and income sizes. The PMAY scheme has a mandatory clause of female homeownership. The house needs to be registered in the name of a woman even when she is not purchasing the property.
The credit-linked subsidy of 6.5% will be available only for loan amounts up to Rs 6 lakh. Go ahead, use ICICI HFC's PMAY Calculator now to know your eligible PMAY subsidy amount and the EMI payable on your home loan. PMAY calculator also helps you calculate the loan's effective interest rate under the PMAY scheme. Calculating the subsidy amount manually could be not just tedious but also, error-prone. PMAY calculator takes away all the hassles of doing complex calculations manually.
Aditya Birla Capital Group is not liable for any decision arising out of the use of this information. Once you enter the Aadhaar details, you’ll be redirected to the application page. If you are married, you can apply for a subsidy either individually or jointly with the spouse. The lender you apply the loan for must have an MOU with National Housing Bank and Housing and Urban Development Corporation. For a married couple, either the spouse or both will be eligible for a single subsidy. The subsidy amount is taken as the Net Present Value of the interest subsidy amount.
We help you find a loan that fits your budget in a timely manner and make your fairy-tale wedding come to life. Through this calculator you can find how much EMI you will have to pay and how much savings you will now make if you take a loan of a particular amount. After the loan has been disbursed, the lender will send the requisite information for data validation and other due diligence to the National Housing Bank . 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.
It neither warrants nor is it making any representations with respect to offer made on the site. Individuals who fulfil the following criteria as tabulated in the table below are eligible to avail the benefit of PMAY subsidy. Repair work to the existing houses can be done in homes that are kutcha and semi-pucca.
What happens when PMAY subsidy has been disbursed but due to certain reasons, the construction of the house is stalled?
The maximum subsidy that can be availed under the CLSS scheme is up to Rs 2.67 lakh. Under the scheme of Pradhan Mantri Awas Yojana, the government has targeted to construct around 2 crore houses in urban areas. These houses will be available to the eligible beneficiaries at affordable prices. Through these accessible houses, the government aims to uplift the living standards of weaker sections of the society. Once the loan amount is disbursed, the subsidy benefit may be claimed by the bank for eligible borrowers from a central nodal agency. When the receipt of the subsidy amount is received from the central nodal agency, the principal outstanding in the home loan account of the loan borrower will be reduced.
A longer loan tenure might help in getting a higher interest subsidy. However, the subsidy benefit is limited to a loan tenure of 20 years. There are 4 main categories under PMAY- EWS, LIG, MIG I, and MIG II. Each category is defined based on the annual household income. The beneficiary family should not have availed of central assistance under any housing scheme from Government of India or any benefit under any scheme in PMAY. The IIFL Home Loans PMAY subsidy calculator is the best online self-help tool to estimate the interest subsidy on a home loan. With the help of the free tool, you will be able to understand how much loan amount you are eligible for and what is monthly instalment against your loan.
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