The PMAY Subsidy Calculator is a tool that helps you estimate the amount of subsidy you can avail under the Pradhan Mantri Awas Yojana (PMAY) scheme. The calculator takes into account your income, location, and the type of house you want to build or buy.

To use the PMAY Subsidy Calculator, you will need to provide the following information:

• Your annual household income
• Your location
• The type of house you want to build or buy (i.e., aLIGH, LIG, MIG, or HIG)
• The loan amount you are applying for
• The tenure of the loan

The calculator will then calculate the amount of subsidy you are eligible for. The subsidy amount varies depending on your income, location, and the type of house you want to build or buy.

The PMAY Subsidy Calculator is a useful tool for anyone who is considering applying for a home loan under the PMAY scheme. It can help you estimate the amount of money you will need to borrow and the monthly payments you will need to make.

Here are some of the benefits of using the PMAY Subsidy Calculator:

• It is a quick and easy way to estimate the amount of subsidy you are eligible for.
• It can help you compare different loan options and choose the one that best suits your needs.
• It can help you plan your finances and make sure you can afford the monthly payments.

If you are considering applying for a home loan under the PMAY scheme, I recommend using the PMAY Subsidy Calculator. It is a valuable tool that can help you make informed decisions about your finances.

Here are some of the things to keep in mind when using the PMAY Subsidy Calculator:

• The calculator is only an estimate. The actual amount of subsidy you receive may vary depending on the final approval of your application.
• The calculator does not take into account all of the factors that may affect your eligibility for the subsidy, such as your credit score and debt-to-income ratio.
• You should always consult with a financial advisor before making any decisions about your finances.

[ Updated ] – PMAY Gramin scheme details 2023-24

How to check PMAY eligibility?

Here are the steps on how to check your eligibility for the Pradhan Mantri Awas Yojana (PMAY):

1. Go to the PMAY website: https://pmaymis.gov.in/
2. Click on the “Check Eligibility” tab.
3. Enter your Aadhaar number or Virtual ID.
4. Enter the captcha code.
5. Click on the “Submit” button.

The website will then display your eligibility status. You will be able to see the category you fall under, the maximum loan amount you can avail, and the amount of subsidy you are eligible for.

Here are the eligibility criteria for the PMAY:

• You must be an Indian citizen.
• You must have a valid Aadhaar number.
• You must have a monthly household income of:
  • Up to Rs. 3 lakh for the Economically Weaker Section (EWS) category.
  • Up to Rs. 6 lakh for the Low-Income Group (LIG) category.
  • Up to Rs. 12 lakh for the Middle-Income Group 1 (MIG 1) category.
  • Up to Rs. 18 lakh for the Middle-Income Group 2 (MIG 2) category.
• You must not own a pucca house in any part of India.
• You must be willing to construct a new house or upgrade your existing house.

If you are eligible for the PMAY, Apply For PMAY for a home loan from a bank or housing finance company. You will be eligible for an interest subsidy from the government, which will help you reduce your monthly EMIs.

You can also check your eligibility for the PMAY through the following offline channels:

• Any State/UT Nodal Agency (S/UT NA)
• Any authorized bank/housing finance company
• Any Common Service Centre (CSC)

How to check reduced home loan EMI after you avail PMAY subsidy?

Here are the steps on how to check your reduced home loan EMI after availing the Pradhan Mantri Awas Yojana (PMAY) subsidy:

1. Log in to your bank’s online banking portal.
2. Go to the “Home Loan” section.
3. Look for the “EMI Calculator” or “Loan Amortization Schedule” option.
4. Enter the details of your home loan, such as the loan amount, interest rate, and tenure.
5. The calculator will then show you your original EMI and your reduced EMI after the PMAY subsidy is applied.

You can also contact your bank’s customer service to check your reduced EMI. They will be able to provide you with the exact amount of subsidy that you are eligible for and how it will affect your EMI.

Here are some additional things to keep in mind:

• The PMAY subsidy is only applicable to home loans that are sanctioned or in the approval process after January 1, 2017.
• The amount of subsidy that you are eligible for depends on your income and the loan amount.
• The subsidy is applicable for a maximum loan amount of Rs. 9 lakhs for the Economically Weaker Section (EWS) and Low-Income Group (LIG) categories, and Rs. 12 lakhs for the Middle-Income Group (MIG) categories.
• The subsidy is credited upfront to the lender by the National Housing Bank (NHB). The lender will then adjust the EMI accordingly.

I hope this helps!

Here are some additional tips to help you save money on your home loan EMI:

• Make a larger down payment. The lower your loan amount, the lower your EMI will be.
• Choose a longer loan tenure. This will lower your monthly payments, but you will pay more interest over the life of the loan.
• Refinance your loan if interest rates go down. This can save you a significant amount of money over the life of the loan.
• Make extra payments towards your principal balance. This will shorten the life of your loan and save you money on interest.

What are the PMAY income categories?

The Government of India is going to provide an interest subsidy from 3% to 6.5% on the borrowed home loan amount for the period of 20 years. The beneficiaries of the PMAY scheme have been divided into 4 income categories based on their annual family income.

4 – Important PMAY Income Groups: