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. The interest rate is much lower than the conventional commercial rates.
You can calculate your home loan EMI under the Pradhan Mantri Awas Yojana (PMAY) scheme by filling in the total loan amount, rate of interest, and interest payment period. You can submit these details on the official PMAY website and click on the 'Calculate' button.
So, what is a PMAY scheme and how will it benefit you?
The Government of India introduced a scheme in 2015 to support the financially-deprived urban sections of the society. The scheme is aimed at helping these weaker sections to get shelter over their heads. Popularly known as the Pradhan Mantri Awas Yojana, this scheme is directed towards enabling affordable housing facilities for all.
It offers a subsidy on the interest rates of home loans to cut down on your financial burden. CLSS (Credit Linked Subsidy Scheme) is a part of the Pradhan Mantri Awas Yojana scheme, under which middle-income groups are also included.
The PMAY CLSS scheme will not only benefit the economically weaker class but also people falling under the middle-income groups. For the first time, MIG (Middle Income Group) has been included besides the eligible urban poor (LIG/EWS).
|Particulars||EWS||LIG||MIG I||MIG II|
|Household Income (Rs.)||Up to 3 lakhs||3-6 lakh||6-12 lakh||12-18 lakh|
|Carpet Area in Square Meter||30||60||160||200|
|Maximum Tenure of Loan||20 years||20 years||20 years||20 years|
|Interest Subsidy (% per annum)||6.50||6.50||4.00||3.00|
|The eligible amount of loan (Rs.)||6,00,000||6,00,000||9,00,000||12,00,000|
|Upfront Subsidy amount for a 20-year loan (Rs.)||2,67,280||2,67,280||2,35,068||2,30,156|
|Discounted NPV Rate (%)||9||9||9||9|
|Monthly savings (approx.) @10% loan interest (Rs.)||2500||2500||2250||2200|
The Pradhan Mantri Awas Yojana Urban scheme aims to provide affordable housing facilities for all people in urban sectors by the end of 2022. At present, the PMAY-U has enlisted around 4,331 cities and towns. This scheme will operate under the following three phases:
The Pradhan Mantri Awas Yojana Gramin was previously called the Indira Awas Yojana. However, in 2016 the scheme was renamed PMAY-G. It is intended at providing accessible and affordable housing units to the weaker sections of the rural areas of India. However, the areas of Delhi and Chandigarh are excluded from this scheme.
The respective state governments and the Central government share the development costs of these housing units. The ratio of cost-sharing is 90:10 for hilly and North-Eastern regions, whereas it is 60:40 for plain regions.
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.
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 scheme also includes preference provision for widows, salaried women, disabled people, transgenders, seniors, and minorities. Senior citizens are offered acclamation on the ground floor for ease of living and greater comfort.
Developers building homes under the PMAY scheme have been instructed to use only eco-friendly materials. This will limit the damage to our environment and keep pollution levels in check.
The top 11 Indian Banks providing loans under the scheme of PMAY are listed below
The PMAY subsidy amount will get credited to the account of the beneficiary within 3 to 4 months. This step is subjected to government verification.
You can generate your Assessment ID from the PMAY portal after successfully finishing the registration process. This ID is generally used to track your application status.
The PMAY project is supposed to be completed within 2022. The government is trying to reach all the beneficiaries of this scheme from various regions of India. However, the construction and moving in of the beneficiaries may take a bit longer.
People with an annual income of less than 18 lakh can avail themselves of the benefits of the PMAY scheme. However, this scheme has no lower limit for annual income.
Disclaimer: The information available on this site has been gathered from publicly available sources and is accurate to the best of our knowledge. However, please be aware that the rates and other offers may vary based on your profile and may be subject to change without notice. Therefore, we advise you to verify the information before applying for any loan through this website. Magicbricks accepts no liability for any loss arising from the use of the information on this website. Refer T&C for the detail.
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*These calculators are only for illustrative purposes. These figures may or may not be applicable to your particular situation. Magicbricks will not be responsible for any loss or liability arising from the use of these calculators.