PMAY Home Loan EMI Calculator

How much will I save under PMAY Scheme?
Annual Income
Loan Amount
Tenure
Enter value between 3 to 30
Is this your First Pucca House
What is your Carpet Area?
Enter value between 30 to 1000
Subsidy Amount
56,451
Subsidy Category
LIG
Lower Income Group
*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.
PMAY Calculator

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?

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What is PMAY CLSS Scheme?

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

What is PMAY Urban?

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:

  • Phase One: Under this phase, the government of India has targeted around 100 cities. These cities belong to various union territories and states. Phase 1 started in April 2015 and came to an end in March 2017.
  • Phase Two: Under this phase, the government of India has targeted over 200 cities in various union territories and states. Phase 2 started in April 2017 and came to an end in March 2019.
  • Phase Three: Under this phase, the government of India has targeted the left-out cities. This phase is expected to attain its mission by the end of March 2022.

What is PMAY Gramin?

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.

What are the benefits of PMAY?

House loan subsidy for eligible beneficiaries
  • A subsidized interest rate by 6.5% for a 20-year loan tenure for people falling under the LIG/EWS category.
  • An interest rate reduction by 4% for a 20-year loan tenure on a maximum amount of 9 lakhs (Rs.) for the MIG category.
  • Subsidization of interest rate by 3% for a 20-year loan tenure or a maximum principal of Rs.12 lakh for the MIG II category.
Affordable housing facility for all strata of the Indian society

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.

Benefits for minorities and women

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.

Eco-Friendly homes

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.

List of Banks Offering Home Loan under PMAY Scheme

The top 11 Indian Banks providing loans under the scheme of PMAY are listed below

  • ICICI Bank
  • Bank of Baroda
  • Axis Bank
  • State Bank of India
  • IDFC First Bank
  • HDFC Bank
  • Bandhan Bank
  • IDBI Bank
  • Bank of India
  • Canara Bank
  • Punjab National Bank

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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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**This service is available in select cities only.

*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.