PMAY Subsidy 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 Subsidy Calculator

Pradhan Mantri Awas Yojana (PMAY) has been introduced by the Government of India aimed at providing affordable housing for all Indian citizens. With the launch of this 'Housing for All' program, 20 million houses will be built by 31st March, 2022.

The essence of Pradhan Mantri Awas Yojana is to boost the affordability of houses against inflation that has gripped the real estate sector for those belonging to economically weaker sections of society and low-income groups.

PMAY constitutes 2 components. They are Pradhan Mantri Awas Yojana - Urban (PMAYU), meant for the urban middle-class, and Pradhan Mantri Awaas Yojana - Gramin (PMAYG) or Pradhan Mantri Awaas Yojana - Rural (PMAY-R), directed towards people residing in rural areas.

The benefit that is bestowed under the PMAY scheme tends to be the subsidy extended by the government on buying a new home. The initial interest rate under the PMAY scheme is 6.50% per annum, and the maximum tenure is up to 20 years.

It is mandatory that one should not own a house to avail the subsidy, that is, you cannot be the owner of any existing home. The government also provides credit linked subsidies based on the applicant's income. It ranges from EWS/LIG to MIG 1 & MIG 2.

Furthermore, three schemes come under the purview of PMAY-U - these are EWS (Economically Weaker Sections)/LIG (Low Income Group), Credit Linked Subsidy Scheme CLSS (MIG-I), and CLSS (MIG-II).

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Eligibility to Avail PMAY

  • PMAY is available for individuals belonging to economically weaker sections (EWS), LIG (Low Income Group), MIG-I (Middle Income Group I), and MIG-II (Middle Income Group-II) sections of the society.
  • The subsidy is provided to both housing finance organisations and banks. National Housing Bank (NHB) and Housing & Urban Development Corporation (HUDCO) are two agencies that facilitate and disburse the loans nationally.
  • The category to which the individual falls under coupled with the annual income decides the quantum of subsidy offered.
  • The subsidy can be availed for owning, home improvement activities, renovating, repairing, and constructing additional rooms, including bathrooms, kitchens, etc.
  • Individuals who are eligible for PMAY scheme are as follows:
    • The annual household income should be in the ballpark of ₹ 3 lakh to 18 lakhs.
    • Individual or beneficiary cannot apply for PMAY and avail the benefits for any existing house that has already been built.
    • The person applying or any immediate family member must not possess and legally own a pucca house anywhere in India.

Individuals who fulfil the following criteria as tabulated in the table below are eligible to avail the benefit of PMAY subsidy.

Particulars Economically Weaker Section Lower Income Group Middle Income Group 1 Middle Income Group-2
Maximum carpet area 30 sq.m. 60 sq.m. 160 sq. m 200 sq. m
Household annual income Upto Rs. 3 lakh Rs 3 lakh to Rs 6 lakh Rs 6 lakh to Rs 12 lakh Rs 12 lakh to Rs 18 lakh
Subsidy on home loan interest rate 6.50% 6.50% 4.00 % 3.00 %
Eligible Loan amount for Interest Subsidy Rs. 6 lakh Rs. 6 lakh Rs 9 lakh Rs 12 lakh
Maximum repayment tenure of home loan 20 yrs. 20 yrs. 20 yrs. 20 yrs.
Max. interest subsidy amount Rs. 2,67,280 Rs. 2,67,280 Rs 2,35,068 Rs 2,30,156

How to Calculate PMAY Subsidy?

One of the best ways to calculate the PMAY subsidy is to use the subsidy calculator, which are abundantly available online. You need to put in some details like:

  • Annual Family Income
  • Tenure
  • Interest rate
  • Loan amount taken

Once you submit the details, you will get to know the subsidy amount. Yes, it is that easy to compute PMAY subsidy!

To apply online, individuals can log on to the official PMAY website:

http://www.pmaymis.gov.in/

However, they need to keep a valid Aadhaar Card handy to apply.

How to Claim PMAY Subsidy?

There are two central nodal agencies, namely the Housing & Urban Development Corporation (HUDCO) and National Housing Bank (NHB) deputed to pay the interest rate subsidy for all PMAY loans.

The PMAY interest subsidy benefit can be claimed using the process given below:

  • 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 (NHB).
  • NHB then ratifies and approves the grant to the applicant/borrower after due diligence.
  • The borrower receives the subsidy sum charged to the lender.
  • The loan is credited to the borrower's home loan account by the lender on receipt of the subsidy from NHB.
  • The lender takes course correction and accordingly adjusts the loan account. Thus, giving the subsidy relief to the borrower.

How to Check PMAY Subsidy Status?

You need to follow the step-by-step approach -

  • Visit the official PMAY website - http://pmaymis.gov.in/
  • Find the option of 'Citizen Assessment' from the task bar.
  • Click to choose the option 'Track your Assessment status'. You will find it in the drop-down menu below 'Citizen Assessment'.
  • Click open the 'Track your Assessment status'.
  • You will be redirected to a different page - 'Track Application Status'.
  • You will find two options.
  • Select one of the two options - Option 1 - 'By Name, Father's Name & Mobile No' or Option 2 - 'Assessment ID'.
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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.
(T&C link: https://property.magicbricks.com/terms/terms.html)

**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.