PMAY Eligibility Calculator: Check Your Eligibility for PMAY Housing Loan

Pradhan Mantri Awas Yojana is a housing scheme that was launched in 2015 by the Central Government of India. The scheme proposes “housing for all” through Credit Linked Subsidy Scheme (CLSS). This housing scheme aims to provide credit-linked subsidies on home loans to all eligible Indians, i.e. those who fall under the categories defined under the PMAY and who do not own a pucca house in their name. Anyone applying to avail of benefits under the PMAY scheme should first figure out if they pass the eligibility category for the Pradhan Mantri Awas Yojana Urban (PMAYU) or Pradhan Mantri Awas Yojana Gramin/Rural (PMAYG). The PMAY eligibility calculator helps applicants assess their eligibility, the subsidy amount and EMI and makes it easier for them to plan a home loan. PMAY loan applicants should use the PMAY eligibility calculator before availing of a loan to assess their repaying capacity.

What is PMAY Eligibility Calculator?

Pradhan Mantri Awas Yojana Eligibility Calculator is a customized financial tool that helps the borrowers calculate the interest subsidy they can avail of on a particular loan amount. The PMAY calculator provides quick and accurate insights about loan disbursal. The PMAY scheme divides the beneficiaries into four income categories- the Economically Weaker Section (EWS), Low-Income Group (LIG), Middle-Income Group I (MIG-I) and Middle-Income Group II (MIG-II). The annual income of a household must be less than Rs.3 lakh for claiming subsidy under the EWS category and it must be between Rs.3 to Rs.6 lakh to be eligible for subsidy under the LIG category. The annual income of MIGI and MIGII should be within the bracket of Rs.6 to Rs.12 lakh and Rs.12 to Rs.18 lakh per annum, respectively. It is important to identify your income category before using the PMAY eligibility calculator.

 

The home loan eligibility calculator or the PMAY eligibility calculator helps an individual determine their home loan eligibility instantly. Moreover, they can also use it to plan the amount of loan they need. The PMAY eligibility calculator considers your repaying capacity and monthly income before giving you the final amount. 

How to Use PMAY Eligibility Calculator

Each income category is provided with a subsidised interest rate up to a certain amount of loan. The EWS and LIG are eligible to avail of a 6 per cent subsidy rate of interest on a maximum loan amount of Rs.6 lakh. The maximum subsidy that can be availed by these two groups amounts to Rs.2.67 lakh. For a family belonging to the LIG category, the total household income should be between Rs.3 to Rs.6 lakh and those belonging to this category are eligible for a 6 per cent subsidy rate. 

Let’s understand this with an example. If a family under the EWS or LIG category buys a house worth Rs.30 lakh and pays Rs.5 lakh as a down payment, they will need to take a home loan to pay the remaining Rs.25 lakh. Under the PMAY scheme, they must pay a regular interest rate on Rs.19 lakh, and the remaining Rs.6 lakh will be covered under the subsidy rate of interest. So, an EWS family will pay Rs.2.60 lakh less on subsidy and will be eligible to pay the EMI on Rs.3.40 lakh at the interest rate of 6.5%. However, the remaining Rs.19 lakh will be paid under non-subsidized interest rates. Similarly, MIGI is eligible for a subsidized interest rate of 4 per cent on a maximum home loan of Rs.9 lakh and MIGII can avail of a subsidy interest rate of 3 per cent on a maximum loan amount of Rs.12 lakh. 

How to Track PMAY Status

You need to have a valid Aadhar Card to check if your name is included in the PMAY list. Once you have applied for a loan through any bank or housing finance corporation, you can track your PMAY status. You must enter your details, loan amount, loan tenor, and monthly income to use the PMAY eligibility calculator. After entering the details, you will automatically receive information regarding the amount that you will save, the effective interest rate, and the net reduction in EMI. It must be noted that the PMAY eligibility calculator provides approximate values and therefore, the result is likely to change by a small margin and should not be considered absolute by the borrowers.

PMAY Benefits

PMAY benefits can be availed of by even those who own a pucca house and wish to extend, reconstruct or add a new room to their house. An officer will visit your home and check whether your existing pucca house can be given clearance for enhancement or reconstruction. If it does, you will be granted money under the scheme. Those applying for PMAY benefits must also know that the ground floor of the housing society under the PMAY scheme is specifically reserved for senior citizens and differently-abled applicants. It should be noted that the disbursal of the loan is under the government’s discretion, and simply fulfilling the eligibility for the PMAY scheme may not make you a beneficiary.

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