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MIG - II
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PMAY stands for Pradhan Mantri Awas Yojana which is a Credit Linked Subsidy Scheme (CLSS) introduced by the Central Government with the aim of making affordable housing available for the economically weaker sections of the society – the rural and urban poor. By the 31st of March, 2022, this social welfare flagship programme targets to construct around 20 million affordable houses.
PMAY calculator is a home loan subsidy calculator – a general self-help planning tool for calculating the amount of home loan subsidy that can be availed under the PMAY scheme. It is also known as PMAY Subsidy Calculator.
Annual Family Income
The higher the annual family income, the lower will be the subsidy amount and the lower the annual family income; the higher will be the subsidy amount.
The subsidy amount increases with the increasing tenure or duration for which the loan is taken.
The amount of subsidy under PMAY scheme increases with an increase in the principal loan amount.
Your PMAY subsidy will largely depend upon the economic category you fall under. The PMAY scheme permits housing loan under the following four categories -
EWS Category – Also known as the Economically Weaker Section, the EWS category comprises those households whose annual income is Rs. 3 lakhs or below
LIG Category – Also known as Lower Income Group, the LIG category includes those households whose annual income ranges between Rs. 3 lakhs to Rs. 6 lakhs
MIG I Category – Also known as Middle Income Group (I), the MIG I category is the one under which households whose annual income ranges between Rs. 6 lakhs to 12 lakhs
MIG II Category - Also known as Middle Income Group (II), the MIG II category consists of households having an annual income that ranges between Rs. 12 lakhs to Rs. 18 lakhs
Using Tata Capital’s Pradhan Mantri Awas Yojana Calculator is easy and the results are instantaneous.
The subsidy under the PMAY scheme is calculated by taking into consideration the annual family income and the PMAY interest rate. The beneficiaries can belong to the following income groups –
Upto Rs. 3 lakhs – 6.50%
Rs. 3 lakhs to Rs. 6 lakhs – 6.50%
Rs. 6 lakhs to Rs. 12 lakhs – 4% and
Rs. 12 lakhs to Rs. 18 lakhs – 3%
The following is the eligibility criteria for home loans under the PMAY scheme –
For EWS groups, the annual family income must be between Rs. 3 lakhs and Rs. 6 lakhs whereas the carpet area must not exceed 60 square meters
For MIG I category, the annual family income must be between Rs. 6 lakhs and Rs. 12 lakhs and the carpet area must not exceed 160 square meters
For MIG II category, the annual family income must be between Rs. 12 lakhs to Rs. 18 lakhs and the carpet area must not exceed 200 square meters
Yes, you can pre-pay your housing loan after receiving subsidy under PMAY based on the terms and conditions for pre-payment of your lending institution.
You will need to submit the following documents to get a PMAY subsidy –
PMAY Annexure and Affidavit cum Declaration correctly filled and signed by the property owners
For a property under construction, an additional Declaration along with notary on stamp paper as per state laws
PF Collection as per PMAY norms
Yes, you can convert your existing home loan to PMAY provided you fulfil the following conditions –
The property for which you have borrowed a home loan must be your first
If you belong to the LIG or EWS category, your sale deed should have been executed on or after the 25th June 2015
If you belong to the MIG category, your sale deed should have been executed on or after the 1st of January 2017
Want to convert your existing home loan to PMAY? Avail of Tata Capital’s Prapti Home Loan or Affordable Housing Loan. Click here.
You need to consider your net annual income after deducting Provident Fund and tax deductions. To calculate the annual income for PMAY, annual income of each earning member of the household ought to be taken into consideration