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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.
There are primarily two ways to calculate subsidy on PMAY – the first is manual calculation, which is rather a tedious and often error-prone process. The other method is to use an online PMAY subsidy calculator. By using a home loan subsidy calculator for PMAY, you can get accurate results at lightning speed.
The amount of home loan subsidy differs based on PMAY eligibility categories. The following are the PMAY subsidy amount under the four PMAY categories –
· Economically Weaker Section (EWS) – Rs. 2.67 lakhs
· Lower Income Group (LIG) – Rs. 2.67 lakhs
· Middle Income Group I (MIG I) – Rs. 2.35 lakhs
· Middle Income Group II (MIG II) – Rs. 2.30 lakhs
Yes, you can pre-pay your housing loan after receiving PMAY subsidy based on the terms and conditions for pre-payment of your lending institution.
Though prepayment of housing loan under PMAY, either in part or full is allowed, it is subject to the following conditions –
· You need a written approval in advance from your lending institution.
· You need to consider and pay pre-payment charges involved.
· You need to consider the pre-payment limit set by your lending authority.
To avail the scheme, an applicant must belong to any of the prescribed Pradhan Mantri Awas Yojana income slabs. The following are the PMAY income slabs for households as dictated by the central government –
· Economically Weaker Section (EWS) – Below Rs. 3 lakhs
· Lower Income Group (LIG) – Rs. 3 lakhs - Rs. 6 lakhs
· Middle Income Group I (MIG I) – Rs. 6 lakhs - Rs. 12 lakhs
· Middle Income Group II (MIG II) – Rs. 12 lakhs - Rs. 18 lakhs
No, as per the PMAY value guidelines issued by the Ministry of Housing and Urban Poverty Alleviation, there is no capping on the minimum or maximum PMAY property value for either of the beneficiary categories.
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