The PMAY (Pradhan Mantri Awas Yojana) is a flagship scheme of the Government of India that was launched in 2015. The scheme provides financial assistance to eligible beneficiaries to construct their own homes.
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The PMAY subsidy is available to eligible families looking to purchase or construct a new home. The subsidy can be used to cover a portion of the home’s total cost, making it more affordable for families.
Read: SBI Bridge Home Loan Interest Rates – Updated in April 2024
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The PMAY Subsidy Calculator is an online tool that helps eligible beneficiaries calculate the amount of subsidy they are entitled to receive under the scheme. The subsidy calculator considers factors such as the beneficiary’s annual income, loan amount and tenure, amongst others.
The PM Awas Yojana Calculator is a useful tool for beneficiaries looking to avail themselves of the scheme’s benefits. It is important to note, however, that the final decision on whether or not a beneficiary is eligible for the subsidy rests with the financial institution providing the home loan.
This blog post will tell you everything you need to know about the PMAY subsidy, including how to calculate it.
What Is a PMAY Subsidy Calculator?
A PMAY Subsidy Calculator can be used to accurately determine the interest subsidy that can be obtained when taking out a home loan. All you need to know is the amount of the loan and the loan term. Therefore, PMAY Subsidy Calculator is an ideal resource to assist in calculating the potential interest subsidy one is eligible for.
Subsidy Classification Of PMAY
To receive the subsidy, families must be looking to purchase or build a new home. It can be used to build up to two homes at a time.
There are four subsidy categories under PMAY.
1. EWS (Economically Weaker Sections)–Families with an annual income of up to Rs. 3 lakhs are eligible for a subsidy of Rs. 1.67 lakhs.
2. Low-Income Groups (LIG)–Families with an annual income of between Rs. 3-6 lakhs are eligible for a subsidy of Rs. 2.67 lakhs.
3. Middle-Income Groups I (MIG I)–Families with an annual income of between Rs. 6-12 lakhs are eligible for a subsidy of Rs. 2.35 lakhs.
4. Middle Income Groups II (MIG II)–Families with an annual income of between Rs 12-18 lakhs are eligible for a subsidy of Rs 2.30 lakhs.
Documents Required To Obtain The Benefits Of PMAY
Certain documents are required to avail of the benefits of PMAY.
These documents are as follows.
- Applicants must have a valid Aadhaar card and PAN Card to apply for the scheme.
- They must also possess a bank account in order to receive the subsidy amount.
- Applicants must provide Buyer Builder Agreement or ATS copy to qualify for the scheme.
- They must also submit a sanction letter of loan.
- Applicants must also have a Stamp paper Affidavit.
Eligibility Criteria For PMAY Scheme
Applicants must meet the following criteria to be eligible for the PMAY scheme.
- Anyone buying a home for the first time who does not already own any real estate.
- If a married candidate, their spouse and children may only acquire real estate in India.
- Unmarried applicants must not have parents who own property anywhere in India.
- The candidate should not be in receipt of any other housing support programs like PMAY.
- A woman co-applicant is required for LIG or EWS applicants to be eligible for PMAY benefits.
- The beneficiary may only use the house loan for building, improvement, or acquisition.
An online tool called the PMAY Subsidy Calculator assists qualified beneficiaries in figuring out how much of a subsidy they are entitled to under the programme. The programme includes four subsidy categories based on the beneficiary’s annual income.
First-time purchasers, applicants who are single and do not have a parent who owns real estate, and female co-applicants for LIG or EWS applicants are all eligible.
NoBroker is a real estate platform that helps people find homes and properties without paying brokerage fees. In addition, NoBroker has launched a new feature called the Pradhan Mantri Awas Yojana subsidy calculator, which helps people calculate the subsidy they are eligible for under the PMAY scheme.
NoBroker’s Pradhan Mantri Awas Yojana subsidy calculator considers all the scheme’s eligibility criteria and provides an estimate of the subsidy an applicant can expect to receive.
Read: Understanding Home Loan Tenure and Why It’s Important
NoBroker’s mission is to make home-buying and rent simple, transparent, and hassle-free, and their Pradhan Mantri Awas Yojana subsidy calculator is yet another step in that direction.
FAQ’s
Q1: Can I prepay my mortgage after obtaining a PMAY subsidy?
A1: Following your lender’s prepayment policies, you can prepay your housing loan after obtaining PMAY funding. Prepayment of a housing loan under the PMAY is permitted, but only under the following circumstances.
(1)Your lending institution must provide you with the advance written consent.
(2)You must take into account and pay any associated prepayment fees.
(3)You must take your lending authority’s prepayment limit into account.
Q2: Is there a cap on the value of properties under PMAY?
A2: The Ministry of Housing and Urban Poverty Alleviation’s regulations on PMAY valuation do not stipulate a minimum or maximum PMAY property value for either beneficiary category.
Q3: Is the PMAY programme extended through 2023?
A3: According to an official release, the plan aimed to prolong the Pradhan Mantri Awas Yojana-Urban scheme till December 31, 2024, with financial support to be provided for the completion of already sanctioned 122.69 lakh dwellings up to March 31, 2022.
Q4: Do we have to pay back the PMAY subsidy?
A4: You can prepay if you have a home loan and have used PMAY. However, a portion of your subsidy will need to be returned. This will be determined using the loan’s shorter term.
Read: Here Is Everything You Need to Know About DHFL Home Loan Eligibility
Q5: Who is entitled to a subsidy?
A5: It would be best if you were married, living with a partner, or single and financially dependent. It would be best if you were older than 18. You must have never previously owned a permanent residential property.
