The Pradhan Mantri Awas Yojana scheme was rolled out to offer affordable housing to economically challenged individuals in June 2015. PMAY scheme enables beneficiaries to avail interest subsidies on home loans during the financing of a house. Borrowers can calculator these subsidies by using a PMAY eligibility calculator. This financial tool is easy to use and offers accurate results. 

How does the PMAY eligibility calculator work?

The Pradhan Mantri Awas Yojana eligibility calculator feeds the following information to fetch details of the total interest subsidy –

  1. Total household income, including that of husband, wife, unmarried and non-earning children.
  2. Suitable home loan tenor.
  3. Appropriate home loan amount. 

Upon submitting these details, the calculator will evaluate the subsidy amount and display it on the screen. 

Additionally, the eligible calculator also serves as a PMAY EMI calculator, as it enables the borrowers to have clarity regarding their monthly repayment capability after subsequent subsidy deduction.

Nonetheless, before evaluating the amount an individual can save through interest payment, he/she must be aware of the Pradhan Mantri Awas Yojana eligibility and which Credit Linked Subsidy Scheme category they qualify for. 

PMAY eligibility and CLSS features

Individuals belonging to the Middle-Income Group-I (MIG-I), Middle Income Group-II (MIG-II), Lower Income Group (LIG) or Economically Weaker Sections (EWS) can avail the interest subsidies on home loan under the PMAY scheme.

Following are the eligibility parameters that borrowers need to fulfil, alongside the most attractive features of the scheme – 

  1. The income range for the respective categories is as follows:
  • EWS: Up to Rs.3 lakh.
  • LIG: Rs.3 lakh – Rs.6 lakh.
  • MIG-I: Rs.6 lakh – Rs.12 lakh.
  • MIG-II: Rs.12 lakh – Rs.18 lakh.

Borrowers with an annual household income of more than Rs.18 lakh are not eligible under this scheme.

  1. Any borrower or anyone in his/her family cannot own a pucca house anywhere in India. 
  2. Individuals availing any other Government-backed scheme will not meet the PMAY eligibility.
  3. The property that one purchases should have basic amenities water, sanitation, electricity etc. 
  4. Married couples can apply for this scheme individually or in joint ownership. They will receive a single subsidy. 
  5. Home loan borrowers who changed their lender would not receive subsidies again. 
  6. The carpet area requirement for new construction as per the beneficiaries’ group are as follows:
  • MIG-II: 200 sq. mt.
  • MIG-I: 160 sq. mt.
  • LIG: 60 sq. mt.
  • EWS: 30 sq. mt.
  1. All statutory towns as per Census 2011 are covered in this scheme. 
  2. A female family member should be the co-owner of a property.
  3. Property construction should be completed within 3 years of home loan disbursal. 

A borrower can estimate the amount of subsidy he/she can obtain from this scheme by using a PMAY eligibility calculator.

Individuals failing to satisfy these eligibility requirements can alternatively secure a home loan from leading financial institutions. 

Some of these financiers also provide pre-approved offers to facilitate an easy loan application process. These offers are available on several financial products like home loans, loans against property, etc. One can check their pre-approved offer by submitting his/her phone number and name only. 

Again, applicants to satisfy the above parameters will make it to the PMAY list. Once a beneficiary successfully qualifies under this scheme, he or she can track the PMAY status.

Checking PMAY status

Applicants can check their PMAY application status by following these steps below –

First Open the online website. 

Step 2 – Then Select “Track Application Status”.

Step 3 – After that Upon selecting “Assessment ID”, And enter the registered ID and mobile number to view the status. 

To conclude, a PMAY eligibility calculator is a self-help planning tool that gives a general idea regarding a borrower’s savings via this scheme. As an available subsidy depends on the household income, loan amount, rate, and more, this tool helps an individual manage his/her finances effectively by estimating the savings at the very outset.

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