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Everything You Need to know About the PMAY Subsidy Calculator

If you plan to buy a house under the Pradhan Mantri Awas Yojana (PMAY) scheme, you might be wondering how much subsidy you can get from the government. The PMAY subsidy calculator is a tool that can help you estimate the amount of subsidy you are eligible for based on your income, loan amount, and loan tenure.

What is the PMAY Subsidy Calculator?

The PMAY subsidy calculator is an online tool that helps you calculate the subsidy amount you can avail of under the PMAY scheme. The PMAY scheme is a flagship initiative of the government of India that aims to offer economical housing to the urban poor and rural population by 2022. The scheme offers interest subsidy on home loans to the eligible beneficiaries under four categories:

  • Economically Weaker Section (EWS)
  • Low Income Group (LIG)
  • Middle Income Group-I (MIG-I)
  • Middle Income Group-II (MIG-II)

The subsidy amount varies depending on the income category and the loan amount. The PMAY subsidy calculator can help you find out the subsidy amount for your income category and loan amount.

How to use the PMAY Subsidy Calculator?

To use the PMAY Subsidy Calculator, you need to enter some basic details such as:

  • Your annual household income
  • The carpet area of the house that you want to buy or construct
  • The loan amount that you need
  • The loan tenure that you prefer
  • The interest rate that the home financing lender has offered you

How to use the PMAY Subsidy Calculator?

Using the PMAY subsidy calculator is very simple and easy. You just need to follow these steps:

  • Visit the official website of PMAY or any other website that offers the PMAY subsidy calculator tool.
  • Enter your income category, loan amount, and loan tenure in the respective fields.
  • Click on the “Calculate” button to get the subsidy amount, the effective interest rate, and the monthly EMI.
  • You can also compare the results with different loan amounts and tenures to find the best option for you.

What are the benefits of using the PMAY Subsidy Calculator?

The PMAY subsidy calculator can help you in many ways, such as:

  • It can help you better plan your budget and finances by knowing the exact subsidy amount and the reduced EMI.
  • It can help you choose the right loan amount and tenure that suits your income and repayment capacity.
  • It can help you save time and hassle by avoiding the manual calculation of the subsidy amount and the interest rate.
  • It can help you make an informed decision by comparing the options available under the PMAY scheme.

What are the limitations of the PMAY Subsidy Calculator?

The PMAY subsidy calculator is a valuable tool, but it also has some limitations, such as:

  • It is only an indicative tool that gives you an approximate estimate of the subsidy amount. The subsidy amount may vary depending on the government and lending institution’s verification and approval process.
  • It does not guarantee the eligibility or the approval of the subsidy or the loan. You still need to apply for the PMAY scheme and the home loan separately and fulfill the eligibility criteria and the documentation requirements.
  • It does not include the other charges that may be applicable for the home loan, such as processing fees, stamp duty, registration fees, etc.

Conclusion

The PMAY subsidy calculator is a handy tool to help you estimate the subsidy amount under the PMAY scheme. It can help you better plan your finances and choose the best option. However, you should also be aware of the tool’s limitations, the eligibility criteria, and the application process of the PMAY scheme and the home loan. You should consult a financial expert or a home loan advisor before making any final decision.

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