Before I discuss the home loan subsidy calculator, let me tell you that the ‘Pradhan Mantri Awas Yojana (PMAY) – Housing for All’ scheme was launched by the government to provide a pucca house to every Indian household by 2022. Under the scheme, you can avail of home loan interest subsidies after meeting the necessary criteria.
Under the PMAY’s Credit Linked Subsidy Scheme (CLSS), the central government provides interest subsidies on housing loans availed by applicants who fall under:
MIG – II (Middle Income Group 2)
MIG – I (Middle Income Group 1)
LIG (Low Income Group)/EWS (Economically Weaker Section)
Revised LIG (Low Income Group)/EWS (Economically Weaker Section)
How Much Subsidy on Home Loan Can One Get under This Scheme:
To make this calculation easy for you, the government provided a home loan subsidy calculator (link given below) to help you determine the discount you’d be able to get on a housing loan obtained from a PMAY scheme. You just have to fill in some details like carpet, area. loan amount, annual family income, etc.
Government’s home loan subsidy calculator
If you want to take a home loan with minimal documentation and at the lowest interest rates, then you should consider availing NoBroker's Home Loan Services! Check out their home loan eligibility calculator:
| Criteria | MIG – II | MIG – I | EWS/LIG | Revised EWS/LIG |
| Woman Ownership | N/A | N/A | Yes | Yes |
| Annual Household Income | Rs. 12.01 lakhs to Rs. 18 lakhs | Rs. 6.01 lakhs – Rs. 12 lakhs | EWS - Up to Rs. 3 lakhs LIG – Rs. 3 lakhs to Rs. 6 lakhs | EWS - Up to Rs. 3 lakhs LIG – Rs. 3 lakhs to Rs.6 lakhs |
| Max. loan amount for Subsidy | Up to Rs. 12 lakhs | Up to Rs. 9 lakhs | Up to Rs. 6 lakhs | Up to Rs. 6 lakhs |
| Subsidy % | 3 % | 4 % | 6.50 % | 6.50 % |
| Maximum Subsidy Amount | Rs. 2.30 lakhs | Rs. 2.35 lakhs | Rs. 2.20 lakhs | Rs. 2.67 lakhs |
| NPV | 9.0 percent | 9.0 percent | 9.0 percent | 9.0 percent |
| Max. term of loan on which subsidy will be calculated | 20 years | 20 years | 15 years | 20 years |
| Validity | 31/03/2020 | 31/03/2020 | 2022 | 2022 |
| Applicability | Loans approved on or after 01-01-2017 | Loans approved on or after 01-01-2017 | Loans approved on or after 17-6-2015 | Loans approved on or after 01-01-2017 |
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Related Answers: How to track PMAY status? How to check PMAY subsidy amount? How to apply for PMAY subsidy? How much time does it take to get PMAY subsidy in the loan account? Who is eligible for PMAY subsidy? I hope now you know how much subsidy on home loan one can get as well as about the home loan subsidy calculator as well.Your Feedback Matters! How was this Answer?
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How much subsidy on home loan can a person get?
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2021-12-23T18:25:07+00:00 2021-12-24T16:32:37+00:00Comment
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