Home Loan subsidy calculator

A home loan subsidy calculator is an online financial tool that helps you to determine the discount which you can avail of on a home loan obtained from a PMAY scheme. To calculate subsidy on your home loan, you need to enter some of the details such as your annual income, home loan amount, interest rate, loan tenure (in months). After entering these details, you will get to know the subsidy that you would be receiving on your housing loan.

Benefits of Using a Home Loan Subsidy Calculator

Saves you from tedious calculations: Using an online home loan subsidy calculator eliminates the tedious manual calculations.

Saves your time: With the help of subsidy calculator, you can calculate the subsidy in seconds which will save your precious time. 

Help you to plan your finances: Calculating EMIs and subsidy will give you the idea regarding how much money you would need to set aside from your monthly income. In short, the subsidy calculator helps you to decide the amount which you can pay back without any financial stress or disturbing your current finances.

Calculates effective interest rate: The subsidy calculator helps you to calculate the effective interest rate on the home loan under PMAY scheme and helps you to know how much you need to pay.

How to use the Home Loan Subsidy Calculator?

You will need to follow the below-mentioned steps while using the home loan subsidy calculator-

Step 1: First, you need to log in to the official PMAY https://pmaymis.gov.in/

Step 2: Click on 'Others' and Select ‘NPV Subsidy Calculator’ from the drop-down or else visit  https://pmaymis.gov.in/EMI_Calculator.aspx

Step 3: Now, enter the loan details such as the total loan amount, rate of interest & loan term in months.

Step 4: Now, click on ‘Calculate’.

Step 5: You will now get all information on the subsidy amount that you will get from your home loan.

Subsidy classification of PMAY

CLASSMaximum household incomeMaximum subsidyMaximum areaSubsidy on interestMaximum Loan amountLoan Tenure
Rs. 12 – 18 lakhs
Rs 2.30 Lakh110 sq. meter
3% p.a.
Rs. 12 lakhs
20 Years
Rs. 6 – 12 lakhs
Rs. 2.35 lakhs
90 sq. meter
4% p.a
Rs. 9 lakhs
20 Years
Rs. 3 – 6 lakhs
Rs. 2.67 lakhs
60 sq. meter
6.5% p.a.
Rs. 6 lakhs
20 Years
Rs. 0 – 3 lakhs
Rs 2.67 Lakhs30 sq. meter
6.5% p.a.
Rs. 6 lakhs
20 Years

What are the eligibility criteria to avail of subsidy on home loans?

  • The applicant should not own a pucca house in any part of the country either in his/her name or any of his family member’s name.
  • If you are an unmarried applicant, then, in that case, parents must not own a property in any part of India.
  • If you are a married applicant, then, your spouse or kids must not own a property in any part of India.
  • For applicants under LIG or EWS, a woman co-applicant is mandatory to avail of the benefits of PMAY.
  • The applicant and his family should not have availed of any housing scheme, including PMAY, previously.
  • The beneficiary can take the loan only for the purpose of home construction/improvement or purchasing the home.