The Pradhan Mantri Awas Yojana (PMAY) is a central government initiative aiming to boost home buying in India. Launched on 25 June 2015, the scheme intends to achieve ‘Housing for All’, providing pucca houses to beneficiaries by 2022. In addition, a Credit Linked Subsidy Scheme (CLSS) under PMAY provides interest subsidies on loans taken for the purchase, renovation, construction or improvement of a home. The beneficiaries of this scheme can use a PMAY subsidy calculator to know how much subsidy amount they can get.
This article takes you through every detail of the PMAY subsidy calculator, how it works, how to use it, how to check subsidy status and more. Read on!
The PMAY subsidy calculator is an online financial tool that estimates the interest subsidy that you can get on loans taken to buy affordable houses. Having a simplified interface, allows anyone to select the right PMAY category and estimate overall interest savings.
You will need to enter the following details on the PMAY subsidy calculator.
Based on these factors, you can know your subsidy category and how much interest subsidy you may be eligible for. You can also use a housing loan eligibility calculator alongside this tool to figure out how much savings you can make from PMAY.
The following steps will help one use the PMAY subsidy calculator efficiently:
Step 1: Visit PMAY CLSS Awas or CLAP portal.
Step 2: Click on ‘Subsidy Calculator’.
Step 3: Enter the total family income. The calculator will automatically segregate the beneficiary into one of the targeted groups.
Step 4: After this one must enter the loan amount.
Step 5: The next step entails entering the loan duration.
After filling in all the details the subsidy amount will be displayed on the screen.
One can claim a PMAY subsidy by following these steps:
Step 1: Once the loan is sanctioned, he should submit all the details regarding the property to NHB or National Housing Bank. They will conduct all necessary verification and checks as mandated.
Step 2: After the NHB is completely satisfied with the authenticity of the claim, it will approve the subsidy amount.
Step 3: After receiving the approval from NHB, the home loan lender will receive the subsidy amount.
Step 4: Lastly after all formalities are completed the lender will transfer the subsidy amount to the beneficiary’s home loan account and adjust the loan amount accordingly.
Here are steps that one should follow to track their PMAY status:
Step 1: Visit the official portal of PMAY
Step 2: After this, the beneficiary must go to the Citizen Assessment section.
Step 3: Next, under this section, one must select the track assessment order option.
Step 4: On selecting the option, the beneficiary will be redirected to another page named track application status.
Step5: Under this section, one can check their subsidy status using their assessment ID or by entering their name, father’s name and age.
Follow the given steps to apply for an interest subsidy under PMAY.
Here are the factors which affect the subsidy amount in PMAY given below:
Apart from all these the carpet area or type of house is also taken into account while deciding the subsidy value.
One can check eligibility for enrolling under the PMAY scheme by following these steps:
Step 1: One must ensure that no one in his/her family owns a house or else they would not be able to apply for the scheme.
Step 2: Individuals must compute their family income and make sure that it is below Rs.18 lakh per annum for them to be eligible to take advantage of this scheme.
Step 3: The house for which assistance will be provided under PMAY must be completed within 3 years of taking the loan. So, they should look for those dwellings which are completed within a time frame.
Step 4: Lastly one must ensure that neither he nor his family members have received any assistance under any housing scheme.
Here is a list of documents required to enrol in PMAY:
The PMAY eligibility calculator tells you if you can apply for the central government housing scheme. It tells you the interest subsidy amount and what category you can apply for. With it, you can plan your finances in advance to avoid financial stress in the future.
Ans: You can apply for PM Awas Yojana via the official PMAY portal. Simply login/register on the portal using your Aadhaar number and fill out the application form.
Ans: No. PMAY subsidies are only available for the purchase or construction of a new home or improvement of an existing home.
Ans: People in EWS can get a subsidy for a carpet area of 30 square meters, while for LIG, it is 60 sq mt. MIG-I applicants can get up to 160 sq mt covered, and people in MIG-II can get up to 200 sq mt covered.
Ans: There are four main components of the PMAY:
ISSR (In-situ Slum Redevelopment
CLSS (Credit Linked Subsidy Scheme)
AHP (Affordable Housing in Partnership)
BLC-N/E (Beneficiary-led Individual House Construction/Enhancement)
Ans: No. Beneficiaries can apply for only one component of PMAY.
Ans: One can check their names on the PMAY (Urban)list following these steps: Step 1: Visit the official website of PMAY.
Step 2: Go to the search beneficiary list option from the menu bar.
Step 3: After this one must click the search the name option.
Step 4: The beneficiary must enter their name and click the search option.
After submitting the name, one can get access to the beneficiary list where they can look for
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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