PMAY EMI Calculator
The Pradhan Mantri Awas Yojana (PMAY) is a Central Government scheme with the aim to provide Housing for All in urban areas by 2022. The PMAY mission provides central assistance across different states and UTs for providing houses to all eligible families and beneficiaries. The PMAY mission is implemented across different agencies, including banks.
Bank of Baroda extends the affordable housing benefits of Pradhan Mantri Awas Yojana scheme through a Credit-Linked Subsidy Scheme, also known as CLSS. Under CLSS, interest subsidies are available on housing loans for beneficiaries of specific categories defined by the scheme.
What is PMAY Calculator?
- Individuals applying for the PMAY scheme can apply for a home loan, which is made available at subsidised rates. They can use the PMAY calculator to calculate their monthly EMIs payable against this loan. This calculator functions in the same way as any other home loan EMI calculator in that you have to input your principal loan amount, interest rate and tenure of the loan to calculate monthly payable EMI.
The maximum tenure of the loan is 20 years. Govt. offer a 3% - 6.5% interest subsidy on PMAY loans, based on the applicant’s category i.e.
- Economically Weaker sections (EWS)
- Low Income Groups (LIG)
- Middle Income Groups (MIG) 1 & 2