PMAY EMI Calculator
- In June 2015, The Government of India launched the Pradhan Mantri Away Yojana Scheme. The project was launched with the mission to eradicate slums from the urban areas and provide concrete or ‘pucca’ houses to people belonging to the economically weaker sections of the society, widows, senior citizens and members of scheduled castes, scheduled tribes and other backward classes. The aim of this scheme is to provide housing for all by the year 2022. The scheme also includes such individuals who can afford to construct, purchase or renovate their homes with a home loan.
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. Banks 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
What is the maximum annual income for one to be eligible for the PMAY scheme?
- The annual income of the applicant should not exceed over ₹6 lakhs. There is no lower limit for PMAY income requirement.
What is the duration of the PMAY project?
- The PMAY project is scheduled to last until the year 2022 so that the government has enough time to identify beneficiaries families across the country. Construction will begin after beneficiaries are identified.
What is FAR with regards to PMAY scheme?
- FAR stands for the Floor Area Ratio. It represents the total area on all floors multiplied by 100 and divided by the plot area. Different localities may have different definitions of FAR.
Are there any registration charges?
- If apply for the scheme at a Common Service Centres, you have to pay an application fee of ₹25, however no charges are levied on online applications.