PMAY Subsidy Calculator 2020, EMI Eligibility Calculator

Pradhan Mantri Awas Yojana Subsidy Subsidy Calculator helps to calculate Subsidy Amount as per loan amount and interest rates and repayment period. According to the Housing and Urban Affairs ministry the estimated 1 crore housing units to be constructed till 2022 under the government’s vision of “Housing for All by 2022”.

The credit linked subsidy in PMAY at the economically weaker section (EWS) and the lower income group (LIG) category, earning Rs 3 lacs and Rs 6 lacs per annum respectively. The two new subsidy slabs (yet to be notified) will bring in people earning up to Rs 12 lacs and Rs 18 lacs per annum into the fold. Irrespective of the loan amount, the subsidy is fixed for each category of income level.

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Government Subsidy in Percentage
The credit-linked subsidy of 6.5 per cent will be available max. loan of Rs 6 lakh. In the two new slabs, people earning up to Rs 12 lakh per annum will get 4% interest subsidy on a loan amount of Rs 9 lakh, and the Rs 18 lakh per annum income category will get a 3% subsidy on a loan amount of Rs 12 lakh.

Government Subsidy Amount
The interest subsidy amount will be the net present value (NPV) of the interest subsidy amount. It is to be calculated at a discount rate of 9 per cent. For calculating NPV of the subsidy, one will need the loan’s amortisation schedule as the interest portion of each equated monthly instalment (EMI) has to be considered.

NPV Subsidy Calculator

Here is the example of Pradhan Mantri Awas Yojana Subsidy Calculator, pre calculated subsidy amount is derived. Calculate Home Loan emi  with the help of Home Loan EMI Calculator.

Total Loan Amount (in Rs.) 5,00,000
Rate of Interest 9.00
Total Loan Period (in Months) 240
Number of EMIs 240
Subsidy Amount 1,83,498

Example:

For income up to Rs 6 lakh
(Maximum subsidised loan of Rs 5 lakh;, Subsidy: 6.5 per cent)
Original loan amount: Rs 5 lakh
Interest rate: 9 per cent
EMI: Rs 4,499
Total interest cost (over 20 years): Rs 5,79,673 lakh.
At 6.5 per cent (subsidy), the NPV of the interest subsidy amount comes to Rs 183,489.

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