Finding affordable housing in a country like India is a dream of many, especially the backward class. This is why the Prime minister of India has launched the PMAY subsidy calculator. The calculator not only provides financial empowerment but also simplifies the complexities of the PMAY subsidies. By using this calculator you can check your eligibility criteria as well as the loan amount you are eligible for. This way you can make informed decisions and buy a home of your own. Let's get into the details of the PMAY subsidy calculator and how it can help you in your home financing journey. 

What is a PMAY Subsidy and calculator?

PMAY subsidy is a scheme introduced by the Ministry of Housing and Urban Affairs on 25 June 2015. The purpose of this scheme is to provide the ‘pucca ghar’ meaning solid house to all eligible individuals by 2022. Later the union cabinet extended this scheme till 31 December 2024 due to lack of housing among the backward and middle-income groups. Under this scheme, the government aims to provide all the basic utilities that are needed in a household such as a kitchen, toilet, proper water supply as well and 24-hour electricity. 

Individuals that come under the category of SC/ST, OBC, senior citizens, single women, differently abled and transgender people can also avail the benefits of this subsidy. However, before applying for the subsidy it is important to know if you are eligible for it or not. To help you in this process, the PMAY subsidy calculator was introduced. It is an online tool that estimates the exact subsidy amount you are eligible for based on your income. All you need to do is enter basic details like annual income, loan tenure, loan amount and the interest rate. After which the tool will automatically showcase the results.

Why Should You Use a PMAY Subsidy Calculator?

There are many reasons why you should use the calculator, especially when you are thinking of buying a house. 

Saves Time: This subsidy calculator helps you in different ways. One of the first is complex calculations. When you are estimating your eligibility you may encounter some complex calculator that might not be accurate. The PMAY subsidy calculator takes away the hassle of manual calculations and related stress. It also helps to avoid the chances of incorrect calculations which might disturb your financial planning.

Quick Results: The second reason is its instant results. Once you have filled all the details correctly and in the relevant field the tool will give you the results within seconds. It's much faster than the manual calculation and provides accurate results.

Financial Planning: The next reason to use this calculator is that it helps in financial planning. It tells you about the exact EMI amount that you are eligible to pay each month. This way you can easily manage your finances by setting aside the EMI payment you are compelled to pay. Besides, it also helps in deciding how much extra amount you can pay beforehand to minimize the EMI amount as well as loan tenure. 

Easily Accessible: Lastly, the calculator is known for its accessibility. Since it is an online tool, it is available on almost every bank's website and easily available for a wide range of individuals. Therefore, making the housing-owning process convenient for the house aspirants. 

Conclusion

The PMAY Subsidy calculator makes purchasing a house less challenging for all individuals under low-income groups. But before starting on your home financing journey through PMAY subsidy make sure you have checked your eligibility and how you can avail maximum benefit from it.