Calculations per PMAY Subsidy Scheme
Loan Amount
Rs. 29,00,000
Monthly Instalment (EMI)
Rs. 22,684
Total Interest Amount
Rs.
25,44,148
Total Amount (Principal + Interest)
Rs. 55,44,148
Calculations per Current Home Loan Rates
Loan Amount
Rs. 29,00,000
Monthly Instalment (EMI)
Rs. 25,351
Total Interest Amount
Rs. 31,84,173
Total Amount (Principal + Interest)
Rs. 60,84,173
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Having a house is a very basic need of every human being. With the vision of providing urban and rural poor a home of their dreams, Our Prime Minister Mr. Narendra Modi launched two housing schemes under Pradhan Mantri Awas Yojna. He announced the same on December 31, 2016 when he addressed the entire nation. People who take loans of Rs. 9 Lakhs and 12 Lakhs in 2017 will now get a subsidy in their interest rates. The scheme designed for the people belonging to LIG and EWS category will allow them to get a home loan up to Rs. 9 Lakhs at an interest subsidy rate of four percent. The urban poor will receive a rebate of three percent for a home loan up to Rs. 12 Lakhs. Rural poor who want to build or renovate their house will now get a home loan of Rs 2 Lakhs at three percent lower interest rate. The scheme aims to construct 33 percent more homes in the rural areas.
Through this calculator you can find how much EMI you will have to pay and how much savings you will now make if you take a loan of a particular amount.
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