PMAY Home Loan Scheme 2022 | PM Awas Yojana Gramin Loan Subsidy / Interest Rates / EMI

January 3, 2022 | Last Modified: January 3, 2022 at 5:50 pm

PMAY Home Loan Subsidy Scheme | Pradhan Mantri Awas Yojana Home Loan Subsidy | PM Awas Yojana Gramin List 2022

Pradhan Mantri Awas Yojana Gramin (PMAY-G) was introduced with the view to boost the Housing for All. The central government came up with the vision to fulfil the Housing for All Scheme by the year 2022.The objective of PM Awas Yojana Gramin is to provide pucca house with some of the basic amenities.

Till now, there was an optional home loan scheme under the Pradhan Mantri Awas Yojana – Gramin for a maximum loan amount of Rs. 1.20 lakh in plain areas and Rs. 1.3 lakh in hilly states, difficult areas and IAP district apart from the financial assistance. Below are the complete details of the PMAY home loan subsidy scheme announced by Narendra Modi.

PMAY Home Loan Subsidy Scheme 2022

As per the announcement, home loans up to Rs. 2 Lakh taken in 2022 for construction or extension of houses in rural areas will receive an interest subvention of 3%. The 3% subsidy on interest on home loans under PMAY-G will reduce the effective interest rate and hence the EMI by a significant margin.

At present home loans are available at 8.5% average interest rates from the nationalized banks, private banks and non banking finance institutions. After subsidy of 3% under PMAY-G, the effective interest rate come down to about 5.5% which will further result in lower EMI and hence less burden of interest on the borrower.

Below is a basic calculation of Subsidy / Interest Rates and EMI for a PMAY-G home loan.

PMAY-G Home Loan EMI Calculation

Home Loan AmountTenure in MonthsBank Interest RateSubsidyEMI before Subsidy in Rs.EMI After Subsidy in Rs.
Rs. 2 Lakh248.5%3%9091.138819.13
Rs. 2 Lakh368.5%3%6313.516039.18
Rs. 2 Lakh488.5%3%4929.664651.13
Rs. 2 Lakh608.5%3%4103.313820.23
PMAY Home Loan Subsidy EMI Calculation

The calculation is based on the average interest rate of 8.5% and a loan amount of maximum Rs. 2 Lakh for a tenure of 2 to 5 years. Home loan under the Pradhan Mantri Awas Yojana – Gramin can be availed from any national, co-operative gramin bank, private bank or non banking financing institutions.

Check SBI Home Loan Scheme at below Link

https://homeloans.sbi/pmay