Beneficiaries availing a home loan of up to ₹25 lakh for a house worth up to ₹35 lakh will be eligible for 4 per cent interest subsidy on the first loan amount of Rs 8 lakh for a tenure of 12 years.
PM Awas Yojana-Urban 2.0 Scheme: The central government has approved the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0. Under this, 1 crore houses are to be built for urban poor and middle class families. Government subsidy of Rs 2.30 lakh crore will be given for these 1 crore house families. This subsidy will be given in different ways. One such method is the interest subsidy scheme. Let us know about this scheme.
Who is covered under the scheme
The scope of this scheme includes Economically Weaker Section (EWS)/Low Income Group (LIG)/Middle Income Group (MIG) families. These are the families who do not have a permanent house of their own anywhere in the country. Such people will be eligible to buy or construct a house under PMAY-U 2.0.
EWS: Families with annual income up to ₹3 lakh
LIG: Families with annual income between ₹3 lakh and ₹6 lakh
MIG: Families with annual income between ₹6 lakh and ₹9 lakh
Interest subsidy scheme
Home loans will be subsidized for EWS, LIG and MIG families. Beneficiaries taking a home loan up to ₹25 lakh for a house worth up to ₹35 lakh will be eligible for 4 per cent interest subsidy on the first loan amount of ₹8 lakh for a period of 12 years. A subsidy of ₹1.80 lakh will be released to eligible beneficiaries in 5-yearly installments through push button. Beneficiaries can check their account details through website, OTP or smart card.
Let us tell you that Pradhan Mantri Awas Yojana- Urban was started in the year 2015. Under this scheme, 1.18 crore houses were approved, out of which more than 85.5 lakh houses have been completed and handed over to the beneficiaries and the remaining houses are under construction.
