Under the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0, the government is providing interest subsidy on home loans to the beneficiaries. This relief is given under the government’s interest subsidy scheme.
PM Awas Yojana: Everyone has a dream of building a house. It is not so easy to make it come true. The Narendra Modi government at the Center will help you in realizing your dream of a house. Actually, under the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0, the government is giving interest subsidy on home loans to the beneficiaries. Let’s know the details about the scheme.
Interest subsidy details
The government provides relief on home loans to the beneficiaries under the interest subsidy scheme in this scheme. This benefit will provide subsidy benefits on home loans for EWS/LIG and MIG families. Beneficiaries taking home loans up to ₹25 lakh for a house worth up to ₹35 lakh get a discount. Such beneficiaries will be eligible for 4 percent interest subsidy on the first loan of Rs 8 lakh for a period of 12 years. A subsidy of ₹1.80 lakh will be released to eligible beneficiaries through push button in 5-yearly installments. Beneficiaries can get their account information through website, OTP or smart card.
Who are eligible
People from Economically Weaker Section (EWS)/Low Income Group (LIG)/Middle Income Group (MIG) families are eligible for this. Such people should not have any permanent house of their own anywhere in the country. Let us tell you that families with annual income up to Rs 3 lakh have been kept in the EWS category. Apart from this, families with annual income of Rs 3 lakh to Rs 6 lakh are defined as LIG and families with annual income of Rs 6 lakh to Rs 9 lakh are defined as MIG.
There are four components for PMAY-U 2.0
(i) Beneficiary Based Construction (BLC)
(ii) Affordable Housing in Partnership (AHP)
(iii) Affordable Rental Housing (ARH)
(iv) Interest Subsidy Scheme (ISS)
Please note that the BLC, AHP and ARH components of PMAY-U 2.0 will be implemented as a centrally sponsored scheme while the Interest Subsidy Scheme (ISS) component will be implemented as a Central Sector Scheme. Beneficiaries can choose one of the four components as per their eligibility and preference to avail the benefits under the scheme.
