Pradhan Mantri Awas Yojana 2.0: Although the central government launched the Pradhan Mantri Awas Yojana-Urban (PMAY-U) in its first term itself, its second phase has been approved in August 2024.
Pradhan Mantri Awas Yojana 2.0: Although the central government launched the Pradhan Mantri Awas Yojana-Urban (PMAY-U) in its first term, its second phase has been approved in August 2024. In this scheme, the government helps the urban poor and middle class families and makes their dream of home come true. For information, let us tell you that 1.18 crore houses were approved under PMAY-U, 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. At the same time, government assistance of Rs 2.30 lakh crore will be given under the PMAY-U 2.0 scheme.
What is the eligibility
The benefit of PMAY-U 2.0 scheme will be available only to those people who fall under the category of Economically Weaker Section (EWS) / Low Income Group (LIG) / Middle Income Group (MIG). Along with this, it is necessary that the beneficiary does not have a permanent house anywhere in the country. Such people will be eligible to buy or construct a house under PMAY-U 2.0.
What is EWS
Families whose annual income is up to Rs 3 lakh come under the EWS category. At the same time, families with annual income of ₹3 lakh to ₹6 lakh are categorized as LIG and families with annual income of ₹6 lakh to ₹9 lakh are categorized as MIG.
Implemented in four ways
The implementation of PMAY-U 2.0 is done under Affordable Housing in Partnership (AHP), Affordable Rental Housing (ARH) and Interest Subsidy Scheme (ISS) apart from Beneficiary Led Construction (BLC).
What is BLC and AHP
Through BLC, central assistance will be provided to individual eligible families belonging to EWS categories to construct new houses on their land. Under AHP, affordable houses will be constructed by public/private entities and made available for allocation to EWS beneficiaries by providing financial assistance. In ARH, adequate rental houses will be constructed for the beneficiaries of urban migrants working women/industrial workers/urban migrants/homeless/destitute/students and other similar stakeholders.
What is the interest subsidy scheme
Talking about the interest subsidy scheme, it provides subsidy on home loans for EWS/LIG and MIG families. Beneficiaries taking a home loan of up to ₹25 lakh for a house worth up to ₹35 lakh get a special facility. Such beneficiaries will be eligible for 4 percent interest subsidy on the first loan of Rs 8 lakh for a period of 12 years. Eligible beneficiaries will be issued a subsidy of ₹1.80 lakh through a push button in 5-yearly installments. Let us tell you that beneficiaries can choose one component from the four components as per their eligibility and choice to avail the benefits under the scheme.
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