New Delhi :
The central government has approved the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 scheme.
The goal is to build 1 crore houses for urban poor and middle-class families.
A government subsidy of ₹2.30 lakh crore will be provided for these houses through different methods, including an interest subsidy scheme.
Eligibility for the Scheme
The scheme covers families belonging to the Economically Weaker Section (EWS), Low Income Group (LIG), and Middle Income Group (MIG) who do not own a permanent house anywhere in the country.
- EWS: Families with an annual income up to ₹3 lakh
- LIG: Families with an annual income between ₹3 lakh and ₹6 lakh
- MIG: Families with an annual income between ₹6 lakh and ₹9 lakh
Eligible families can buy or construct a house under PMAY-U 2.0.
Interest Subsidy Details
Home loans for EWS, LIG, and MIG families will be subsidized.
Beneficiaries taking home loans up to ₹25 lakh for houses worth up to ₹35 lakh can get a 4% interest subsidy on the first ₹8 lakh of the loan for a 12-year period.
A total subsidy of ₹1.80 lakh will be provided to eligible beneficiaries in 5-year installments.
Beneficiaries can check their account details online through the website, OTP, or smart card.
Background of PMAY-U
The Pradhan Mantri Awas Yojana-Urban started in 2015. Under this scheme, 1.18 crore houses were approved, with over 85.5 lakh houses completed and handed over to beneficiaries.
The remaining houses are still under construction.
