Royal Aawas

Pradhan Mantri Awas Yojana (PMAY) 2.0

The Cabinet has approved the Pradhan Mantri Awas Yojana – Urban 2.0.

  • ₹1.80 Lakh interest subsidy announced for flats below ₹35 Lakhs.

INTEREST SUBSIDY SCHEME (ISS)

The ISS vertical provides subsidy benefits on home loans for EWS, LIG, and MIG families.

  • Loans up to ₹25 Lakh with house values up to ₹35 Lakh are eligible for a 4% interest subsidy on the first ₹8 Lakh for up to 12 years.
  • Maximum subsidy of ₹1.80 Lakh to be given in 5-yearly installments.
  • Beneficiaries can access their accounts via website, OTP, or smart cards.

Categories:

  • EWS (Economically Weaker Section)
  • LIG (Low Income Group)
  • MIG (Middle Income Group)

PMAY-U 2.0 ELIGIBILITY CRITERIA

The scheme is for families in the EWS, LIG, and MIG categories who do not own a pucca house anywhere in India.

  • EWS: Income up to ₹3 Lakh/year
  • LIG: Income ₹3-6 Lakh/year
  • MIG: Income ₹6-9 Lakh/year

KEY HIGHLIGHTS
    • The Union Cabinet has approved PMAY 2.0!
      • Over 3 crore new homes will be built from 2024 to 2029.
      • 1 crore homes in urban areas & 2 crore homes in rural areas.
    • The initiative aims to provide financial assistance for affordable housing to middle-class and urban impoverished families.
    • Special attention will be given to marginalized groups such as:
      • Slum dwellers, SC/STs, minorities, widows, safai karmis, persons with disabilities, and street vendors.
 
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