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
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- 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.
- The Union Cabinet has approved PMAY 2.0!
