Attention Home Buyers! PM Awas Yojana (PMAY) Urban 2.0 Scheme Approved; Check Eligibility For Subsidy

PM Awas Yojana (PMAY) Urban 2.0 is approved by the union cabinet, it can benefit different sections of the society, check eligibility criteria over here.

PMAY-Urban 2.0 scheme: The Central government has approved the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 last week. Under the scheme one crore houses for urban poor and middle-class families will be built for the next five years. Government will invest Rs 10 lakh crore and give a subsidy of Rs 2.30 lakh crore, for all the eligible applicants.

Special attention will be given to marginalised groups, including slum dwellers, SC/STs, minorities, widows, persons with disabilities, and other underprivileged sections of society.

PMAY-Urban 2.0: Who Can Apply For The Scheme

“Special attention will be given to marginalised groups, including slum dwellers, SC/STs, minorities, widows, persons with disabilities, and other underprivileged sections of society. Additionally, groups like Safai Karmi, street vendors, artisans, Anganwadi workers, and residents of slums/chawls will receive focused support under this scheme,” according to the PM India website.

PMAY-Urban 2.0: Eligibility

People in below category can avail the benefits of the scheme

1- Families who belong to the economically weaker section (EWS)
2- Low-income group (LIG)
3- Middle-income group (MIG) segments
4- Do not currently own a pucca house anywhere throughout the country

PMAY-Urban 2.0: Eligible Persons Income Criteria

EWS: Income should be less than Rs 3 lakh per annum.
LIG households with an annual income between Rs 3-6 lakh

MIG households with a yearly income between Rs 6-9 lakh.

PMAY-Urban 2.0: Metropolitan Areas Verticals

1. Beneficiary-Led Construction (BLC): Government will provide financial assistance to the eligible EWS families to construct new houses on their own on the available vacant land. States/UTs may also provide land rights (pattas) to landless beneficiaries.
2. Affordable Housing in Partnership (AHP)
   Houses are already constructed in partnership with states/UTs, cities, public, and private agencies; EWS beneficiaries can own it  with help of financial assistance given by the government. Technology Innovation Grant (TIG) of Rs 1,000 per sqm/unit, will be provided for projects using innovative construction technologies.
3. Affordable Rental Housing (ARH)
   This vertical mainly focuses on creating rental housing for working women, industrial workers, urban migrants, and other eligible beneficiaries. It will be implemented through two models: utilizing existing government-funded vacant houses and constructing new rental housing units. TIG of Rs 3,000 per sqm will be provided for projects using innovative technologies.
4. Interest Subsidy Scheme (ISS)
   This vertical offers a 4 per cent interest subsidy for home loans up to Rs 25 lakh for EWS/LIG and MIG families. The subsidy will be provided in five yearly installments, with a maximum subsidy of Rs 1.80 lakh.