Pradhan Mantri Awas Yojana 2.0 : Full Details

The Pradhan Mantri Awas Yojana - Urban (PMAY-U) 2.0 provides a subsidy of 4% on home loans for eligible beneficiaries, but only for those in specific income groups.

PMAY-U 2.0: Modi government is giving 4% subsidy on home loan, but this is the condition, know how much income should be Under the scheme, only eligible beneficiaries of EWS / LIG and MIG get subsidy. To identify as WS / LIG and MIG under this scheme, an individual loan applicant has to provide proof of income.

Eligibility for Subsidy:

The scheme is targeted at beneficiaries in EWS (Economically Weaker Section), LIG (Lower Income Group), and MIG (Middle Income Group) categories.
To avail of the subsidy, individuals must provide proof of their income.
The income criteria for eligibility are as follows:
- EWS: Annual income up to ₹3 lakh.
- LIG: Annual income between ₹3 lakh and ₹6 lakh.
- MIG: Annual income between ₹6 lakh and ₹9 lakh.

What Does the Scheme Offer?

The scheme offers financial assistance up to ₹2.5 lakh for constructing new homes, specifically for those in the EWS category who wish to build homes on their own land.
For home loans, beneficiaries can receive up to 4% interest subsidy on loans up to ₹25 lakh for homes priced below ₹35 lakh.

Exclusions:

Beneficiaries who have already received housing benefits under any government housing scheme (whether urban or rural) in the last 20 years are not eligible for PMAY-U 2.0.
Additionally, beneficiaries whose houses were removed or rejected by the Central Sanctioning and Monitoring Committee (CSMC) after December 31, 2023, will not be eligible.

Four Key Components of PMAY-U 2.0:

Beneficiary-Led Construction: Financial support for constructing houses for eligible families.
Affordable Housing Partnership (AHP): Provides financial help for EWS beneficiaries to buy ready-made houses.
Affordable Rental Housing Complexes (ARHCs): Creating rental housing opportunities for low-income groups.
Interest Subsidy Scheme: A 4% subsidy on home loans of up to ₹25 lakh for MIG families.

Key Benefits:

EWS beneficiaries can get financial help up to ₹2.5 lakh for purchasing homes built by public or private agencies.
Central and state agencies jointly provide assistance under the AHP projects for EWS beneficiaries.
A maximum central assistance of ₹1.80 lakh per beneficiary is provided for eligible families under various schemes.

How the Subsidy Works:

For loans up to ₹25 lakh for houses priced up to ₹35 lakh, beneficiaries can avail of a 4% interest subsidy on loans for a term of 12 years.
In some cases, individuals could receive a total subsidy of ₹8 lakh on the loan amount, making housing more affordable.

PMAY-U 2.0 DocumentS Required

Before submitting your demand under the PMAY-U 2.0 scheme, please ensure you have the following documents ready:

    1. Applicant's Aadhaar details (Aadhaar number, name as per Aadhaar, date of birth).
    2. Aadhaar details of family members (Aadhaar number, name as per Aadhaar, date of birth).
    3. Active bank account details of the applicant (account number, bank name, branch, IFSC code) linked with Aadhaar.
    4. Income proof (Only PDF file, Size upto 200kb.)
    5. Land document (In case of BLC vertical). (Only PDF file, Size upto 1mb.)

Important Link : Guidline In Hindi

This scheme is part of the government’s vision to provide “Housing for All,” with a target of building concrete houses in urban areas for eligible families.

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