PMAY-U 2.0
- Context: The Government approved more than 2.13 lakh additional houses under Pradhan Mantri Awas Yojana-Urban 2.0.
- With these approvals, the total number of houses sanctioned under PMAY-U 2.0 has crossed 16.13 lakh
Pradhan Mantri Awas Yojana–Urban 2.0 (PMAY-U 2.0)
About
- PMAY-U 2.0, launched in 2024, is the upgraded version of the Pradhan Mantri Awas Yojana–Urban (PMAY-U) introduced in 2015.
- It seeks to provide all-weather pucca houses to one crore poor and middle-class urban families through construction, purchase, or rental options.
- The scheme will be implemented for five years by States, Union Territories, and Primary Lending Institutions (PLIs).
- The Centre has earmarked ₹10 lakh crore for the programme, including ₹2.30 lakh crore as subsidy support.
Eligibility
- Beneficiary families should not own a pucca house anywhere in India in the name of any family member.
- The scheme covers:
- Economically Weaker Section (EWS): Annual income up to ₹3 lakh.
- Low Income Group (LIG): Annual income between ₹3 lakh and ₹6 lakh.
- Middle Income Group (MIG): Annual income between ₹6 lakh and ₹9 lakh.
- An adult earning member without ownership of a house is treated as a separate household for eligibility purposes.
Coverage
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- PMAY-U 2.0 covers all statutory towns identified in Census 2011 and those notified later by State Governments.
- Areas under Urban Development Authorities, Industrial Development Authorities, and notified Planning Areas are also included.
- Under In-situ Slum Redevelopment, eligible slum dwellers receive a grant of ₹1 lakh per house.
Interest Subsidy Scheme (ISS)
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- Provides a 4% interest subsidy on housing loans up to ₹25 lakh, for houses costing up to ₹35 lakh.
- The subsidy applies to the first ₹8 lakh of the loan with a repayment period of 12 years.
- Beneficiaries can receive a maximum subsidy of ₹1.80 lakh, credited in five annual instalments to their bank accounts.
