Government to Provide Rs 2.30 Lakh Crore Assistance Under PMAY-Urban's Second Phase
The government will provide financial assistance to one crore urban poor and middle-class families to construct, purchase, or rent a house at an affordable cost in urban areas.
Pradhan Mantri Awas YojanaurbanPmayu 20Union CabinetAwas YojanaDelhincrReal Estate NewsAug 10, 2024
According to a statement, the government will provide an assistance of Rs 2.30 lakh crore under the scheme. A total of 1.18 crore houses have been sanctioned in the first phase of PMAY-U 2.0, while more than 85.5 lakh houses have already been constructed and delivered to the beneficiaries.
The PMAY-U is one of the major flagship programmes of the Central government, which is aimed at providing all-weather 'pucca' houses to all eligible candidates in the urban areas.
In pursuance of the Prime Minister's vision, PMAY-U 2.0, with an investment of Rs 10 lakh crore, will address the housing needs of one crore families, ensuring that every citizen leads a better quality of life.
Under the PMAY-U 2.0, families belonging to economically weaker sections, low-income group, or middle-income group having no pucca house anywhere in the country are eligible to purchase or construct a house.
EWS households are families with an annual income up to Rs 3 lakh. LIG households are families with an annual income from Rs 3 lakh up to Rs 6 lakh. MIG households are families with an annual income from Rs 6 lakh up to Rs 9 lakh.
Under the Interest Subsidy Scheme, the government will give subsidy on home loans for EWS, LIG, and MIG families. Beneficiaries taking loan up to Rs 25 lakh for house value up to 35 lakh will be eligible for 4 per cent interest subsidy on the first Rs 8 lakh loan up to 12 years, according to the scheme.
A maximum of Rs 1.80 lakh subsidy will be given to eligible beneficiaries in 5-yearly instalments through push button. Beneficiaries can access their accounts through the website, OTP, or smart cards.
Under the Affordable Housing in Partnership (AHP) segment of the PMAY-Urban, financial assistance will be provided to EWS beneficiaries for owning houses built under different partnerships between states, UTs, and cities.
Redeemable housing vouchers will be given to beneficiaries who purchase a house from private projects. States/UTs/ULB shall whitelist the private sector projects complying with all the necessary norms. An additional Grant in the form of Technology Innovation Grant (TIG) @Rs 1000 per sqm/unit shall be provided to AHP Projects using innovative construction technologies.
About the Affordable Rental Housing (ARH), the government said that this vertical will create adequate rental housing for working women/industrial workers/urban migrants/homeless/destitute/students and other eligible beneficiaries.
ARH shall ensure affordable and hygienic living spaces for urban dwellers who do not want to own a house but require housing for short-term basis or those who do not have the financial capability to construct/buy a house.
Frequently Asked Questions
What is the main objective of PMAY-U 2.0?
The main objective of PMAY-U 2.0 is to provide financial assistance to one crore urban poor and middle-class families to construct, purchase, or rent a house at an affordable cost in urban areas.
How many houses have been sanctioned in the first phase of PMAY-U 2.0?
A total of 1.18 crore houses have been sanctioned in the first phase of PMAY-U 2.0.
What is the interest subsidy scheme under PMAY-U 2.0?
Under the Interest Subsidy Scheme, the government will give subsidy on home loans for EWS, LIG, and MIG families. Beneficiaries taking loan up to Rs 25 lakh for house value up to 35 lakh will be eligible for 4 per cent interest subsidy on the first Rs 8 lakh loan up to 12 years.
What is the Affordable Housing in Partnership (AHP) segment of PMAY-Urban?
Under the Affordable Housing in Partnership (AHP) segment of PMAY-Urban, financial assistance will be provided to EWS beneficiaries for owning houses built under different partnerships between states, UTs, and cities.
What is the Affordable Rental Housing (ARH) vertical?
About the Affordable Rental Housing (ARH), the government said that this vertical will create adequate rental housing for working women/industrial workers/urban migrants/homeless/destitute/students and other eligible beneficiaries.
Related News Articles
Monsoon Relief in Sight: Maharashtra to Receive Southwest Monsoon in 8-10 Days
Get ready for respite from the heat as the southwest monsoon is expected to cover Maharashtra in 8-10 days
Bollywood Star Tripti Dimri Invests in Luxurious Bandra West Bungalow
Rising Bollywood star Tripti Dimri has invested INR 14 crore in a luxurious three-story bungalow in Bandra West, Mumbai, highlighting the area's status as a prime real estate destination.
China to Revolutionize Real Estate Industry with New Financing and Taxation System
China is set to overhaul its real estate industry by establishing a new financing, taxation, and land sales system to curb high debt and leverage
Mumbai's Property and Home Finance Expo: A Resounding Success
The recent Property and Home Finance Expo held in Mumbai saw a remarkable achievement as 18 properties were booked in just 10 minutes, highlighting the rapid advancements in the home-buying process.
Godrej Properties Reports Significant Debt Reduction in Q3
Godrej Properties, a prominent name in the real estate sector, has successfully reduced its net debt by 49% to ₹3848 crore in the third quarter, thanks to improved cash flow and equity management.
Nebius Group: A Rising Star in the AI Revolution
Nebius Group, a data center stock once owned by Russian internet giant Yandex, is making waves in the AI infrastructure sector. With a strategic investment from Nvidia and ambitious expansion plans, the company is poised for significant growth.