PMAY 2.0: Know All Details on Progress and Challenges in Affordable Housing

• The scheme is divided into four sections, allowing beneficiaries to choose based on their eligibility.
• The ISS vertical provides interest subsidies on housing loans for Economically Weaker Sections (EWS), Low-Income Groups (LIG), and Middle-Income Groups (MIG).
• Government assistance under PMAY-U 2.0 will be up to Rs. 2.50 lakh per unit.

Pradhan Mantri Awas Yojana 2.0: Check application process and other detailshttps://t.co/waQvf2WNlX

— CNBC-TV18 (@CNBCTV18Live) December 20, 2024

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Four Categories of PMAY 2.0

1. BLC (Beneficiary-Led Construction)

• The government provides Rs 2.25 lakh for building a house up to 45 sqm on personal land.
• The state’s financial contribution is yet to be decided.
• The annual income of the applicant should be Rs 3 lakh.

2. AHP (Affordable Housing in Partnership)

• Housing projects for Economically Weaker Sections (EWS) and Low-Income Groups (LIG) will be built.
• Rs 2.25 lakh from the central government and Rs 50,000 from the state government will be provided.
• Annual income: Rs 3 lakh (EWS) and Rs 6 lakh (LIG).

3. ARH (Affordable Rental Housing)

• Housing projects for rent will be built for people who cannot afford to buy or build a house.
• Central government provides Rs 3,000 per sqm and the state provides Rs 2,000 per sqm for construction.

4. ISS (Interest Subsidy)

• Subsidized home loans up to Rs 25 lakh for houses priced up to Rs 35 lakh.
• Loan subsidy of up to Rs 1.80 lakh for homes of 120 sqm or less.
• Benefits for EWS, LIG, and MIG families.

Strategies to Enhance the Implementation of PMAY-U 2.0 and Address Affordable Housing Challenges

• Strengthening Monitoring Mechanisms:
  Establish robust monitoring systems to track the progress of housing projects and ensure timely disbursement of subsidies.
• Public Awareness Campaigns:
  Launch awareness programs to educate potential beneficiaries about the scheme’s benefits and application process, ensuring wider participation.
• Capacity Building for Financial Institutions:
  Provide training to bank and housing finance company staff on the specifics of PMAY-U 2.0, enabling them to effectively assist applicants.
• Leveraging Technology:
  Use an integrated web portal that simplifies the application process, tracks status updates, and enhances communication among all stakeholders.
• Collaboration with State Governments:
  Foster partnerships between central and state governments to ensure a coordinated approach to achieving housing goals effectively.