In the third term, the Narendra Modi government at the Center is continuously taking big steps to provide relief to the middle class and urban poor. After giving relief on the income tax exemption and GST front, now the government has approved the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0. This step was taken in August 2024, and its main objective is to provide permanent roofs to the urban poor and middle-class families by building more than 1 crore houses in the next five years.
Investment and subsidy of 10 lakh crores
A total investment of Rs 10 lakh crore will be made in this ambitious scheme. The government has fixed a subsidy of Rs 2.30 lakh crore for this, which will directly help millions of families in building or buying a house. This scheme is especially for those who do not have a pucca house anywhere in the country.
Which sections will get the benefit?
PM Awas Yojana-Urban 2.0 targets three income groups. Economically Weaker Section (EWS) includes families whose annual income is up to Rs 3 lakh. The low-income group (LIG) includes families earning Rs 3 to 6 lakh. At the same time, families with an annual income of Rs 6 to 9 lakh have been included in the middle-income group (MIG).
Four major components of the scheme
The scheme is divided into four components. The first is beneficiary-led construction (BLC), the second is affordable housing in partnership (AHP), the third is affordable rental housing (ARH), and the fourth is interest subsidy scheme (ISS). Specifically, under the interest subsidy scheme, EWS, LIG, and MIG families will be given a 4 percent interest subsidy on home loans up to Rs 25 lakh. This subsidy will be distributed in five annual installments, and the maximum amount has been fixed at Rs 1.80 lakh.
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Focus on marginalized communities
The government has paid special attention to those sections in this scheme who have not been able to buy a house till now. This includes slum dwellers, people from scheduled castes and tribes, minorities, widows, handicapped people, and other deprived groups. Apart from this, sanitation workers, street vendors, small artisans, Anganwadi workers, and people living in slums will be given priority and allowed to fulfill their dream of owning a house.