PM Awas Yojana 2.0: Everyone dreams of owning their own home. If you are also thinking of buying your own house, then this news might be especially important for you. Due to rising inflation, the dream of building a house often remains just a dream. To address this, the central government is assisting the economically weaker sections. The central government is operating the PM Awas Yojana 2.0 for this purpose. Under this government scheme, eligible individuals receive interest relief on home loans, making it easier to buy a house.
Under the Pradhan Mantri Awas Yojana 2.0, eligible home loan borrowers can receive an interest subsidy of up to Rs. 1.8 lakh on loans up to Rs. 25 lakh. This subsidy is not given in a lump sum, but in five annual instalments. This amount is directly deposited into the beneficiary’s loan account, which reduces the principal amount of the loan and also lowers the burden of monthly EMIs.
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Who is eligible for the scheme?
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This scheme is specifically designed for people in certain income groups. Economically Weaker Sections (EWS) with an annual income of up to Rs. 3 lakh, Low Income Group (LIG) with an income between Rs. 3 lakh and Rs. 6 lakh, and Middle Income Group (MIG) with an annual income between Rs. 6 lakh and Rs. 9 lakh are considered eligible for this scheme. However, all applicants must also fulfil other conditions.
Tax Relief in Addition to Interest Subsidy
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The benefits of PMAY 2.0 are not limited to interest subsidies alone. Home loan borrowers can also avail tax benefits under the Income Tax Act. According to Section 24(b) of the Income Tax Act, a tax deduction of up to Rs. 2 lakh per year can be claimed on the interest paid on a home loan. Additionally, under Section 80C, an additional deduction of up to Rs. 1.5 lakh is available for the repayment of the principal amount of the loan. This significantly reduces the overall cost of buying a house. Key Features of Pradhan Mantri Awas Yojana-Urban 2.0
Pradhan Mantri Awas Yojana-Urban 2.0 is the second phase of the scheme to provide affordable housing for all in urban areas. This scheme prioritises widows, single women, senior citizens, persons with disabilities, transgender individuals, as well as Scheduled Castes, Scheduled Tribes, and minority communities. The scheme aims to provide affordable and safe homes with basic amenities.
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Under this scheme, states have been given some flexibility in the rules related to the size and design of houses, allowing for the construction of housing tailored to local needs. To avail of the benefits of the scheme, it is essential that the applicant does not already own a pucca (permanent) house anywhere in the country and that their income falls within the prescribed limits.
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Overall, Pradhan Mantri Awas Yojana 2.0 is a great support for those who want to buy their own home but are held back due to financial constraints. Through interest subsidies and tax exemptions, this scheme helps turn the dream of owning a home into a reality.