PM Awas Yojana Urban: The Narendra Modi government at the center is continuously making announcements for the middle class in its third term. The government has not only given relief on the income tax front but has also given a gift to the middle class through GST. Earlier, the government has also given relief to a special section of the middle class through the PM Awas Yojana.
In fact, the government approved the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 in August 2024. The scheme aims to build 1 crore houses for urban poor and middle class families in 5 years. The scheme involves an investment of ₹10 lakh crore and a government subsidy of Rs 2.30 lakh crore.
For which category of people is the scheme
This scheme is for those families of economically weaker section (EWS), low income group (LIG) and middle income group (MIG) who do not have a permanent house anywhere in the country. Let us tell you that the annual income of EWS family is up to Rs 3 lakh, the annual income of LIG family is from Rs 3 lakh to Rs 6 lakh. Apart from this, MIG family includes people with annual income from Rs 6 lakh to Rs 9 lakh.
There are 4 components in this scheme. These components are Beneficiary-Led Construction (BLC), Affordable Housing in Partnership (AHP), Affordable Rental Housing (ARH) and Interest Subsidy Scheme (ISS). Under the ISS vertical, 4% interest subsidy is given on home loans up to Rs 25 lakh for EWS/LIG and MIG families. This subsidy will be given in five annual installments, with a maximum subsidy of Rs 1.80 lakh.
Special focus on these people
The scheme will have a special focus on marginalised groups including slum dwellers, Scheduled Castes/Tribes, minorities, widows, persons with disabilities and other disadvantaged sections of society. Additionally, groups such as sanitation workers, street vendors, artisans, Anganwadi workers and people living in slums/chawls will be provided special assistance under the scheme.