Pradhan Mantri Awas Yojana Urban 2.0: Pradhan Mantri Awas Yojana Urban 2.0:The Government of India has launched the Pradhan Mantri Awas Yojana Urban 2.0 to provide dignified and safe housing to economically weaker and middle-class families living in urban areas. The scheme is effective from September 2024 and aims to provide pucca houses to eligible beneficiaries over the next five years. Under PMAY 2.0, the central government will provide financial assistance of up to ₹2.50 lakh per unit. The government aims to ensure that every needy urban family has a safe roof over its head and a better standard of living.

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Main Objectives and Benefits of PMAY-U 2.0

The primary objective of this scheme is to provide pucca houses to homeless families and tenants in cities. This scheme will not only support the construction of new houses, but also facilitate the improvement and expansion of existing houses. The government’s focus is particularly on families with limited incomes who cannot afford to purchase a house at market rates. This will bring millions of families under housing security in the coming years.

Key Components of the Schem

Under the Beneficiary-Led Construction Model, economically weaker sections will be assisted to build their homes or strengthen existing structures. State governments will provide plots for beneficiaries who do not own land. Additionally, under the Affordable Housing Partnership Model, housing for the EWS category will be developed in collaboration with states, private developers, and other agencies. If a beneficiary acquires a home in a private project, they will be provided with vouchers.

The Technology Innovation Grant aims to promote modern and faster construction techniques. It will provide assistance of up to ₹1,000 per square meter per unit. Affordable rental housing is also a key component of the scheme, providing secure rental housing for migrant workers, women, students, and other eligible individuals.

Interest Subsidy Scheme

PMAY-U 2.0 also includes an interest subsidy, providing a maximum of 4% interest subsidy on the first home loan of ₹8 lakh. This facility will be applicable for a maximum loan term of 12 years. The maximum subsidy limit is ₹1.80 lakh and will be disbursed in five-year installments. Under the scheme, a home loan of up to ₹25 lakh can be taken for a property valued at up to ₹35 lakh.

Eligibility Criteria

This scheme applies to families from the economically weaker section, low low-income group, and the middle-income group. The income limit for the economically weaker section is up to ₹3 lakh, for LIG families it is between ₹3 lakh and ₹6 lakh, and for MIG families it is between ₹6 lakh and ₹9 lakh. The maximum loan amount for all three categories is ₹25 lakh, and the property value is up to ₹35 lakh. This scheme can be availed for houses measuring up to 120 square meters.

Required Documents

Applications require submission of proof such as an Aadhaar card, an income certificate, a bank statement, a caste certificate (if applicable), a passport photo, and land documents.

PMAY-U 2.0 Online Application Process

To apply, visit the official portal pmaymis.gov.in, where beneficiaries must read the instructions and check their eligibility. After Aadhaar verification, eligible applicants fill out the form, upload the required documents, and complete the application.

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Future Plan for PMAY-U 2.0

The Adoption Campaign has been launched to accelerate the implementation of PMAY-U 2.0. Its objective is to disseminate information about the scheme to the public, speed up beneficiary verification, and expedite the completion of approved housing projects. This campaign will also connect people with schemes such as the Solar Energy Scheme and the Credit Risk Guarantee Fund Trust.