Pradhan Mantri Awas Yojana 2.0: The government, led by Prime Minister Narendra Modi, launched the PM Awas Yojana to assist economically weaker and middle-class families in urban areas. The second phase of the Pradhan Mantri Awas Yojana-Urban (PMAY 2.0) has now begun. Under this phase, one crore families are expected to benefit over the next five years, receiving support to build, buy, or rent affordable houses.
Throughout this article, we will share all the details about the progress and challenges in affordable housing under Pradhan Mantri Awas Yojana 2.0.
Key Features of PMAY-U 2.0:
- 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
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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.
To apply, visit the official website www.pmay-urban.gov.in and click on “Apply for PMAY-U 2.0.” Provide your annual income details, address, and other required documents. Authenticate your Aadhaar using an OTP. Once completed, submit the form. You can track your application status on the portal regularly.