PMAY-U 2.0: If you are part of an economically weaker section (EWS), low-income group (LIG), or middle-income group (MIG) family, the central government led by Narendra Modi offers substantial subsidies for house construction. The EWS, LIG, and MIG categories are included in the central initiative known as the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0. It is important to note that applicants must not own a permanent residence anywhere in the country. Families earning up to ₹3 lakh annually fall into the EWS category, while those with incomes between ₹3 lakh and ₹6 lakh are classified as LIG, and families earning between ₹6 lakh and ₹9 lakh are categorized as MIG.
Know about PMAY-U 2.0 scheme
The PMAY-U 2.0 scheme will be executed through four distinct components: Beneficiary Led Construction (BLC), Affordable Housing in Partnership (AHP), Affordable Rental Housing (ARH), and the Interest Subsidy Scheme (ISS). Applicants must choose one of these components.
Central assistance of up to Rs 1.80 lakh
The Interest Subsidy Scheme, for instance, provides eligible beneficiaries with central assistance of up to ₹1.80 lakh in five-year installments, offering a subsidy on home loans. If a home loan of up to ₹25 lakh is secured for a property valued at up to ₹35 lakh, beneficiaries can receive a 4 percent interest subsidy on the first ₹8 lakh of the loan for a duration of 12 years.
Beneficiaries can access their account information via the website, OTP, or smart card. For the BLC, AHP, and ARH components, the costs associated with house construction will be shared among the Ministry, State/UT/ULB, and eligible beneficiaries.
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