The Government of India has approved one of its flagship housing schemes, Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0. Under this scheme, financial assistance will be provided to 1 crore urban poor and middle-class families to build, buy, or rent a house at low cost in the next five years (2024-25 to 2028-29).
What is the objective of the scheme
PMAY-U 2.0 aims to provide durable ‘pucca’ houses to every eligible person in urban areas regardless of the weather.
This scheme is an important initiative of the Central Government to improve the standard of living of people living in urban areas.
Who can avail of the benefits
Under the scheme, families of economically weaker sections, low-income groups, or middle-income groups who do not have a pucca house anywhere in the country are eligible to buy or build a house. The government would provide financial assistance to all these families.
The government will give a subsidy
The government has increased the corpus fund of the Credit Risk Guarantee Fund Trust (CRGFT) from ₹1,000 crore to ₹3,000 crore, to provide the benefit of credit risk guarantee on best affordable housing loans from recognised banks or many housing finance companies.
Apart from this, the government has also launched the Interest Subsidy Scheme, which aims to increase subsidies on home loans for economically weaker sections and low and middle-income group families.
Eligible beneficiaries who are taking a loan up to ₹25 lakh with a house value of up to ₹35 lakh will get an interest subsidy of 4% on the first ₹8 lakh loan for 12 years.
The subsidy of a maximum of ₹1.8 lakh will be disbursed to eligible beneficiaries in 5-year installments through a push-button mechanism. Beneficiaries will get access to their accounts through the website, OTP, or smart card.
Government’s ambitious goal
Prime Minister Modi had said in his speech on the occasion of 15 August last year that the weaker sections living in cities face a lot of problems.
Middle-class families dream of buying their own house. We will be coming up with a new great scheme in the upcoming years, which will be more benefit those families who live in cities but are also living in rented houses, slums, chawls, and different unauthorized colonies.
If they want to build their own house then we will be help them by giving relief in many interest rates and loans from many banks, which will help them save lakhs of rupees.
PMAY-U 2.0: A new beginning
PMAY-U 2.0 is an important initiative of the government to improve the standard of living of people living in urban areas.
Through this scheme, the government will help millions of families to realize their dream of buying or building their own house. If you are also eligible for this scheme, apply today and get your dream home.