Who does not dream of having their own house? But many times it is seen that due to lack of money, everyone’s dream is not fulfilled. But don’t worry anymore because the government will fulfill your dream. And for this, you have to apply for the Pradhan Mantri Awas Yojana. The central government under the leadership of Prime Minister Narendra Modi had launched the Pradhan Mantri Awas Yojana-Urban (PMAY) with an aim to provide affordable housing for economically weaker and middle-class families in urban areas. Now the second phase of this scheme (PMAY 2.0) has started, which aims to provide houses to one crore families in the next five years.
The government is set to invest a significant amount
Under PMAY 2.0, the central government has earmarked a budget of Rs 2.30 lakh crore. In the initial phase of the program, 1.18 crore houses were approved, with 85.5 lakh already handed over to beneficiaries. This phase aims to assist eligible individuals in building, purchasing, and renting affordable homes across four categories.
Here’s what you can expect from these categories:
1. Beneficiary Based Construction (BLC)
This option offers financial support of Rs 2.25 lakh for constructing a house up to 45 square meters on your own land. To qualify, your annual income should be no more than three lakh rupees. Additional support from the state government will be announced later.
2. Affordable Housing in Partnership (AHP)
This initiative focuses on building homes for the Economically Weaker Section (EWS) and Lower Income Group (LIG) through private or government projects. The central government will chip in with Rs 2.25 lakh, while the state government will add Rs 50,000.
3. Affordable Rental Housing (ARH)
For those who can’t build or buy a home, rental houses will be constructed. The central government will provide a technical grant of Rs 3000 per square meter per unit, and the state government will contribute Rs 2000 per square meter.
4. Interest Subsidy Scheme (ISS)
If you’re taking out a home loan of up to Rs 25 lakh for a house priced at up to Rs 35 lakh, you could receive an interest subsidy of up to Rs 1.80 lakh. This benefit is available for individuals in the EWS, LIG, and Middle Income Group (MIG).
How to apply
1. To apply under the scheme, go to the www.pmay-urban.gov.in website.
2. Click on PMAY-U 2.0 and upload your income, address, and other documents.
3. After verifying the Aadhaar number, submit the form. The status of the application can be tracked on the portal.
