Pradhan Mantri Awas Yojana Urban:Under the Pradhan Mantri Awas Yojana-Urban 2.0, the Modi government is giving a subsidy of 4 percent on home loans to such people who come from economically weaker section (EWS), low income group (LIG) or middle class (MIG) families. Let us tell you in detail what this whole scheme is.
PMAY-U 2.0
In the first general budget of the third term of the Narendra Modi government, Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 was announced. the main objective of which is to provide a permanent house to the people of economically weaker. Low and middle income groups.
Target to provide one crore houses
On July 23, Finance Minister Nirmala Sitharaman said that 1 crore houses would be built for urban poor and middle class families. A few days later. the Union Cabinet approved this proposal.
Start of the scheme
Now urban people will get free houses under this scheme! Know quickly. Pradhan Mantri Awas Yojana-Urban was started in 2015. Under this scheme. 1.18 crore houses were approved, out of which more than 85.5 lakh houses have been completed and handed over to the beneficiaries. The remaining houses are still under construction.
Benefit of interest subsidy scheme
Under this scheme, the beneficiary gets the benefit of interest subsidy scheme. This subsidy is given to economically weaker section (EWS), low income group (LIG), and middle income group (MIG) families.
Families coming under EWS
Those families come under the purview of EWS. whose annual income is up to ₹ 3 lakh. Beneficiaries of this category can get the benefit of interest subsidy.
Families coming under LIG
Those families come under the purview of low income group (LIG). whose annual income is from ₹ 3 lakh to ₹ 6 lakh. Provision of interest subsidy has also been made for this category.
House price range
This interest subsidy is applicable only for houses priced up to ₹35 lakh. The subsidy of ₹1.80 lakh is released to eligible beneficiaries in 5-yearly installments through push button.