Pradhan Mantri Awas Yojana: The Narendra Modi government announced the Pradhan Mantri Awas Yojana-Urban (PMAY) 2.0, a housing-for-all scheme, in the Union Budget 2024-25. Under PMAY 2.0, financial assistance will be provided to 1 crore urban poor and middle-class families through states or union territories (UTs) to construct, purchase or rent a house at an affordable cost in urban areas in five years starting from 1st Sept 2024.
What is PMAY 2.0?
PMAY-U 2.0 is one of the major flagship programmes being implemented by the centre to provide all-weather pucca houses to all eligible citizens living in the urban areas. The government assistance under PMAY-U 2.0 will be up to 2.50 lakh per unit.
The contours of PMAY-U 2.0 have been designed on the basis of learnings of PMAY-U scheme, global best practices and outcomes of series of consultations with multiple stakeholders including states/UTs, banks, housing finance companies, private sector etc.
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The Ministry of Housing and Urban Affairs implements the scheme to provide financial assistance to eligible families in urban areas through the following four verticals:
Beneficiary Led Construction (BLC): The BLC vertical of the scheme shall provide financial assistance up to Rs 2.5 lakh to individual eligible families belonging to EWS categories having annual income up to Rs 3 lakh, to construct new pucca houses up to 45 sqm (an all-weather dwelling unit) on their own available land.
Affordable Housing in Partnership (AHP): Affordable Housing in Partnership (AHP) vertical shall provide financial Assistance to EWS beneficiaries for owning a pucca house. Under this vertical affordable houses of 30-45 sqm carpet area will be constructed by public/private agencies and made available for allotment to the eligible beneficiaries of EWS category. Financial assistance of up to Rs 2.5 lakh per EWS (annual income up to Rs 3 lakh) flat is provided together by central and state agencies on the purchase price of the property to the EWS beneficiary in AHP projects.
Affordable Rental Housing (ARH): ARH will promote creation of adequate rental housing for EWS/LIG beneficiaries including urban migrants, industrial workers, construction workers, urban poor amongst others. The state/UT governments shall ensure that necessary civic, social infrastructure gaps like water, sewer, septage, sanitation, internal road, community centre, health centre, creche etc. along with desired neighbourhood commercial facilities within the campus as per the requirement are addressed to make these houses liveable. EWS and LIG beneficiaries having annual income of Rs 3 lakh and Rs 6 lakh, respectively can avail of this facility.
Interest Subsidy Scheme (ISS): Under the Interest Subsidy Scheme (ISS) vertical of PMAY-U 2.0, the subsidy will be provided on home loans sanctioned and disbursed on September 1, 2024 or after to eligible beneficiaries of EWS/LIG and MIG for purchase/ repurchase/construction of houses. Households belonging to EWS, LIG and MIG category with an annual income of up to Rs 3 lakh, Rs 6 lakh and Rs 9 lakh, respectively will be eligible to avail the benefit of the Scheme. For identification as an EWS/LIG/MIG beneficiary under the Scheme, an individual loan applicant will submit a proof of income.
Also read: PM Awas Yojana 2.0: Govt can withdraw your home loan subsidy if THESE lapses found – Check details
Documents required for PMAY 2.0 application:
- Applicant’s Aadhaar details (Aadhaar number, name as per Aadhaar, date of birth).
- Aadhaar details of family members (Aadhaar number, name as per Aadhaar, date of birth).
- Active bank account details of the applicant (account number, bank name, branch, IFSC code) linked with Aadhaar.
- Income proof (Only PDF file, Size upto 200kb.)
- Caste/Community proof (In case of SC, ST or OBC). (Only PDF file, Size upto 200kb.)
- Land document (In case of BLC vertical). (Only PDF file, Size upto 5mb.)
How to apply for Pradhan Mantri Awas Yojana
- Visit official website – https://pmay-urban.gov.in.
- Go to ‘application option’ and click “Apply for PMAY-U 2.0”.
- Read scheme guidelines before proceeding.
- Provide necessary details, such as annual income, to verify eligibility.
- Verify Aadhaar details and complete verification.
- Complete the application process by submitting your address, income proof, and other details.
