Cabinet approves Pradhan Mantri Awas Yojana (PMAY)-Urban 2.0 Scheme: Eligibility

The Union Cabinet has approved the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0, with the aim of constructing 1 crore houses, while also focusing on equity among different segments of the populations.
Also Read: Newly proposed nomination rule for bank lockers and deposits, check details
The scheme is aimed to give financial support to the middle class as well as impoverished urban families for building, buying, or renting reasonably priced urban homes.
“Special attention will be given to marginalized groups, including slum dwellers, SC/STs, minorities, widows, persons with disabilities, and other underprivileged sections of society. Additionally, groups like Safai Karmi, street vendors, artisans, anganwadi workers, and residents of slums/chawls will receive focused support under this scheme,” according to the PM India website.
The PMAY-U 2.0 scheme can be availed by families who belong to the Economically Weaker Section (EWS), Low Income Group (LIG), and Middle Income Group (MIG) segments and do not currently own a pucca house anywhere throughout the country.
Also Read: Like Warren Buffett? Nvidia’s Jensen Huang sold record $323 million stock in July before market crash
The eligible income criteria are as follows:
The scheme plans to address the affordable housing requirement in urban areas through the following verticals, according to the PM India website.
1. Beneficiary-Led Construction (BLC): Under this vertical, financial assistance will be provided to individual eligible families belonging to EWS categories to construct new houses on their own available vacant land. In case of landless beneficiaries, land rights (pattas)may be provided by States/UTs.
2. Affordable Housing in Partnership (AHP): Under AHP, financial assistance will be provided to EWS beneficiaries for owning houses being built with different partnerships by States/UTs/ Cities/Public/Private agencies.
• Redeemable Housing Vouchers will be given to beneficiaries who purchase house from private projects.States/UTs/ULB shall whitelist the private sector projects complying with all the necessary norms
• An additional Grant in the form of Technology Innovation Grant (TIG) @ ₹1000 per sqm/unit shall be provided to AHP Projects using innovative construction technologies
Also Read: Vijay Kedia mocks Hindenburg report with a poem: ‘Blackmail plan falls apart’
3. Affordable Rental Housing (ARH): This vertical will create adequate rental housing for working women/industrial workers/ urban migrants/homeless/destitute /studentsand other eligible beneficiaries. ARH shall ensure affordable and hygienic living spaces for urban dwellers who do not want to own a house but require housing for short term basis or those who do not have the financial capability to construct/buy a house.
Up to a 4% interest subsidy on the first ₹8 lakh loan for a maximum duration of 12 years can be availed by recipients who can take loans up to ₹25 lakh, with a property worth up to ₹35 lakh.
The eligible beneficiaries will receive a maximum subsidy of ₹1.80 lakh, paid in five-year installments. Beneficiaries can access their accounts through smart cards, websites, or OTPs.