Last week, the Union Cabinet approved the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 project. The scheme aims to build one million houses for urban poor and middle-class families in the next five years, with an investment of Rs 10 lakh crore and a government subsidy of Rs 2.30 lakh crore, according to a press release.
PMAY-Urban 2.0: Who is eligible for the benefit?
“Special attention will be given to marginalised groups including slum dwellers, castes and tribes, minorities, widows, persons with disabilities and other disadvantaged sections of society. Also, groups like Safai Karmi, street vendors, artisans, Anganwadi workers and slum dwellers will be provided specific support under this scheme,” according to PM India’s website.
PMAY-Urban 2.0: Eligibility Requirements
The following persons are eligible to benefit from the plan:
1- Families belonging to the economically weaker sector (EWS)
2- Low-income group (LIG)
3- Middle Income Group (MIG) Segments
4- Not currently owning a pucca house anywhere in the country
PMAY-Urban 2.0: Income Criteria for Eligible Persons
Early warning system: Income should not be more than Rs 3 lakh per year.
LIG Homes with an annual income between Rs 3-6 lakh; and I homes with an annual income between Rs 6-9 lakh.
According to PM India’s website, the scheme aims to meet affordable housing needs in metros through the following verticals:
1. Beneficiary-led construction (BLC)
Financial assistance will be provided to eligible families to construct new houses on their own available vacant plots. States and Union Territories may also grant land rights (pattas) to landless beneficiaries.
2. Affordable Housing Partnership (AHP)
This component provides financial assistance to EWS beneficiaries to purchase houses built in partnership with states, union territories, cities, public and private agencies. Additional grants such as Technology Innovation Grant (TIG) of Rs 1,000 per sq ft/unit will be provided for projects using innovative construction technologies.
3. Affordable Rental Housing (ARH)
This sector focuses on creating rental housing for working women, industrial workers, urban migrants and other eligible beneficiaries. The ARH sector will be implemented through two models: using government-funded vacant houses and constructing new rental housing units. A GIT of Rs 3,000 per square metre will be provided for projects using innovative technologies.
4. Interest Subsidy System (ISS)
The ISS vertical scheme offers a 4 per cent interest subsidy on home loans up to Rs 25 lakh for EWS/LIG and MIG families. The subsidy will be provided in five annual instalments, with a maximum subsidy of Rs 180 lakh.
Disclaimer
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.