Cabinet Approves PMAY-U 2.0: Eligibility & Benefits For Urban Housing

The Union Cabinet has approved the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0, aiming to build 1 crore homes and promote equity across various urban populations.

Scheme Overview:
PMAY-U 2.0 offers financial support for building, buying, or renting affordable urban homes. It focuses on marginalized groups, including slum dwellers, SC/STs, minorities, and more.

Eligibility Criteria:

• EWS: Annual income up to ₹3 lakh
• LIG: Annual income between ₹3-6 lakh
• MIG: Annual income between ₹6-9 lakh

Scheme Verticals:

• Beneficiary-Led Construction (BLC): Financial aid for constructing homes on personal land.
• Affordable Housing in Partnership (AHP): Assistance for owning homes through partnerships and technology innovation grants.
• Affordable Rental Housing (ARH): Rental housing for those needing temporary accommodations.

Interest Subsidy Scheme (ISS):
Offers up to 4% interest subsidy on loans up to ₹8 lakh for 12 years, with a maximum subsidy of ₹1.80 lakh, accessible via smart cards, websites, or OTPs.

The PMAY-U 2.0 scheme aims to address urban housing needs effectively, supporting various income groups and enhancing living conditions across cities.