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PMAY-U 2.0: Modi government is giving 4% subsidy on home loan, but this is a condition, know the whole thing –

by Aaryan Srivastav
January 9, 2025
PMAY-U 2.0: Modi government is giving 4% subsidy on home loan, but this is a condition, know the whole thing - India TV Hindi

Photo:FILE PMAY-U 2.0 scheme is applicable for the next five years from September 1, 2024.

If you have taken a home loan to buy, resell or construct a house after September 1, 2024, then you can get an excellent subsidy of 4 percent on this loan from the Government of India. This plan is for the next five years. In fact, the government has launched the Pradhan Mantri Awas Yojana-Urban 2.0 (PMAY-U 2.0) scheme only last year. The objective of the scheme is to provide all-weather pucca houses to all eligible urban households across the country with the vision of ‘Housing for All’. Under this scheme, EWS/LIG/MIG category families living in urban areas, who do not have a permanent house anywhere in the country, are eligible to purchase or construct a house under PMAY-U 2.0.

How many people with income will get subsidy?

Under this scheme, only eligible beneficiaries of EWS/LIG and MIG get subsidy. Families belonging to EWS/LIG and MIG categories with annual income up to ₹3 lakh, ₹6 lakh and ₹9 lakh respectively are eligible to avail the benefits of this scheme. To be recognized as WS/LIG and MIG under this scheme, a personal loan applicant has to provide proof of income. Individual eligible households belonging to EWS category with annual income up to Rs 3 lakh are given financial assistance up to Rs 2.5 lakh for construction of new pucca houses up to 45 square meters on their available land.

Who will not be eligible for the scheme

The beneficiary will be eligible to avail benefits under any vertical of PMAY-U 2.0 scheme. A beneficiary who has been allotted a house under any housing scheme of the Central Government, State/UT Government and Local Self Government in the last 20 years in urban or rural areas will not be eligible to get the benefit. Also, such houses sanctioned under PMAY-U, which have been reduced by the Central Sanctioning and Monitoring Committee (CSMC) for any reason after 31.12.2023 on the recommendation of States/UTs, those beneficiaries will be included in PMAY-U 2.0. Will not be accepted.

4 components of the scheme

Pradhan Mantri Awas Yojana – Urban is implemented through four components. These include beneficiary based construction, partnership affordable housing, affordable rental housing and interest subsidy scheme. One of these has to be selected. Central assistance up to ₹1.80 lakh is given to eligible beneficiaries in five annual installments. If you take a home loan of up to ₹25 lakh for a house priced up to ₹35 lakh, the beneficiary will be eligible for 4 percent interest subsidy on the first Rs 8 lakh of loan for a tenure of up to 12 years.

The affordable housing vertical in the partnership will provide financial assistance to EWS beneficiaries to purchase permanent houses. Under this vertical, affordable houses with carpet area of ​​30-45 square meters will be constructed by public/private agencies and made available for allotment to eligible beneficiaries of EWS category. Financial assistance up to Rs 2.5 lakh for each EWS (annual income up to Rs 3 lakh) flat on the purchase price of the property is provided jointly by the Central and State agencies to the EWS beneficiary in AHP projects.

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