Pradhan Mantri Awas Yojana (PMAY) – U 2.0

Pradhan Mantri Awas Yojana-Urban 2.0 (PMAY-U 2.0) is a government initiative aimed at assisting families belonging to EWS, LIG, and MIG segments living in urban areas who don't own a pucca house either in their name or in the name of their family member anywhere in the country. The scheme provides financial support from the government for purchasing or constructing a house.

The scheme will be implemented over a period of 5 years, from 2024 to 2029.

As per the scheme guidelines, States/UTs can participate in PMAY-U 2.0 after signing an MoA with the Ministry of Housing and Urban Affairs (MoHUA).

PMAY-U 2.0 covers all statutory towns as per Census 2011, along with towns notified subsequently. It also includes Notified Planning Areas and areas within the jurisdiction of Industrial Development Authorities, Special Area Development Authorities, Urban Development Authorities, or any such Authority under State legislation entrusted with urban planning and regulation functions.>

Yes, towns notified during the implementation period of PMAY-U 2.0 will also be included under the scheme, based on gazette notifications of States/UTs, with approval from the Ministry of Housing and Urban Affairs (MoHUA).

A beneficiary family comprises of a husband, wife, unmarried children, and dependent parents of either the borrower or the spouse.

A 'pucca' house is defined as an all-weather housing unit with a roof and walls made up of sturdy, modern, and durable materials such as burnt bricks, stones packed with cement or lime, cement concrete, timber, Galvanized Iron (GI) sheets, asbestos sheets, machine-made tiles etc.regardless of whether the floor is kutcha.

A new pucca house purchased/constructed under PMAY-U 2.0 must have at least 2 rooms, a kitchen, a toilet, electricity, and a water connection.

A beneficiary meeting the eligibility criteria under the Interest Subsidy Scheme (ISS) needs to submit an application in the defined format along with details of PLI from which the home loan is or will be taken. The application can be submitted via the Unified Web Portal or by visiting the nearest SMFG Grihashakti branch.

Houses constructed/purchased with Central Assistance under the scheme should be in the name of the female head of the household or jointly in the name of the male head of the household and his wife. Only in cases where there is no adult female member in the family can the House be registered in the name of the male member.

The subsidy under Interest Subsidy Scheme will be directly credited into the home loan account of the beneficiary. This, reduces the principal outstanding, resulting in a reduced EMI/loan tenure.

The documents required for availing ISS benefits includes proof of identity (Aadhaar card and PAN card), proof of address, income certificate, any other documents as specified by the MoHUA or PLIs.

The subsidy will be released in 5 yearly instalments directly in the home loan accounts, provided the loan is standard and active at the time of release and more than 50% of the principal is outstanding.

Yes, but the tenure of the loan should be at least 5 years to be eligible for the subsidy.

The applicant can check their application status (registration, due-diligence, approval of claim and subsidy release date, amount, etc.) using their unique user code/Application ID/registered mobile number by visiting the PMAY-U 2.0 Unified Web Portal or through its mobile application.

The subsidy shall not be released if the beneficiary’s loan account is classified as an NPA or the principal loan amount outstanding is less than 50%.

The subsidy amount is not fixed; it depends on the loan amount. However, the maximum interest subsidy limit allowed is ₹ 1.80 lakh, applicable only for loan amount of ₹8 lakh given for a tenure of 12 years. If the loan amount is below ₹8 lakh or the tenure is shorter than 12 years, the subsidy amount shall be reduced and calculated accordingly. A beneficiary may take loan above ₹8 lakh, up to a maximum of ₹25 lakh, but the subsidy will not be granted for loan amounts above ₹8 lakh.

No, the subsidy will not be provided for purchasing land.

Yes, but the carpet area of the house should be less than 120 sqm as per the scheme guidelines.

Yes, informal workers such as street vendors, small shop owners, service providers, drivers, watchmen etc., can avail loan subsidy if they meet the eligibility criteria.

No

Subsidy will be provided on home loans sanctioned and disbursed on or after 01.09.2024 to eligible beneficiaries of EWS,LIG, and MIG for purchase/ re-purchase/construction of houses.

A maximum subsidy of ₹1.80 lakh will be provided to eligible beneficiaries under ISS.

Beneficiaries from the EWS (Economically Weaker Section) category having annual household income up to ₹ 3 lakhs beneficiaries of LIG (Lower Income Group) with income between ₹ 3 lakhs and 6 lakhs, and MIG (Middle Income Group) beneficiaries with income limit of ₹ 6 lakhs to 9 lakhs will be eligible for the ISS scheme.

Financial Institutions that extend individual home loans to borrowers and have signed an MoU with any one of the CNAs are termed as PLIs for the purpose of the scheme.

Yes, customers can edit their application.

Yes

No, but the subsequent subsidy will be cancelled.

Applicants who have availed benefits from any housing scheme of the Central Govt., State Govt., or Local Self Govt. in the last 20 years will not be eligible for PMAY-U 2.0.