Pradhan Mantri Awas Yojana-Urban 2.0 (PMAY-U 2.0)

Launch and Objective

The Union Cabinet approved the Pradhan Mantri Awas Yojana-Urban 2.0 (PMAY-U 2.0) on 9th August 2024. The objective is to construct 1 crore houses for the urban poor and middle-class families within the next 5 years.

Investment and Government Subsidy

The scheme has an investment of ₹10 lakh crore, with ₹2.30 lakh crore being allocated as a government subsidy.

Eligibility

• EWS (Economically Weaker Section): Income up to ₹3 lakh.
• LIG (Lower Income Group): Income between ₹3-6 lakh.
• MIG (Middle Income Group): Income between ₹6-9 lakh.

Coverage

The scheme covers all statutory towns and notified planning areas under PMAY-U 2.0.

Verticals of the Scheme

Beneficiary-Led Construction (BLC)

Financial aid will be provided to EWS families for constructing their own houses.

Affordable Housing in Partnership (AHP)

Partnership projects will be developed for providing affordable housing to EWS families.

Affordable Rental Housing (ARH)

This vertical will focus on providing rental housing for urban migrants and workers.

Interest Subsidy Scheme (ISS)

The scheme offers up to ₹1.80 lakh subsidy on home loans for eligible families.

Technology Innovation

The scheme introduces the Technology Innovation Grant (TIG) and Technology & Innovation Sub-Mission (TISM) for adopting modern and resilient construction technologies.