PMAY-U 2.0 : A great gift from the Modi government for the homebuilder..!
The central government led by Prime Minister Narendra Modi has given good news to those who dream of building a house. Making it easier to own your own home, it is offering a 4% interest subsidy on home loans up to Rs. 8 lakh.
Make building a house a reality
Making the dream of a house a reality is the desire of many people. However, due to financial constraints, it is not that easy. To make this a reality, the government is offering interest subsidy under the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0.
Interest subsidy details
Beneficiaries belonging to the Economically Weaker Sections (EWS), Low Income Group (LIG) and Middle Income Group (MIG) can avail this benefit. Key details:
The subsidy is available to those who have taken a home loan of up to Rs. 25 lakh for purchasing houses worth up to Rs. 35 lakh.
The first Rs. 8 lakhs will be provided with 4% interest subsidy.
The total subsidy of Rs. 1.80 lakhs will be released in five annual installments.
Beneficiaries can check their account details through the official website, OTP verification or smart card.
PMAY-U 2.0 Eligibility Criteria
To be eligible for this scheme, candidates must meet these criteria:
Must belong to EWS, LIG, MIG categories.
Should not have a house in their name.
Annual Income Limit:
EWS: Up to Rs. 3 lakh
LIG: Rs. 3 lakh to Rs. 6 lakh
MIG: Rs. 6 lakh to Rs. Up to 9 lakh
PMAY-U 2.0 Main Components
There are four main components under this scheme:
Beneficiary Self-Construction Housing (BLC)
Available Housing with Partnership (AHP)
Available Rental Housing (ARH)
Interest Subsidy Scheme (ISS)
While BLC, AHP and ARH components are implemented as Centrally Sponsored Schemes, the ISS component operates as a Central Sector Scheme. Eligible beneficiaries can make the right choice as per their needs.
Through this scheme, the Modi government is providing financial assistance to the common man and giving him an opportunity to realise the dream of home ownership.