PM Awas Yojana (PMAY) Urban 2.0
PM Awas Yojana (PMAY) Urban 2.0: Pradhan Mantri Awas Yojana Apply Online The central government gives subsidy to the people of the country to buy a house. Beneficiaries of this scheme are given a subsidy of up to Rs 2.67 lakh. Now lakhs of people in the country have taken advantage of this government scheme. If you have also applied for this scheme, then you can easily get the information of your subsidy sitting at home.
PMAY 2.0 home loan interest subsidy
The scheme aims to provide housing to 1 crore urban families between 2024 and 2029.
Income Slabs & Eligibility:
EWS: Annual income up to ₹3 Lakh.
LIG: Annual income between ₹3 Lakh – ₹6 Lakh.
MIG: Annual income between ₹6 Lakh – ₹9 Lakh.
The Subsidy (ISS): Beneficiaries can get a 4% interest subsidy on the first ₹8 Lakh of their loan for a tenure of up to 12 years. The maximum subsidy benefit is approximately ₹1.80 Lakh.
- Beneficiary-Led Construction (BLC): For those who own land and want to build.
- Affordable Housing in Partnership (AHP): Houses built by private/public agencies.
- Affordable Rental Housing (ARH): For urban migrants and industrial workers.
- Interest Subsidy Scheme (ISS): For those buying or building via home loans.
Best banks for PMAY-U 2.0
- Public Sector Banks (PSBs): SBI, Bank of Baroda, Union Bank of India, Canara Bank, and Indian Overseas Bank are leading, authorized to handle, and process subsidies under the scheme.
- Private Sector Banks: HDFC Bank, ICICI Bank, and Bandhan Bank offer specialized PMAY-U 2.0 products.
- Housing Finance Companies (HFCs): PNB Housing Finance, ICICI Home Finance, and Aditya Birla Housing Finance are active lenders.
- Small Finance Banks: Ujjivan Small Finance Bank provides tailored solutions for applicants.
Banks to focus on: Bank of Baroda, Union Bank, Canara Bank, and Small Finance Banks like Ujjivan.
- Access the Portal: Go to the official PMAY-HFA(Urban) website and click on the "Apply for PMAY-U 2.0" tab.
- Verify Eligibility: Ensure you belong to EWS (income up to ₹3 lakh), LIG (₹3–6 lakh), or MIG (up to ₹18 lakh) and do not own a pucca house.
- Choose Vertical: Select one of the four verticals: Beneficiary Led Construction (BLC), Affordable Housing in Partnership (AHP), Affordable Rental Housing (ARHC), or Interest Subsidy Scheme (ISS).
- Fill Application: Provide personal details, Aadhaar number, bank account details (IFSC code), and current/proposed housing location details.
- Submit & Track: Finalize the submission to generate an Application ID Number for tracking.