Pradhan Mantri Awas Yojana (PMAY-U 2.0 ISS)
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Pradhan Mantri Awas Yojana - Urban 2.0 Interest Subsidy Scheme (PMAY-U 2.0 ISS)
Pradhan Mantri Awas Yojana - Urban 2.0 Interest subsidy scheme (PMAY-U 2.0 ISS) is the revamped version of the original PMAY-U CLSS scheme, introduced to continue the mission of providing "Housing for All" in urban areas. This scheme aims to provide Central Assistance to eligible families/beneficiaries through PLIs to purchase or repurchase houses in urban areas.
Advantages of PMAY-U 2.0 ISS
The following are the main features of PMAY-U 2.0 ISS:
Pradhan Mantri Awas Yojana – Urban 2.0
Launched in 2024, the Pradhan Mantri Awas Yojana - Urban 2.0 (PMAY-U 2.0) is an extension of the original PMAY-U scheme, designed to continue the mission of "Housing for All" in urban areas. This revised scheme focuses on enhancing accessibility, sustainability, and improved affordability for citizens across various income groups. PMAY-U 2.0 is set to be implemented over a period of five years (2024 to 2029).
What is PMAY-U 2.0 Subsidy?
PMAY-U 2.0 Subsidy is a financial benefit offered under the Pradhan Mantri Awas Yojana - Urban 2.0 to make homeownership more affordable for eligible beneficiaries.
Let's understand this with an example:
Suppose a beneficiary takes a home loan of ₹8 lakh at an original interest rate of 9% for a tenure of 12 years. Under PMAY-U 2.0, they will receive a 4% interest subsidy on the first ₹8 lakh.
Who are Eligible for PMAY-U 2.0 ISS?
The following is the basic eligibility criteria to avail the Pradhan Mantri Awas Yojana-Urban 2.0:
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House Ownership Condition: The beneficiary family must not own a pucca house in any part of India in their name or in the name of any family member.
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No Prior Assistance: The beneficiary family should not have availed any Central assistance under previous housing schemes or any PMAY benefit earlier.
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Married Couples: In the case of a married couple, only one subsidy can be claimed by either wife or jointly by husband and wife, subject to income eligibility.
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Loan Sanction Date: Subsidy is applicable only for home loans sanctioned and disbursed on or after 01.09.2024.
List of documents required for PMAY-U 2.0?
Updated Aadhar card copies of all the borrower and co-borrowers with their spouse irrespective they are on loan structure or not.
Updated Aadhar copies of parents (Mother and Father) main applicant / primary borrower.
Updated Aadhar copies of all the borrower / co-borrowers unmarried children's (Birth certificate or school ID is also applicable in case Aadhar is not available).
Main borrower's Aadhar number must be linked with an active mobile number (Required for OTP purpose).
Signed copy of Acknowledgement of PMAY unified portal in case customer has applied at PMAY unified portal voluntary.
What is a PMAY Calculator?
The Pradhan Mantri Awas Yojana calculator or the PMAY calculator is a simple online tool using which you can calculate your PMAY subsidy amount and the category under which you are eligible for the PM Awas Yojana.
Simply by entering your annual family income, loan tenure, and the loan amount in the PMAY calculator, you can know the PM Awas Yojana subsidy you are eligible to receive within seconds.
Who can Register under the PM Awas Yojana?
How to apply for PMAY-U 2.0?
To register under the PMAY-U 2.0, follow the following steps:
You can check and edit your details later with the help of your Application and Aadhar number
FAQs on PMAY-U 2.0 Scheme
What is the objective of Interest Subsidy Scheme (ISS)?
Who can submit an application for PMAY?
Here are the eligibility criteria to apply for a loan under PMAY-U 2.0
(Economically Weaker Section) categories having annual household income up to 3 lakh
LIG (Lower Income Group) with ₹ 3 lakh to 6 lakh
MIG (Middle Income Group) beneficiaries with income limit of ₹ 6 lakh to 9 Lakh
Gross income of the household will be considered as annual household income.
Applicant should not have availed of any benefits from any other housing scheme from the state or the central government
The family should not own a pucca house in any part of India
The family's (including husband, wife, and unmarried daughters and sons) total income should not exceed Rs. 9 lakh per annum
What is the maximum amount of loan and maximum house price allowed to be purchased for qualifying for subsidy?
Only loans up to ₹25 lakh and house value up to ₹35 lakh will be eligible for subsidy under this vertical. This is applicable for Metro and Non-Metro cities.
What is the admissible house size under various verticals of PMAY-U 2.0?
Houses upto 45 sqm, 60 sqm, 120 sqm carpet area will be supported under BLC/AHP, ARH, ISS verticals respectively. The Scheme will support construction of houses of not less than 30 sqm carpet area along with basic infrastructure.
What is the meaning of carpet area?
The area enclosed within the walls, actual area to lay the carpet. This area does not include the thickness of the inner walls.
How interest subsidy will be released to the beneficiary?
Subsidy will be released in 5 yearly instalments through DBT in loan accounts provided loan is standard and live at the time of release of subsidy and more than 50% principal is outstanding.
Can a beneficiary take loan for less than 12 years and still be eligible for taking the subsidy?
Yes, but the tenure of the loan should be at least 5 years to be eligible for taking the subsidy.
Under what Circumstances a subsidy be denied to an active loan account of the beneficiary?
The subsidy for a beneficiary shall not be released if the beneficiary Loan account is NPA or principal loan amount outstanding is less than 50%.
Is the subsidy amount fixed or is it independent on loan amount?
Subsidy amount is not fixed, and it is depended on the loan amount. However, maximum Interest Subsidy limit is permissible upto ₹ 1.80 lakh only for loan amount of ₹8 lakh given for a tenure of 12 years. In case if the loan amount is below ₹8 lakh or tenure is below 12 years then the subsidy amount shall be reduced and calculated on pro-rate basis. A beneficiary may take loan above ₹8 lakh to maximum ₹25 lakh, but the subsidy will not be granted for loans above ₹8 lakh.
If the beneficiary of EWS/LIG and MIG willing to construct house on their land, is he/she eligible for subsidy under ISS?
Yes, but the carpet area of the house should be less than 120 sqm as per the scheme guidelines.
Will the subsidy under ISS be applicable for repair work or incremental construction activity such as addition of kitchen, bathroom etc on an existing house?
No
Will any single unmarried (Woman/man) be eligible for subsidy?
Yes, only if the beneficiary is sole owner of the house and he/she should have taken loan alone. In case if the borrower is unmarried and earning, then he/she can take loan with parents/siblings.
Are dependent parents of the borrower or spouse included in the definition of “beneficiary family”?
Yes
Can NRI apply for the scheme, if they meet all other eligibility criteria?
No, the scheme is available for citizens of India.
How is the subsidy calculated for partially disbursed loans?
Subsidy will be calculated on pro-rata basis on the disbursed loan amount only.
What are the implications if a property is used for non-residential purpose?
The houses under PMAY-U 2.0 will be used only for residential purpose and shall not use for any other activities and the same will be self-certified by the beneficiaries. Otherwise, the Subsidy will be discontinued and recovery of already leased amount shall be recovered.
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