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

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:

Subsidy Benefit

Under PMAY – U 2.0 ISS, borrowers whose home loans have been sanctioned/disbursed on or after 01st September 2024, with sanctioned loan amount up to Rs.25 lakhs can benefit from an interest subsidy of up to Rs.1,80,000/-*.

Extended Loan Tenure

Under this scheme, subsidy benefits are structured around a 12-year loan tenure, beneficiaries may opt for longer loan tenures based on their agreement with the lending institution. However, it's important to note that the interest subsidy applies only to the first ₹8 lakh of the loan and is calculated based on a 12-year tenure. Tenure of the loan should be at least 5 years to be eligible for taking the subsidy.

Women Empowerment

Promotes women’s ownership by mandating female co-ownership in property registration. This initiative aims to enhance women's financial security and social status by encouraging them to become homeowners.

Beneficiaries

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

Sustainability Focus

Emphasis on adopting eco-friendly construction methods, promoting green technologies, energy-efficient designs, and utilizing sustainable building materials. This approach aims to not only provide affordable housing but also ensure environmental responsibility and resilience against climate challenges.

Option of Additional Loan

Beneficiaries that need housing loans above and beyond what offered under PMAY-U 2.0 ISS can apply for additional loans.

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).

PMAY-U 2.0 aims to enhance housing affordability for EWS, LIG, and MIG segments

Maximum Subsidy Limit: ₹1.80 lakh

Scheme Duration: Active from 2024 to 2029

Applicable for loan sanctioned and disbursed on or after 01.09.2024

Applicable for home loans upto ₹25 lakh

House value upto ₹35 lakh

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:

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.

No Prior Assistance: The beneficiary family should not have availed any Central assistance under previous housing schemes or any PMAY benefit earlier.

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.

Loan Sanction Date: Subsidy is applicable only for home loans sanctioned and disbursed on or after 01.09.2024.

Check Eligibility

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?

Slum Dwellers

People who live in extremely poor residences with no basic amenities such as drinking water, lack of proper infrastructure, and sanitation can apply under this category

Other Three Components

EWS (Economically Weaker Sections), LIGs (Lower Income Groups), and MIGs (Middle-Income Groups) can apply under this category

How to apply for PMAY-U 2.0?

To register under the PMAY-U 2.0, follow the following steps:

Login details

Log onto the official PMAY-U 2.0 website: PMAY-HFA(Urban)

Eligibility Check

Update Pre-requisite Parameters to check Eligibility

Personal Details

Enter your Aadhar number and click on ‘Submit’

Aadhar verification

The site will verify your Aadhar details and if they are correct, you will be directed to the next page where you will have to furnish information such as your name, income, address, contact number, religion, caste, and the likes

Enter Captcha

Once you have entered in all the information, type the Captcha Code in the box provided at the bottom of the page and click ‘Submit’

You can check and edit your details later with the help of your Application and Aadhar number

FAQs on PMAY-U 2.0 Scheme

The ISS vertical of PMAY-U 2.0 scheme will provide benefit of subsidy on home loans for EWS/LIG/MIG families.

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

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.

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.

The area enclosed within the walls, actual area to lay the carpet. This area does not include the thickness of the inner walls.

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.

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

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%.

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.

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

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.

Yes

No, the scheme is available for citizens of India.

Subsidy will be calculated on pro-rata basis on the disbursed loan amount only.

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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