The Narendra Modi government made an important announcement regarding Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 in the first general budget of its third term. While presenting the budget on July 23, Finance Minister Nirmala Sitharaman said that 1 crore houses are to be built for the urban poor and middle class families. A few days later, the Union Cabinet also approved this proposal. Let's know about this plan in detail.
was launched in 2015
Pradhan Mantri Awas Yojana: Urban was launched in the year 2015. 1.18 crore houses were sanctioned under this scheme. According to government data, more than 85.5 lakh of these houses have been completed and handed over to the beneficiaries. Besides this, others are under construction.
Benefit of Interest Subsidy Scheme
In this scheme of the government, the beneficiary will also get the benefit of interest subsidy scheme. Economically Weaker Section (EWS)/Low Income Group (LIG)/Middle Income Group (MIG) families are covered under the Interest Subsidy Scheme. These are people who do not have any permanent home of their own anywhere in the country.
The ambit of EWS includes families whose annual income is up to Rs 3 lakh. At the same time, families with an annual income between Rs 3 lakh and Rs 6 lakh have been kept under the purview of LIG. Similarly, people from families with an annual income of Rs 6 lakh to Rs 9 lakh are covered under MIG. All these families will be given subsidy on home loan.
How much subsidy?
According to an official statement released by the government, beneficiaries taking home loans up to Rs 25 lakh will be eligible for 4 percent interest subsidy on the first Rs 8 lakh loan for a period of up to 12 years. This home loan is for houses worth up to 35 lakhs.
A subsidy of Rs 1.80 lakh will be given to the eligible beneficiaries through push button in 5 annual installments. Beneficiaries can get their account information through website, OTP or smart card.
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