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Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0
Context
The Union Cabinet approved the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 to provide financial assistance to urban poor and middle-class families to construct, purchase, or rent affordable housing.
About PMAY-U 2.0
- The scheme aims to enable the construction, purchase, or rental of affordable houses in urban areas.
- The scheme is designed to support one crore families over the next five years, with an allocated budget of Rs 2.30 trillion.
- PMAY-U 2.0 will be implemented as Centrally Sponsored Scheme (CSS), except for the Interest Subsidy Scheme (ISS) component, which will be implemented as Central Sector Scheme.
- Beneficiaries: Focus on families belonging to economically weaker sections (EWS), low-income groups (LIG), and middle-income groups (MIG) with no existing pucca house.
- Funding and Implementation
- Total Investment: Rs 10 trillion, with Rs 2.30 trillion specifically allocated for financial assistance.
- Previous Achievements: Under the first phase of PMAY-U 2.0, 1.18 crore houses were sanctioned, and over 85.5 lakh houses have been completed and delivered.
- Eligibility Criteria
- EWS (Economically Weaker Sections): Families with an annual income up to Rs 3 lakh.
- LIG (Low Income Group): Families with an annual income between Rs 3 lakh and Rs 6 lakh.
- MIG (Middle Income Group): Families with an annual income between Rs 6 lakh and Rs 9 lakh.
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