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PMAY-U 2.0 was relaunched in August 2024 with a target of 1 crore urban houses. The scheme now has three components:
Government benefits · Housing
PMAY-U 2.0: affordable housing for EWS/LIG/MIG (2024 relaunch)
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Provisions
PM Awas Yojana (Urban) | MoHUA | CLSS, Credit Linked Subsidy Scheme
Analysis
Beneficiary-Led Construction (BLC): Grant of ₹2.5L per household for EWS families to construct/expand their own home on their own land. Affordable Housing in Partnership (AHP): ₹2.5L subsidy per EWS unit for slum redevelopment and affordable housing projects. Interest Subsidy (IDSMT): Interest subsidy on home loans for EWS (up to ₹3L loan) and LIG (₹3L-₹6L loan), 6.5% interest subsidy on principal portion, resulting in NPV benefit of ₹1.8L-₹2.67L depending on loan amount and tenure. Eligibility: EWS (annual income below ₹3L), LIG (₹3L-₹6L), MIG (₹6L-₹18L, currently under review for 2.0). First-time homebuyers only. No property in family name in any urban area.
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