PMAY-U 2.0: There’s good news for urban families who haven’t yet built a permanent home. Under the Pradhan Mantri Awas Yojana Urban 2.0 (PMAY-U 2.0), the government is providing financial assistance to people in urban areas to build, buy, or rent a home.
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PMAY-U 2.0: There’s good news for urban families who haven’t yet built a permanent home. Under the Pradhan Mantri Awas Yojana Urban 2.0 (PMAY-U 2.0), the government is providing financial assistance to people in urban areas to build, buy, or rent a home. This scheme will be in effect for five years, from 2024 to 2029.
Who is PMAY-U 2.0 for?
This scheme is for families who do not own a permanent home anywhere in India, neither in their own name nor in the name of any family member. The scheme will benefit urban families from the Economically Weaker Section (EWS), Low Income Group (LIG), and Middle Income Group (MIG). Beneficiaries can build a new home, purchase a home, or opt for rental housing, depending on their needs.
What is the income limit?
EWS: Annual income up to ₹3 lakh
LIG: Annual income between ₹3 lakh and ₹6 lakh
MIG: Annual income between ₹6 lakh and ₹9 lakh
What is geo-tagging and why is it important?
Geo-tagging is being used to ensure transparency and monitoring of the project. It records construction photos, videos, and location details so that work progress can be monitored in real time.
Geotagging in Affordable Housing in Partnership (AHP) projects will occur in five stages: layout, foundation, superstructure, finishing, and infrastructure. Project location, number of towers, and flats will be recorded through the BHARAT app. This system has already been successful in states like Andhra Pradesh, Karnataka, and Kerala.
Who Can’t Apply?
Those who have benefited from any central, state, or local body housing scheme in the last 20 years will not be eligible for PMAY-U 2.0. This is intended to ensure that assistance reaches only first-time homeowners.
Who runs the scheme?
PMAY-U 2.0 is implemented by the Ministry of Housing and Urban Affairs. PMAY-U 2.0 is a great opportunity for urban families to fulfill their dream of owning a home. If you are eligible, carefully review the income limits and eligibility criteria and apply in time.
