What is PMAY 2.0?

The Pradhan Mantri Awas Yojana-U 2.0 (PMAY-U 2.0) has been initiated by the central government to provide homes for one crore urban poor, middle-class, and economically disadvantaged groups (EWS) in metropolitan areas. On August 9, 2024, the Union Cabinet approved the Pradhan Mantri Awas Yojana (PMAY 2.0).
The government plans to build one lakh new homes under PMAY 2.0 in five years starting on September 1, 2024, with a financial subsidy of Rs 2.50 lakh for each home. Our goal at Shubham Housing Finance is to make this process simpler and assist you in making the most of this government housing program. Let’s Understand PMAY 2.0 and Its Eligibility Criteria.

Why PMAY 2.0 is a Milestone Initiative

PMAY 2.0 isn’t just about affordable housing; it’s about fostering security, stability, and dignity for families. The scheme’s emphasis on green technology ensures sustainable urbanization—benefiting both homeowners and the environment.

Eligibility Criteria: Who Can Apply for PMAY 2.0?

With the Ministry of Housing and Urban Affairs’ (MoHUA) approval, states and UTs can reinterpret the yearly income requirements for EWS families.

Who is eligible for PMAY-U 2.0? 

  • Families belonging to EWS/LIG/MIG category
  • Families living in urban areas
  • Families who do not own a pucca house in the country
  • First-time homebuyers

Under PMAY-U 2.0, urban families who fall into the EWS (Economically Weaker Section), LIG (Low Income Group), or MIG (Middle Income Group) categories and do not have a pucca house registered in any family member’s name are eligible to buy or build a home.

  • EWS: Up to ₹3 lakh in annual income.
  • LIG: Between ₹3 lakh and ₹6 lakh per year.
  • MIG: Annual income between ₹6 lakh and ₹9 lakh

Other Groups of Preference: Widows, single women, people with impairments, elderly people, transgender people, members of SC/ST communities, minorities, and other vulnerable groups in society are given special consideration.

Concentrate on Particular Professions: Groups including safai karmis, street vendors, craftsmen, anganwadi workers, builders and construction workers, and slum/chawl dwellers are given special consideration under the system.

Documents Required For PMAY 2.0

The below enlisted are the documentation needed to apply for PMAY 2.0:

  • The applicant’s and their family members’ Aadhaar details
  • Details of an active bank account (notice that it should be connected to your Aadhaar)
  • Certificate of income
  • For individuals who belong to other backward classes (SC, ST, or OBC), a certificate of caste or community evidence is necessary.
  • Land paperwork (in the event that you are requesting funding to build on your own property)

Subsidy details Under PMAY 2.0-

  • Home loans approved and disbursed on or after September 1, 2024, are eligible for this discount.
  • For a maximum of 12 years, the program offers a 4.0% annual interest subsidy on the first ₹8 lakh of the home loans.
  • Up to ₹1.80 lakh is the actual release.
  • The subsidy’s net present value (NPV), computed using an 8.5% discount rate, is ₹1.50 lakh.
  • If the loan is active and more than 50% of the amount is still owed at the time of subsidy release, the subsidy will be disbursed in five equal annual payments straight into the beneficiary’s loan account.

How to Apply for PMAY-Urban 2.0?

It’s Easy to Apply with Shubham Housing!

1. Apply for a Home Loan: You can apply online for home loan or you can visit our nearest branch, or by calling us at 1800 258 2225 and Contact us on WhatsApp- 859 5521769.

You can also apply online through PMAY Urban 2.0 official website.

2. Apply for the ISS Subsidy: If you qualify, we’ll walk you through the Interest Subsidy Scheme application procedure.

3. Subsidy Disbursal: The amount of the subsidy will be credited straight to your loan account as a reduction in the interest on your home loan when it has been verified.

Applying for PMAY 2.0 can seem overwhelming, but our team at Shubham Housing Finance ensures it’s a hassle-free experience. From determining your eligibility to guiding you through document submission and subsidy claims, we provide end-to-end support. Key documents include Aadhaar, income proof, and property-related details—all of which we help you organize and submit seamlessly.

Conclusion

At Shubham Housing Finance, our mission is to turn your dream of homeownership into reality. PMAY 2.0 is a golden opportunity to secure financial assistance for your first home. Reach out to us today to explore how we can help you take full advantage of this transformative scheme and move one step closer to your dream home.

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