PMAY-U 2.0 covers Economically Weaker Section (EWS), Low Income Group (LIG) and Middle Income Group (MIG) families in urban areas.
Households with an annual income of up to ₹9 lakh can be covered under the scheme, subject to the eligibility conditions applicable to the respective component.
The scheme has four broad components. Under Beneficiary Led Construction (BLC), eligible families can receive assistance to construct their own pucca houses. Under Affordable Housing in Partnership (AHP), beneficiaries can purchase houses developed through approved projects. The scheme also provides for Affordable Rental Housing (ARH) for eligible beneficiaries and an Interest Subsidy Scheme (ISS) for eligible home loans.
The interest subsidy component is particularly relevant for households looking to purchase or construct a house with a home loan. Eligible beneficiaries can receive subsidy on the interest component of their housing loan, subject to the scheme’s income, loan, property and other conditions.
The government has also highlighted the focus on women’s ownership under PMAY-U 2.0. Of the 18.77 lakh houses sanctioned so far, 17.19 lakh houses, or around 92%, have been allotted to women, either individually or through joint ownership.
The scheme also includes provisions aimed at improving access to housing among vulnerable groups. So far, 1.80 lakh houses have been allotted to senior citizens, 3.25 lakh to SC beneficiaries, 1.02 lakh to ST beneficiaries and 8.22 lakh to OBC beneficiaries, according to government data.PMAY-U 2.0 builds on the earlier PMAY-Urban scheme. Taken together, more than 1.25 crore houses have been sanctioned under PMAY-U and PMAY-U 2.0, with over 1 crore houses completed and delivered to beneficiaries, according to the government.
For potential beneficiaries, eligibility and the type of benefit depend on factors including household income, existing home ownership, location, the type of housing assistance sought and, in the case of the interest subsidy, the terms of the home loan and property.