About Pradhan Mantri Awas Yojana
The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0. PMAY-U 2.0 is designed to extend financial assistance to urban poor and middle-class families for constructing, purchasing, or renting houses at affordable costs in urban areas.
PMAY Benefits
PMAY-U.2.0 makes the home loan affordable as the subsidy provided on the interest component reduces the outflow of the customer on the home loan. The Subsidy amount under the scheme largely depends on the category of income that a customer belongs to, and the size of the property unit being financed.
PMAY-U 2.0 also focusses on special groups such as Safai Karmi, Street Vendors identified under Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PMSVANidhi) Scheme and different artisans under Pradhan Mantri-Vishwakarma Scheme, Anganwadi Workers, Building and other Construction Workers (BoCW), slum dwellers/chawls and other groups identified during operation of the scheme.
Features
Eligibility
- The beneficiary family should not have any pucca house in the name of any member of his/her family in any part of India.
- The beneficiary family should not have availed benefit under any Housing Scheme from Central/State government of India or any benefit any scheme in PMAY.
Beneficiary
- The beneficiary family will comprise husband, wife and unmarried children.
- If two or more family members take combined or separate loan on same property, they will be treated as same family for calculation of family income and benefit.
Coverage
- All Statutory Towns as per Census 2011 and towns ‘notified subsequently, including planning areas as notified with respect to statutory town.
PMAY Scheme Details
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Eligibility Criteria
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Norms
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Applicable Period
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Home loans availed on or after 01.09.2024
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Maximum Subsidy Amount
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The scheme offers a 4% interest subsidy on home loans up to ₹25 lakh for EWS/LIG and MIG families. The subsidy will be provided in five yearly instalments, with a maximum subsidy of ₹1.80 lakh
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Household Annual Income
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• EWS household (Family) income- up to ₹3 lakh p.a • LIG household (Family) income - ₹3 lakh up to ₹6 lakh p.a • MIG household (Family) income - ₹6 lakh up to ₹9 lakh p.a.
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Property Ownership
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Female or in joint name of Female of Family. However, in case if • No adult female is available or • Applicant is widower, separated person, or transgender house can be in individual name
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Eligible Loan and House Value
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Loan Amount - Up to ₹25 lakh Property Value - Up to ₹35 lakh
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Carpet Area
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Up to 120 sq. m
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Lock-In Period
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Lock-in period of 5 years from disbursal of first instalment of home loan and the beneficiary shall not be allowed to sell/ transfer the house during the lock-in period.
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No. of Tranches
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Subsidy to the beneficiaries will be released in 5 equal yearly instalments
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Balance Transfer Cases
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BT Cases are not eligible under the said scheme (BT case is eligible when case is sanctioned and disbursed on 1.09.2024 or onward but the customer has not claimed for subsidy in his previous institute/bank)
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Apply Now: https://pmaymis.gov.in/pmaymis2_2024/pmaydefault.aspx
For more details or to fill the form, Scan the QR Code
For any query, please call our toll free number 1800 210 0444
1) Loan approval is subject to the Company’s Lending and Credit Policies, KYC/AML compliance, and applicable regulations by RBI, NHB, and other authorities.
2) Eligibility under PMAY (U) 2.0 scheme does not guarantee loan sanction. Final approval is at the Company’s sole discretion.
Customer Stories
Rashi Jain
Found the perfect Home loan solution to some complex requirements and made the process easy. There was great support and well explained.
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H. Rackham
The EMI calculator was very helpful. Before applying for a home loan, I got to check the EMIs I have to pay every month for a selected tenure.
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Tyger Home Finance helped me achieve my dream. With smooth documentations and processes, I am living in My Home, happy and contented.
