Pradhan Mantri Awas Yojana Urban - 2.0 (PMAY U-2.0)

The Ministry of Housing and Urban Affairs, Government of India has launched the Pradhan Mantri Awas Yojana Urban - 2.0 (PMAY U-2.0) to provide all-weather pucca houses to all eligible urban households across the nation with the vision of ‘Housing for All’. The scheme is applicable for all cases sanctioned and disbursed on or after1st Sept 2024.

Eligibility:

EWS: Annual Household Income Up to ₹ 3 lakhs
LIG: Annual Household Income from ₹ 3 lakhs to ₹ 6 lakhs
MIG: Annual Household Income from ₹ 6 lakhs to ₹ 9 lakhs

Key Highlights of the Scheme:

Maximum Loan Amount: Up to ₹25 Lakh
Maximum House Value : Up to ₹35 Lakh
Permissible size of house : from 30 sqm up to 120 sqm
Interest Subsidy: 4% p.a. on the first ₹8 lakh of the loan
Maximum Benefit: ₹ 1.80 lakh – paid in 5 instalments

Exclusion Criteria:

Interest Subsidy is provided only once for a property. If sold, the new owner cannot claim the subsidy.
Family members taking combined or separate loans on the same property are treated as one family for income calculation.
Beneficiaries switching PLIs (Primary Lending Institutions) for balance transfer cannot claim the subsidy again.
Loans exceeding ₹25 lakh or properties valued over ₹35 lakh are ineligible.

Under this scheme, eligible borrowers can apply and avail interest subsidy scheme (ISS) by applying on the below portal link.

NOTE: By clicking the below links you will be guided to the Ministry of Housing and Urban Affairs which is a Government of India website.

Please refer to the Guidelines for Eligibility criteria and Terms & Conditions- https://pmay-urban.gov.in/pmay-u-2.0- guidelines

Link for ISS Application - https://pmaymis.gov.in/PMAYMIS2_2024/PmayDefault.aspx

For any further clarification visit the nearest AXIS BANK Loan Centre/Branch