PMAY Urban 2.0 Objective

When introducing Budget 2024, Finance Minister Nirmala Sitharaman declared the PMAY Urban 2.0, which aims to provide housing for everyone. The housing needs of one crore poor and middle-class people will be met with an investment of Rs 10 lakh crores under the PM Awas Yojana-Urban 2.0, according to Finance Minister Nirmala Sitharaman. The central aid of Rs 2.2 lakh crores over the next five years will be part of this.

What is Pradhan Mantri Awas Yojana (PMAY)?

1. A government flagship initiative in India, the Pradhan Mantri Awas Yojana (PMAY) intends to furnish pucca dwellings with basic amenities for every inhabitant, both in rural and urban areas. There are two components to the Pradhan Mantri Awas Yojana: Pradhan Mantri Awas Yojana-Urban (PMAY-U) for individuals residing in urban areas, and Pradhan Mantri Awas Yojana-Gramin (PMAY-G) for those living in rural areas. Both programs provide eligible beneficiaries with financial support to aid in the construction of a pucca house.

Features & Benefits of PM Awas Yojana Urban 2.0

1. One of the Modi government’s most ambitious initiatives is the PM Awas Yojana Urban 2.0
2. Finance Minister Nirmala Sitharaman unveiled the PMAY Urban 2.0 in the 2024 Budget to enhance housing accessibility for everybody.
3. A total of ₹10 lakh crore would be invested to meet the housing needs of one crore urban poor and middle-class people under the yojana.
4. The PM Awas Yojana has announced the addition of three crore new homes in both rural and urban parts of the nation.
5. In the following five years, ₹2.2 lakh crore in federal aid will be part of this.
6. It also includes the provision of an interest subsidy to enable borrowing at reasonable rates.
7. It will establish a more accessible, transparent, and efficient rental housing market.

Significance of PM Awas Yojana Urban 2.0

The plan calls for states to lower stamp duty for women homeowners and places a greater emphasis on affordable housing for the middle class and impoverished. It also allocates Rs 2.2 lakh crore for urban housing initiatives under PMAY-U over the next five years and continues interest subsidies under the program.

Eligibility Criteria for PM Awas Yojana Urban 2.0

1. The households in the Economically Weaker Section (EWS) who earn up to Rs 3, 00,000 annually.
2. Households in the Middle Income Group-1 (MIG-1) who earn between Rs 6,00,001 and Rs 12,00,000.
3. Households in the Low Income Group (LIG) who earn between Rs 3,00,001 and Rs 6,00,000.
4. Households in the Middle Income Group-2 (MIG-2) who -*earn between Rs 12,00,001 and Rs 18,00,000.
5. The applicant and any members of their family cannot own a pucca house elsewhere in the nation.
6. There must be a husband and wife as well as children who are not married.
7. The plan must include coverage for the family’s town or city of residence.
8. The family cannot have previously benefited from any housing-related programs that were put in place.

Previous Allocation and Expenditure

Steps to Apply for PM Awas Yojana Urban 2.0

Applicants need to follow the below-given steps to apply for the PMAY Urban 2.0

• First of all, go to the official website of the PMAY i.e., https://pmaymis.gov.in/
• The homepage of the webiste will open.

• Click on the Apply link
• Once you click on the link, an application form will open on the screen
• Now, fill in the form with all the required details like Name, Email ID, Mobile Number, Address, etc
• After that upload all the required documents
• Finally, click on the Submit button to complete the application process

FAQ’s