PMAY-U 2.0 to provide housing support for 10 million urban families in India

The Indian government has rolled out the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0, a nationwide initiative aimed at providing permanent housing solutions to 10 million additional urban families over the next five years. To date, the Ministry of Housing and Urban Affairs reports that over 1.87 million houses have already been approved under this phase.

The program offers various financial benefits tailored to different income groups. Economically Weaker Section (EWS) and Lower Income Group (LIG) members can receive an upfront home loan interest subsidy of up to Rs 35,000. Middle Income Group (MIG) households, with annual incomes up to Rs 18 lakh, are eligible for interest discounts of up to 4.5 percent on properties valued up to Rs 35 lakh. Additionally, qualifying families may receive monetary support between Rs 1.5 lakh and Rs 2.5 lakh from central and state authorities for constructing homes on their own property or purchasing affordable apartments.

Eligibility is restricted to families who do not currently own a permanent house anywhere in the country. Applications must be submitted through the official online portal.