Over the course of 5 years, a total investment of ₹10 lakh crore will be strategically distributed to achieve the main objective of PM Awas Yojana Urban 2.0, which is to provide affordable housing solutions. The implementation will lead to the provision of central assistance amounting to ₹2.2 billion and the provision of interest subsidies on housing loans.
PM Awas Yojana Urban 2.0
The Indian Government introduced the PM Awas Yojana Urban 2.0 initiative on 23rd July 2024 to cater to the housing demand of urban poor and middle-class citizens or residents. In the 2024 union budget presentation, Finance Minister Nirmala Sitharaman launched this program with the aim of providing affordable housing to 10000000 households.
This will be accomplished through central aid of Rs 2.2 lakh crores and an investment of ₹10 lakh crore over the next five years.
The goal behind the PM Awas Yojana Urban 2.0 is that each individual has its own pucca house with basic benefits in urban areas. Mostly, economically weaker sections (EWS), low-income groups (LIG), middle-income groups (MIG) and women can take advantage of this scheme.
The scheme also emphasises women’s empowerment by making it compulsory for the female head of the family to become the owner or co-owner of the house. This scheme contains many features and provides many benefits to the people who meet the eligibility criteria.
Key Points of PM Awas Yojana Urban 2.0
The key points and features of PM Awas Yojana Urban 2.0 are as follows.
Affordable Housing:
- The scheme aims to give affordable housing to 1,00,00,000 urban families, specially for EWS, LIG, MIG and more.
Interest Subsidies:
- To make householders more accessible, this scheme provides interest subsidies on housing loans. This lessens the financial burden on needy applicants, making it easier for them to buy homes.
Women’s Ownership:
- The scheme removes the difference between genders by allowing the female head of the family to be the owner or co-owner of the house. This empowers women, maintains equality, and ensures their participation in property ownership.
Public-Private Partnerships (PPP):
- The initiative aims to encourage the growth of rental housing for industrial labourers using PPP models, thereby offering improved living standards for urban migrants and workers in the informal sector.
State Support:
- States are considering the lowering of stamp duty for women homeowners, a move that aims to increase female property ownership and enhance housing accessibility.
Urban Infrastructure Development:
- The scheme objective is to transform urban areas into growth hubs by enhancing infrastructure and housing conditions with the aim of improving quality of life in cities.
Financial Investment:
- By allocating significant investments of 10 billion over the next five years to achieve the objectives of the scheme, the government has shown its commitment to addressing the housing needs of the cities.
Inclusive Growth:
- The initiative aims at promoting integrated growth and reducing the shortage of housing in cities, by taking into account the diverse needs of urban dwellers.
Who can benefit from PM Awas Yojana Urban 2.0?
The PM Awas Yojana Urban 2.0 aims to provide assistance to urban dwellers, especially those who are facing difficulties in obtaining affordable housing. The following are the main eligibility requirements for this program:
Economically Weaker Sections (EWS):
- EWS families earning less than ₹3 lakh annually qualify for this scheme .
Low-Income Groups (LIG):
- LIG families earning between ₹3 lakh to ₹6 lakh yearly are classified if they meet this income criteria.
Middle-Income Groups (MIG):
- This classification is considered into two sub-categories:
- MIG-I: Households earning between ₹6 lakh to ₹12 lakh on yearly basis
- MIG-II: Households earning between ₹12 lakh and ₹18 lakh for a year.
Women:
- The program requires that the female head of the household must own the house or co-own it. Its goal is to support women and guarantee their involvement in owning property.
First-Time Home Buyers:
- The program provides valuable support to individuals who are purchasing their initial home and do not have a fixed abode in any region of India. This ensures that those in greatest need are the ones who receive assistance.
The PM Awas Yojana Urban 2.0 aims to cater to the requirements of various urban residents by focusing on different demographic groups. This initiative is primarily focused on fostering inclusive growth and enhancing the living standards in urban areas.
When will PM Awas Yojana Urban 2.0 implemented and is there any application process?
PM Awas Yojana Urban 2.0 will be implement soon because the announcement in the budget 2024 has been done after the final approval and interested candidates can follow the below smooth process to apply for this:
- Go to the official designated website for PM Awas Yojana Urban 2.0.
- On the homepage, find an option that says “citizen assessment” for this scheme and follow the other required prompts.
- Give your Aadhaar card details as well as attach all requisite documents.
- After all the requested fields are covered, hit the “submit” button and take advantage of this scheme.
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