Government approves PMAY-U 2.0 scheme, One crore houses to be built for urban poor, middle-class families

The Union Cabinet has approved the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 scheme. The Cabinet also gave its nod to the implementation of the Pradhan Mantri Awaas Yojana-Gramin (PMAY-G) during the Financial Year 2024-25 to 2028-29.

Information and Broadcasting Minister Ashwini Vaishnaw said that three crore new houses will be constructed under the Pradhan Mantri Awas Yojana. Mr Vaishnaw said, of them two crore houses will be built in rural areas while one crore will be constructed in urban areas. He said the budgetary provision on the scheme will be of 3 lakh 6 thousand 137 crore rupees.

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Under Pradhan Mantri Awas Yojana-Urban 2.0, financial assistance will be provided to one crore urban poor and middle-class families.

The assistance will be provided through States, Union Territories, and Primary Lending Institutions (PLIs) to construct, purchase, or rent a house at an affordable cost in urban areas in five years.

Government assistance of 2.30 lakh crore rupees will be provided under the Scheme. The Minister said, that under the scheme in urban areas, there is a provision for working women hostel and an interest subsidy of four percent will be given up to 25 lakh rupees for Home loans in Economically Weaker Section (EWS), Low Income Group (LIG) and Middle Income Group (MIG) categories.

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