The Union Cabinet, chaired by Hon'ble Prime Minister Shri Narendra Modi, today approved Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0under which financial assistance will be provided to 1 crore urban poor and middle-class families through States/Union Territories (UTs)/PLIs to construct, purchase or rent a house at an affordable cost in urban areas in 5 years. The Government Assistance of ₹ 2.30 lakh crore will be provided under the Scheme.
In addition, the corpus fund of Credit Risk Guarantee Fund Trust (CRGFT) has been increased from ₹1,000 crore to ₹3,000 crore to provide benefit of credit risk guarantee on affordable housing loans from Banks/Housing Finance Companies (HFCs)/Primary Lending Institutions (PLIs) to Economically Weaker Section (EWS)/Low Income Group(LIG) segments for construction/purchase of their first home. Further Management of Credit Risk Guarantee Fund will be transferred to National Credit Guarantee Company (NCGTC) from National Housing Bank (NHB). Credit Risk Guarantee Fund Scheme is being restructured and modified guidelines will be issued by Ministry of Housing & Urban Affairs (MoHUA).
PMAY-U 2.0 Eligibility Criteria
Families belonging to EWS/LIG/Middle Income Group (MIG) segments having no pucca house anywhere in the country are eligible to purchase or construct a house under PMAY-U 2.0.
· EWS households are families with an annual income up to ₹3 lakh.
· LIG households are families with an annual income from ₹3 lakh up to ₹6 lakh.
· MIG households are families with an annual income from ₹6 lakh up to ₹9 lakh.
Coverage of the Scheme
All statutory towns as per Census 2011 and towns notified subsequently, including Notified Planning Areas, Areas falling within Notified Planning/Development area under the jurisdiction of Industrial Development Authority/Special Area Development Authority/Urban Development Authority or any such Authority under State legislation which is entrusted with the functions of urban planning and regulations shall also be included for the coverage under PMAY-U 2.0.
Study Notes
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