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PRADHAN MANTRI AWAS YOJNA- URBAN PMAY U 2.0
| Eligibility | A beneficiary family will comprise of husband, wife, unmarried sons and/or unmarried daughters. Families belonging to EWS/LIG/MIG category, living in urban areas, having no pucca house [(an all-weather dwelling unit)] either in his/her name or in the name of any member of his/her family anywhere in any part of India, are eligible to purchase or construct a house under PMAY-U 2.0. The houses constructed/ acquired/purchased with Central Assistance under the Scheme should be in the name of the female head of the household or in the joint name of the male head of the household and his wife |
| Scope | Subsidy will be provided on home loans to eligible beneficiaries of EWS/LIG and MIG for purchase/ re-purchase/construction of houses. |
| Exclusion (Ineligibility Criteria under ISS) | The subsidy under the scheme will be provided only once for a property Only loan up to ₹25 lakh with the house value up to ₹35 lakh will be eligible for subsidy under this vertical. If the family income or property value as assessed by sanctioning authority for sanction of loan is higher than eligibility limit, loan will not be eligible for subsidy |
| Income Groups | Economically Weaker Section (EWS) – Households having an annual income up to ₹3.0 lakh. Low Income Group (LIG) – LIG households are defined as households having an annual income above 3 lakh and up to 6 lakh. Middle Income Group (MIG) – MIG household are defined as households having an annual income above ₹ 6 lakh up to ₹ 9 lakh. |
| Purpose | For purchase/ re-purchase/construction of house. |
| Carpet Area | The carpet area of houses under this component shall be up to 120 sqmtr. |
| Loan Amount | Maximum up to Rs. 25 lakhs. |
| Margin | 15% of Project cost |
| Subsidy | A maximum release of interest subsidy of ₹1.80 lakh shall be provided to eligible beneficiaries having a loan tenure of more than five years. Subsidy to the beneficiaries will be released in 5 equal yearly instalments. |
| Processing Fees/ Documentation Charges | Nil |
| Rate of Interest & Interest Table Code: | The Rate of Interest will be same as per existing Home Loan scheme for public, applicable for Loan amount upto Rs.30 lakhs. |
| Repayment Period | Up to age of 70 years or 30 years, including moratorium period, whichever is earlier. Further, for availing benefit of subsidy, minimum tenure should be 5 (Five) years. |
| Security | Equitable/registered mortgage of the property. All other guidelines of parameter ‘Security’ shall be applicable as per existing Home loan scheme of Bank. |
| Proof of Income | Ø where the borrower belongs to EWS/ LIG category as specified under the scheme ‘Self Certification/ affidavit’ towards Income proof shall be sufficient. In all other cases as per extant guidelines of the Home Loan Scheme i.e., a. For Salaried class: – Latest salary slip, Form16/ITR for the last 2 years. b. For other than Salaried class: – While ITRs and Balance Sheets for the last 2 years of business/activity. |
| Disbursement | The progress of houses constructed under the Scheme will be tracked through Geo-tagging at various stages and other digital norms so that each house can be monitored effectively at every stage of construction. |
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