News: Govt approves PMAY-U 2.0 scheme, 1 crore houses to be constructed for urban poor and middle-class families

The Union Cabinet has approved the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 scheme. The Cabinet also approved the implementation of 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 that two crore houses will be constructed in rural areas while one crore will be constructed in urban areas. He said that the budgetary provision for the scheme will be Rs 3 lakh 6,137 crore.

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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 is being provided through states, union territories and primary lending institutions (PLIs) to build, purchase or rent a house within five years at an affordable price in urban areas.

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

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