Pradhan Mantri Awas Yojana (PMAY) Urban 2.0 is a renewed initiative by the Government of India after the success of Pradhan Mantri Awas Yojana (PMAY) in 2015. In order to facilitate the benefits to weaker section and middle-class families in owning a home, the Hon’ble Prime Minister has announced a new scheme.
Pradhan Mantri Awas Yojana - Urban 2.0 (PMAY-U 2.0) – ‘Housing for All’ Mission for urban areas is implemented for 5 years from 01.09.2024 to provide Central Assistance to all eligible of EWS/LIG and MIG for purchase/construction of houses/Plot +Construction at an affordable cost.
Key Features of PMAY-U 2.0
The PMAY-U 2.0 aims to provide affordable housing solutions by targeting specific income groups and offering flexible terms for home loans. Some notable features include the below.
| Subsidy Details |
Economically Weaker Section (EWS) |
Low-Income Group (LIG) |
Middle-Income Group (MIG) |
| Annual Household Income |
Up to ₹3 lakh p.a. |
Up to ₹6 lakh p.a. |
Up to ₹9 lakh p.a. |
| Interest Subsidy (% p.a.) |
4% on the first ₹8 lakh of the loan for a tenure up to 12 years |
4% on the first ₹8 lakh of the loan for a tenure up to 12 years |
4% on the first ₹8 lakh of the loan for a tenure up to 12 years |
| Maximum Housing Loan Eligible for Subsidy |
₹25 lakh |
₹25 lakh |
₹25 lakh |
| Maximum House Value |
₹35 lakh |
₹35 lakh |
₹35 lakh |
| Minimum Carpet Area |
30 sqm. |
30 sqm. |
30 sqm. |
| Maximum Carpet Area |
45 sqm. |
120 sqm. |
120 sqm. |
| Maximum Interest Subsidy Amount |
₹1.80 lakh |
₹1.80 lakh |
₹1.80 lakh |
| Currently Own a Home? |
No |
No |
No |
| Aadhaar/ Aadhaar Virtual ID of beneficiaries |
Mandatory |
Mandatory |
Mandatory |
- An interest subsidy of 4% is available under this scheme. The Net Present Value (NPV) of the interest subsidy is being calculated at a reduced rate of 8.5%.
- The total subsidy amount can be up to ₹1.8 lakh, available on the first ₹8 lakh of the PMAY Home Loan scheme, spread over 12 years.
- The subsidy will be released in 5 yearly instalments.
- An undertaking from the beneficiary will be taken as a declaration of the fulfilment of eligibility criteria of income and not owning a pucca house anywhere in India on his/her name or any other family members.
- Female ownership is mandatory and she should be part of loan structure. It can be in single name and joint name. Cases where there is no adult female member in the family, the property can be in name of male member of household and proof for the same is to be taken.
- Approved layout plan required as per State/UT guidelines (exceptions may apply).
- Subsidy will be disbursed only if the loan is active and more than 50% of the principal is outstanding
How to apply for Interest Subsidy Scheme (ISS) with RHDFCL for home loan?
RHDFCL offers Home Loans that provide quick disbursal of the loan amount at affordable interest rates. However, to help your buy/construct your first pucca house, RHDFCL also facilitate you to benefit from the Interest Subsidy Scheme. You can avail the interest subsidy on RHDFCL Home Loan with utmost ease and convenience.
- Apply for RHDFCL : https://www.religarehomeloans.com/get-in-touch
- Apply for ISS subsidy here
- Process of application- Link for document
You may contact RHDFCL branch to learn more about our home loan options.
Terms and conditions:
The interest subsidy on home loans under government schemes is subject to eligibility norms prescribed by the Ministry of Housing and Urban Affairs. Kindly refer to the scheme guidelines-
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