PMAY Urban 2024: Your Complete Guide To The Housing Scheme

The Pradhan Mantri Awas Yojana (PMAY) Urban, launched by the Government of India, aims to provide affordable housing to urban poor households. As of 2024, PMAY Urban continues to play a pivotal role in reshaping urban housing, addressing the needs of millions across India. In this guide, we'll explore its objectives, eligibility, progress, and impact on urban communities.

Latest News On PMAY-U 2024

pmay urban

Image Source: X/PMAY

The Minister for Housing and Urban Affairs recently revealed that a forthcoming Urban Housing Scheme, featuring a subsidy on home loan interest, is in its final stages of development. This initiative, announced by Prime Minister Narendra Modi during his Independence Day address last year, is currently being fine-tuned by the Union Government. It is intended to supplant the Credit Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojana Urban (PMAYU), which ceased catering to the Middle Income Group (MIG) category in March 2021. The new scheme will prioritise offering subsidies on home loans for urban areas, aiming to alleviate financial strain on middle-class families renting in urban locales.

Pradhan Mantri Awas Yojana (PMAY) 2024: Eligibility Requirements

The Pradhan Mantri Awas Yojana (PMAY), a key government initiative in India, aims to bridge the urban housing gap for various income groups. To qualify for PMAY benefits and its financial assistance, individuals must fulfil specific eligibility criteria. Understanding these requirements is essential for potential beneficiaries to assess their quali...

Objectives Of PMAY Urban

  • To narrow the disparity between the current need for housing and the available supply.

  • To relocate slum residents into permanent homes through collaboration with private developers.

  • To encourage affordable housing among disadvantaged groups through the Credit Linked Subsidy Scheme (CLSS).

  • To provide financial aid, in the form of subsidies, to eligible families for house construction.

Eligibility Criteria

pmay urban

Image Source: PMAY Official Website

To be eligible for PMAY Urban, you need to meet the following criteria:

1. Income:

  • Economically Weaker Section (EWS): Annual income up to Rs 3 lakh.

  • Low-Income Group (LIG): Annual income between Rs 3.01 lakh and Rs 6 lakh.

  • Middle-Income Group (MIG-I): Annual income between Rs 6.01 lakh and Rs 12 lakh.

  • Middle-Income Group (MIG-II): Annual income between Rs 12.01 lakh and Rs 18 lakh.

2. Ownership:

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