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The Pradhan Mantri Awas Yojana (PMAY) is a popular government scheme aimed at providing affordable housing to the needy. The scheme offers financial assistance in the form of a subsidy to help beneficiaries build or purchase their own homes. Currently, the second phase of the scheme, known as Pradhan Mantri Awas Yojana 2.0, was launched on 9 August 2024, following the success of the first phase.
However, beneficiaries need to follow specific rules. Failure to comply with these rules may result in the subsidy amount being recovered by the government.
Also Read: 70,000 Families to Get Homes Under Pradhan Mantri Awas Yojana Gramin
The government has set a target to build 3 crore houses across India under PMAY 2.0. This includes:
The rural housing scheme has been extended till 2028-29, ensuring that more people can benefit from the scheme.
Under PM Awas Yojana Gramin, the government provides:
For PM Awas Yojana Urban, beneficiaries receive a credit-linked subsidy of up to ₹2.67 lakh, which is directly transferred to their bank account. This reduces the interest on home loans, lowering monthly installments.
Also Read: PM Kisan 18th Installment Not Received? Steps to Resolve Issues
Beneficiaries can avail of a loan of up to ₹50 lakh for a maximum period of 20 years. The interest subsidy depends on the income group:
Loans above this amount do not qualify for a subsidy, and beneficiaries must repay them at the bank’s regular home loan interest rate.
Also Read: Rajasthan Government Offers Gypsum Subsidy for Farmers: Boost Crop Yields Now
Beneficiaries of the Pradhan Mantri Awas Yojana should ensure they follow the rules to avoid having to return the subsidy. Completing house construction, paying bank installments on time, and submitting the necessary certificates are essential to continue enjoying the benefits of the scheme. By following these guidelines, you can fulfill your dream of owning an affordable home.
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