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Pradhan Mantri Awas Yojana 2024 offers an extra Rs 25,000 subsidy for urban housing, making homes more affordable for low-income groups.
The Pradhan Mantri Awas Yojana, initiated by the central government, aims to provide affordable housing to economically weaker sections and middle-class individuals across both rural and urban areas. Under this scheme, beneficiaries receive subsidies to purchase or construct homes, catering specifically to the needs of rural and urban dwellers.
Recently, in the Budget 2024, the state government has unveiled a significant enhancement for urban beneficiaries. An additional subsidy of Rs 25,000 will now be provided under the Pradhan Mantri Awas Yojana Urban. This announcement is set to ease the financial burden for poor and middle-class urban residents looking to own a home, making housing more accessible than ever before.
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Under the Pradhan Mantri Awas Yojana Urban, beneficiaries in the Economically Weaker Section (EWS) and Lower Income Group (LIG) categories currently receive a subsidy of Rs 2.67 lakh. Middle-class individuals can avail themselves of up to Rs 2,35,068 in subsidy. With the new additional subsidy of Rs 25,000, EWS and LIG beneficiaries will now receive a total subsidy of Rs 2.95 lakh. This revision aims to provide substantial relief and support to those in need of affordable housing.
The scheme categorizes beneficiaries based on income levels:
Beneficiaries from the economically weaker sections can apply for a bank loan of up to Rs 6 lakh under the scheme, repayable over a period of 20 years. The scheme also provides an interest subsidy of 6.50% on these loans, ensuring affordable repayment options for homebuyers.
To benefit from these subsidies, eligible applicants must apply online through the official Pradhan Mantri Awas Yojana Urban website pmaymis.gov.in. Required documents include Aadhar card, PAN card, Domicile Certificate, Income Certificate, Applicant's photo, Bank account details, Self Declaration Form, and Voter ID. Alternatively, applications can be submitted offline at Common Service Centers (CSCs) or designated banks listed under PMAY. Applicants must fill out the application form and pay a nominal fee of Rs 25 plus GST to complete the process.
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The enhanced subsidy under the Pradhan Mantri Awas Yojana Urban reflects the government's commitment to housing for all, empowering more families across urban India to fulfill their dream of owning a home. For further details and assistance, visit the official PMAY website or consult local authorities.