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The program was first introduced by the Government of India in June 2015 with a goal of "Housing for All". To make sure every Indian family owns a house furnished with an easy access to sanitary facilities, water, and electricity, this flagship program offers eligible first-time homebuyers an interest subsidy on home loans.
Beneficiaries get up to ₹1.80 Lakh interest subsidy on home loans under the PMAY Urban 2.0 scheme with Aavas Financiers.
The program was first introduced by the Government of India in June 2015 with a goal of "Housing for All". To make sure every Indian family owns a house furnished with an easy access to sanitary facilities, water, and electricity, this flagship program offers eligible first-time homebuyers an interest subsidy on home loans.
| Feature | PMAY 1.0 (2015–2024) | PMAY Urban 2.0 (2024–2025) |
|---|---|---|
| Objective | To achieve "Housing for all" by the year 2022 | The mission continues - "Housing for All" by the year 2025 |
| Launch | The scheme was launched in June 2015 | The scheme was announced in the Budget 2024 and came into effect from September 2024 |
| Focus | The key focus is on CLSS i.e., Credit Linked Subsidy Scheme for the categories comprising EWS, LIG, MIG | The scheme has a broader inclusion with more easy and fast application process, along with improved digital accessibility for categories comprising EWS, LIG, and MIG |
| Mode of Application | Both Online are Offline modes are there to file application via PMAY Portal | It is fully digital. Applicants can apply online through Urban 2.0 via verified and certified financial institutions |
| Maximum Amount of Subsidy | Max. subsidy is up to ₹2.67 lakh (Varies as per the income group) | Max. interest subsidy amount is up to ₹1.80 lakh |
| Eligibility | Eligible groups for PMAY 1.0 are EWS, LIG, and MIG I & II groups | Eligible groups for PMAY U-2.0 are EWS, LIG, and MIG |
The program was first introduced by the Government of India in June 2015 with a goal of "Housing for All". To make sure every Indian family owns a house furnished with an easy access to sanitary facilities, water, and electricity, this flagship program offers eligible first-time homebuyers an interest subsidy on home loans.
It helps reduce your overall loan cost with an interest Subsidy up to ₹1.80 Lakh
It helps Eligible families of the dream of homeownership and become first-time home buyers
One of the Eligible benefits is women empowerment as the PMAY U-2.0 scheme encourages the co-ownership of a female for better security
One can also attain tax benefits under Sections 80C & 24(b)
It helps you enjoy affordable monthly repayments with competitive interest rates and lower EMIs
 Launch Date : September 2024 (Phase 2) |
Financial Benefit : Interest Subsidy of up to ₹1.80 lakh |
| Main Goal : Housing for All |
Female co-ownership : Mandatory |
| Eligible Categories : EWS, LIG, and MIG |
Application Mode : Online via approved financial institutions |
| Categories | Annual Household Income |
|---|---|
| EWS i.e., Economically Weaker Section | Maximum annual household income up to ₹3 lakh |
| LIG i.e., Lower Income Group | Annual Household Income ranges between ₹3–6 lakh |
| MIG i.e., Middle Income Group | Annual Household Income ranges between ₹6–9 lakh |
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The max. carpet area can be up to 120 sq. meters only.
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It is required to have female co-ownership
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Max. subsidy is up to ₹1.80 lakh
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No pucca house anywhere in India of the applicant and applicant’s family
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To apply for PMAY Urban 2.0 Home Loan subsidy, one needs to make sure that they have the following mentioned documents with them:
Documents includes PAN Card and Aadhaar Card
Documents includes Salary Slip, Bank Statements, and Latest ITR
It comprises of the Sales Agreement and the Allotment Letter for the house.
A formal declaration confirming "No existing pucca house" owned by the applicant and the applicant's family.
Verifying the woman's name in the property.
With PMAY Urban 2.0, your dream of owning a home is now more accessible than ever. Let us help you navigate through the documentation process.
Get StartedAavas Financiers simplifies your homeownership and PMAY journey, starting from eligibility check to the final phase of subsidy disbursement. Aavas ensures there is always a smooth and transparent process that helps you accomplish your dream home and avail the benefit of subsidy.
Easy, transparent, and simple process
Competitive interest rates
Countrywide presence with 405+ branches across 14 states
Fast disbursement
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