The Pradhan Mantri Awas Yojana - Urban 2.0 (PMAY-U 2.0) scheme is aimed at providing pucca houses to all eligible urban households across the country, embodying the vision of ‘Housing for All.’ Implemented by the Ministry of Housing and Urban Affairs, the scheme extends financial assistance to eligible families in urban areas, enabling them to achieve secure and dignified living conditions.
With Mahindra Home Finance and PMAY-U 2.0, the dream of owning a home becomes a reality. Guided by the vision of transforming lives, we are dedicated to empowering families, ensuring that financial support and aspirations come together to build secure, permanent homes. Together, we help create a future where every household has a home to call their own.
First Time PMAY Subsidy applied
Household Annual Income within ₹9L
Carpet area within 120 sqm
Loan amount up to ₹25 Lakhs
Property value up to ₹35 Lakhs
Approved Plan Available
Female Ownership in Purchase/Plot+Construction
Property is Urban (as per Guidelines)
Minimum tenure 5 years
Pradhan Mantri Awas Yojana-Urban 2.0 (PMAY-U 2.0) aims to provide central assistance to eligible families/beneficiaries through States/UTs/PLIs to construct, purchase, or rent affordable houses in urban areas.
The scheme will be implemented for a period of 5 years, from 2024 to 2029.
The PMAY vertical of the PMAY-U 2.0 scheme will provide the benefit of a subsidy on home loans for EWS/LIG/MIG families.
A maximum of ₹2.18 lakh subsidy will be given to eligible beneficiaries under PMAY.
Beneficiaries from EWS (Economically Weaker Section) categories having an annual household income of up to ₹3 lakh, beneficiaries of LIG (Lower Income Group) with ₹3 lakh to ₹6 lakh, and MIG (Middle Income Group) beneficiaries with an income limit of ₹6 lakh to ₹9 lakh will be eligible for the PMAY scheme.
The subsidy under PMAY will be credited upfront into the home loan account of the beneficiary, and the principal outstanding will be reduced proportionately to the subsidy amount credited. This will result in reduced EMI/loan tenure for the eligible beneficiaries.
Documents for availing PMAY benefits may include proof of identity (Aadhaar card and PAN card), proof of address, income certificate, and any other documents as specified by MoHUA or PLIs.
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