Own Your First Home with PMAY-U 2.0
Avail interest subsidy benefits of up to ₹1.80 lakh on your home loan.
Your journey to owning a home is now easier than ever. Under the Government of India’s Pradhan Mantri Awas Yojana – Urban (PMAY-U) 2.0, eligible families can avail interest subsidy benefits on home loans, bringing them closer to the dream of owning a pucca house.
At Godrej Housing Finance, we support eligible customers throughout their home loan journey and help them access PMAY-U 2.0 benefits, subject to applicable government guidelines and eligibility.
What is PMAY-U 2.0?
Pradhan Mantri Awas Yojana – Urban (PMAY-U) 2.0 is a flagship housing initiative by the Government of India aimed at promoting affordable homeownership among eligible urban households. The scheme provides financial assistance through an interest subsidy mechanism, helping reduce the effective cost of home loans for qualifying beneficiaries.
The scheme is designed to support EWS, LIG and MIG households while furthering the vision of ‘Housing for All.’
Key Benefits of PMAY-U 2.0
- Interest Subsidy Benefit up to ₹1.80 lakh, subject to eligibility and government approval.
- Affordable Home Ownership through reduced overall borrowing costs.
- Support for First-Time Homebuyers.
- Women Empowerment through ownership/co-ownership provisions.
- Seamless Assistance from Godrej Housing Finance.
PMAY-U 2.0 Eligibility Criteria
| Criteria | Details |
| Homebuyer Status | First-time homebuyer (no pucca house owned by self or family) |
| Family Definition (Beneficiary) | Husband, wife, and unmarried children |
| Home Value | Up to Rs.35 lakh |
| Maximum Housing Loan eligible | Up to Rs. 25 lakh |
| Carpet Area | Up to 120 sqm |
| Location | Property must be in statutory towns as per Census 2011 |
| Annual Household Income |
EWS (Up to ₹3 Lakh) LIG (₹3–6 Lakh) MIG (₹6–9 Lakh) |
Additional Conditions:
- There shall be a mandatory lock-in period of five years from the date of disbursal of first instalment of home loan under Interest Subsidy Scheme (ISS). During this period beneficiary shall not be allowed to sell/ transfer the house
- The subsidy for a beneficiary shall not be released by Central Nodal Agencies (CNAs) if the beneficiary’s Loan account is NPA or principal loan amount outstanding is less than 50%.
- The houses constructed/ acquired/purchased with Central Assistance under the Scheme should be in the name of the female head of the household or in the joint name of the male head of the household and his wife and only in cases when there is no adult female member in the family, the house can be in the name of male member of the household. In cases where the applicant is a widower, unmarried, separated person, or transgender, the house will be made in the individual’s name. In case of death of beneficiary(s), the legal heir of the beneficiary will get the benefit under the scheme.
Adjustment of Subsidy and Processing fees
- The beneficiaries shall be intimated immediately after receipt of interest subsidy from CNA to give an option to the beneficiaries to choose either to reduce his/ her EMI or reduction in tenure of home loan.
- In case of no response from the beneficiary within seven (7) working days, the EMI of home loan shall be reduced accordingly.
- Loans for which subsidy under Pradhan Mantri Awaas Yojna will be received, the Company shall refund the proportionate amount of Processing fee for loan amount up to Rs. 8 lakhs
Documents Required
- Identity & Address Proof: Aadhaar Card, PAN Card
- Income Proof: Salary slips, Bank statements, ITRs (where applicable)
Property Documents: Sale Agreement, Allotment Letter and related property documents - Declaration of the fulfilment of eligibility criteria of income along with proof of income
- Declaration of not owning a pucca house anywhere in India on his/her name or any other family member
- Declaration that customer have not availed benefit under any housing scheme in last 20 years
- Other documents as may be applicable
How to Apply through Godrej Housing Finance
Step 1: Apply for a Home Loan with Godrej Housing Finance.
Step 2: Our team assesses your loan and PMAY eligibility.
Step 3: Submit required documents and declarations.
Step 4: Godrej Housing Finance facilitates the PMAY-U 2.0 subsidy application process.
Step 5: Subject to government approval, subsidy benefits are credited to the loan account.
Disclaimer
PMAY-U 2.0 benefits are governed by the guidelines issued by the Ministry of Housing and Urban Affairs (MoHUA), Government of India, and may be amended from time to time. Subsidy sanction and disbursement are solely at the discretion of the relevant government authorities. Godrej Housing Finance acts as a facilitator and does not guarantee subsidy approval.
Additional Resources and Links
Check Eligibility | Apply Now https://pmaymis.gov.in/PMAYMIS2_2024/PmayDefault.aspx
Frequently Asked Question: https://pmaymis.gov.in/PMAYMIS2_2024/faq.html.