A national workshop was organised today (14^th November 2024) in New Delhi by the Ministry of Housing and Urban Affairs (MoHUA) in partnership with National Housing Bank (NHB), on Pradhan Mantri Awas Yojana – Urban 2.0- Interest Subsidy Scheme (ISS) vertical and signing of MoUs. The event was graced by Shri Manohar Lal, Hon’ble Minister for Housing and Urban Affairs.

 

The workshop was attended by more than 250 participants from various Banks, Housing Finance Companies (HFCs), Primary Lending Institutions (PLIs) and other financial institutions.

While addressing the participants, Hon’ble Minister spoke about identifying the genuine beneficiaries and help them in getting a pucca roof over their heads. Hon’ble Minister emphasised that the system should support the homeless in availing benefits of the Scheme without any hurdles and be bit empathetic while processing his home loan subsidy application.

Hon’ble Minister also explained about the vision of Central Government under leadership of Hon’ble Prime Minister and highlighted the key feature of PMAY-U 2.0, especially the ISS vertical. He further called upon all the financial institutions (Banks & HFCs) to be active partner of this reformative journey of providing ‘housing to all’ which will be a major milestone of DEVLOPED INDIA by the year 2047.

Prior to this, the inaugural address was delivered by Shri Srinivas Katikithala, Secretary, MoHUA. In his inaugural address, Secretary, MoHUA shared about the exponential progress of PMAY-U scheme and about its magnitude of coverage which has made it one of the world’s largest affordable housing programmes.

Secretary, MoHUA appreciated the role of banking fraternity in the success of CLSS vertical. Further, he spoke about affordable housing ecosystem, focusing on housing policies that ensure a pucca house to urban residents, thereby enhancing their quality of life. Secretary asked the participants to come up with futuristic ideas and thought-provoking insights for urban development.

Dr. MP Tangirala, Additional Secretary, Department of Financial Services, Ministry of Finance, Shri Kuldip Narayan, Joint Secretary & Mission Director, Housing for All, Shri Sanjay Shukla, MD, National Housing Bank, senior officials from the Ministry also attended the workshop, in the presence of key stakeholders and representatives from different CNAs, PLIs, Banks and States/UTs.

The workshop provided a platform to the participants from various sectors to come together to deliberate and strategize on the implementation of PMAY-U 2.0, discuss its modalities and identify ways to strengthen the affordable housing initiative.

‘PMAY-U 2.0 – Housing for All’ Scheme was launched in September 2024 by Hon’ble Prime Minister Shri Narendra Modi. Under the Scheme, financial assistance will be provided to poor and middle-class families to construct or purchase a pucca house in urban areas. It emphasizes on empowerment of urban poor and middle-class families by giving them secured houses to focus on the betterment of their lives and also promotes sustainable and inclusive urban development.

PMAY-U 2.0 will be implemented through four verticals with beneficiaries having the flexibility to choose one vertical as per their eligibility criteria. ISS is one among the four verticals of the Scheme, under which interest subsidy will be provided to EWS/LIG/MIG beneficiaries on home loans. ISS vertical of PMAY-U 2.0 is being implemented by designated Central Nodal Agencies (CNAs) such as- NHB, HUDCO and SBI to channelize the subsidy to the beneficiary accounts through identified PLIs.

Shri Kuldip Narayan, Joint Secretary & Mission Director, Housing for All presented a comprehensive overview of PMAY-U 2.0, outlining its criteria, modalities and implementation process. The detailed presentation helped the participants understand the Scheme, its verticals and how it will be implemented to ensure pucca houses to 1 crore citizens of urban India.

JS&MD, HFA also highlighted the achievements of PMAY-U, particularly the Credit Linked Subsidy Scheme (CLSS) vertical which benefitted about 25 lakh beneficiaries of different segments. The key focus was on ISS vertical of PMAY-U 2.0 which provides benefits of subsidy on home loans to EWS/LIG/MIG families. Subsidy of ₹1.80 lakh will be given to eligible beneficiaries.

The participants of PMAY-U 2.0 workshop were also introduced to the unified web portal designed and developed by MoHUA to effectively execute the scheme. The portal simplifies the process for application, allows beneficiaries to know the status of application, modalities of data exchange among stakeholders, ensures faster due-diligence, approval and release of subsidy. The web portal is accessible to all stakeholders and will help in monitoring and evaluating of PMAY-U 2.0 scheme.

The prospective beneficiaries may apply for PMAY-U 2.0 at: https://pmaymis.gov.in/PMAYMIS2_2024/PmayDefault.aspx

This was followed by an interactive session with the participants, wherein JS&MD, HFA answered queries related to the web portal and took suggestions for effective implementation of PMAY-U 2.0.

An important milestone was achieved at today’s workshop on PMAY-U 2.0 with signing of MoUs between NHB and 147 different PLIs for implementation of Interest Subsidy Scheme.

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