|NEW| Urban Home Loan Subsidy Scheme 2023 | Finance Ministry approves Rupees 60,000 crore

Urban Home Loan Subsidy Scheme 2023 : Prime Minister Narendra Modi announced to Launch new urban housing Loan subsidy scheme in his Independence Day speech at Red Fort. Now government is working to implement this Urban Home Loan Subsidy Scheme 2023 to provide benefits to all citizens who are listed under Urban Housing Loan Subsidy Scheme 2023.

The Union Finance Ministry has also approved the proposal of 60000 crore rupees for the Implementation of the urban housing loan scheme. The SBI chairman Dinesh Khara has also talked about this Pradhan Mantri Awas Yojana loan scheme 2023 Urban and the future of urban housing loan scheme.

SBI Chairman on New Urban Housing Loan Scheme 

The news reporters have invited the chairman of the State Bank of India to get his insight into the new urban housing loan scheme. You should be aware that Pradhan Mantri Aawas Yojana is already run by the central government and the new urban housing scheme is another housing scheme that will provide extra benefits to purchase houses for their beneficiaries.

The chairman has also appreciated the initiative of the Government of India in a new urban housing loan scheme. He has also predicted that this scheme will increase the demand for home loans and will benefit a large number of citizens. 

Urban Home Loan Subsidy Scheme 2023

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What is PMAY Urban ?

PMAY-Urban will provide central assistance to all the states and union territories in India, through various agencies, to meet the objectives of the PMAY Housing for All scheme of the Government of India. In order to increase the empowerment of women through ownership of residential property, there is a compulsory provision that the female head of the family should the owner or the co-owner of the property built under PMAY-Urban.

Features of PMAY [Urban]

The features of PMAY (Urban) are as given below :-

  • Beneficiaries receive an interest rate subsidies of 6.5% on housing loans which is dependent on the income slab.
  • Loans can be taken for house construction or for purchasing a resale house.
  • The loan tenure is up to 20 years.
  • Senior citizens and differently-abled persons will receive priority on ground floor housing.
  • Eco-friendly and sustainable technologies will be used for the buildings.
  • Basic utilities like water, electricity and gas connections will also be included.

Scheme with increase the range of Loan Amount 

Earlier, Pradhan Mantri Aawas Yojana – PMAY for Urban provides effective subsidies to EWS and all other eligible applicants to purchase new houses in urban areas. However, according to the chairman of SBI, applicants were bound to purchase a limited range of houses in PMAY.

But as mentioned the new urban housing subsidy loan will provide the housing subsidy to purchase houses up to 50 lakh Rupees so other citizens who want to get their house in the range of 50 lakh are also now eligible to participate in the government’s responsible housing loan subsidy scheme. That is why it will increase the number of home loan demands in banks in the next 5 years.

Approval of Finance ministry on new urban housing subsidy loan scheme 

The Finance Ministry of the Government of India has recently approved the proposal of 60,000 crore rupees to implement a new urban housing loan subsidy scheme. However the authority has not provided any information about the implementation of this scheme, but as the ministry has approved the proposal, beneficiaries will soon get subsidy offers from the Government of India to purchase a new house in urban areas in the range of 50 lakh. 

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[New] Urban Housing Loan Subsidy Scheme 2023 

According to the official statement of Pradhan Mantri Narendra Modi in his Independence Day speech, the new urban housing loan scheme will provide an opportunity to purchase a home under the range of 50 lakh. The Pradhan Mantri Awas Yojana Loan Scheme 2023 is specially designed for students who are living in Rented houses, slums, chawls, and unauthorized colonies in urban areas.

Beneficiaries will get a maximum Rupees 90,0000 loan amount in the interest rates of 3% to 6.5%. The interest rates will vary according to the loan amount and the condition of the applicant. However the scheme has not been implemented yet but once it is implemented, it will provide benefits to up to 50 lakh families according to the chairman of the State Bank of India.

Beneficiaries will get the opportunity to repay their loan amount in the tenure of 20 years. However, it should also assumed that the government may merge this scheme with the already-running PMAY scheme. But these all are predictions, so you have to wait for the official statement of the Government of India to purchase houses under the new urban housing loan subsidy scheme. 

Eligibility criteria for PMAY [URBAN]

Income GroupHousehold Income
Economically Weaker Sections (EWS)Up to Rs.3 lakh
Low Income Group (LIG)Rs.3 lakh to Rs.6 lakh
Middle Income Group-I (MIG-I)Rs.6 lakh to Rs.12 lakh
Middle Income Group-I (MIG-II)Rs.12 lakh to Rs.18 lakh

Implementation of New Urban Housing Loan Scheme 

According to the experts of a government scheme, the Parliament elections will conducted in the financial year 2024. So it is highly expected that the government may implement this scheme before starting the elections. So if you are living in an urban area and you do not have your own home then it is highly possible that your application will preferred if the government follows the words of the prime minister in his Independence Day speech in 2023. 

How to apply for PMAY Urban ?

To apply for PMAY-Urban, following the steps given below:

  • Visit to PMAY official website
  • Click on “Citizen Assessment” on the top navigation panel.
  • Select either “Benefit Under Other 3 Components” or “For Slum Dwellers” according to your category.
  • Enter your Aadhaar number.
  • Click ”Submit”.
  • When validated, you will directed to the next page.
  • Fill in the required details of yourself and your family.
  • Recheck the details to make sure they are accurate.
  • Once satisfied, enter the captcha code.
  • Click on ”Submit”.

PMAY Urban guidelines 2023

Here are the guidelines for PMAY Urban:

  • Beneficiary family consists of husband and wife as well as any unmarried sons or daughters
  • No member of the family should own a pukka house in their name in any part of India
  • Beneficiaries must not have availed assistance from any other government housing scheme.
  • Adult earning members (irrespective of marital status) will be considered as a separate household if they do not own a pukka house anywhere in India
  • Aadhar numbers of family members should be provided during loan application
  • Married couples are eligible for a single home either under joint or single ownership.

FAQ’s : PMAY Urban 2023

Can I eligible for PMAY-Urban if I have a plot of land ?

Yes, if you fulfill all other eligibility criteria, you can avail the subsidy under the Beneficiary-led Individual House Building scheme.

Could I apply for PMAY-Urban if my parents own a house ?

If you fall under the income category given above, you can apply for PMAY-Urban even if your parents own a house because adult earning members are considered as a separate household, but you should not be owning a pucca house elsewhere in your name.

Can a married couple apply for two separate interest subsidies for two independent home loans under PMAY-Urban ?

No. A married couple is only eligible for a single house under the PMAY-Urban scheme


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