Here we have explained about government’s scheme PMAY 2.0 MIG 2: Eligibility, Subsidy, Benefits, and Registration process in easy and Simple words to apply easily.
If you are living in an urban area and dreaming to have your own home then Pradhan Mantri Awas Yojana (PMAY) Urban 2.0 will help you to fulfill your dream. This scheme is for providing affordable housing for families in different income groups, including the Middle-Income Group 2 (MIG 2) category.
Let’s know everything about the eligibility, subsidies, benefits, and how to register under PMAY 2.0 MIG 2.
What is PMAY 2.0 Urban MIG 2?
PMAY 2.0 is the second phase of Pradhan Mantri Awas Yojana (Urban), for MIG 2 category families with middle-income i.e. between Rs.6 lakh and Rs.9 lakh per annum. If you belong to this group then you are eligible for the subsidy on housing loans, and reducing the financial burden.
Who is Eligible for PMAY 2.0 MIG 2?
To benefit from PMAY 2.0 under the MIG 2 category, you must meet these PMAY 2.0 eligibility criteria:
| Criteria | Details |
| Income Range | Annual household income should be between Rs.6 lakh and Rs.9 lakh. |
| Housing Status | The applicant or any family member should not own a pucca (permanent) house anywhere in India. |
| Loan Amount | Maximum loan amount eligible for subsidy is Rs.12 lakh. |
| Age of Applicant | Must be at least 18 years old. |
| Property Location | The house must be located in urban or semi-urban areas. |
| Family Composition | Includes husband, wife, and unmarried children. |
| Applicant must not have availed of any government housing scheme before. |
What Subsidy is Offered Under MIG 2?
The govrnment is giving subsidy under PMAY 2.0 for MIG 2 to the eligible families is:
| Feature | Details |
| Subsidy Rate | 4% interest subsidy on home loans. |
| Maximum Loan Tenure | Up to 20 years or as per the lender’s norms. |
| Maximum Loan Amount | Rs.12 lakh for subsidy calculations. |
| Subsidy Amount | Up to Rs.2.30 lakh credited in to your loan account. |
| Carpet Area | Housing units must be up to 200 sq. meters to be eligible. |
This subsidy amount reduces your financial burden while building your MIG 2 home by decreasing the amount of interest.
Benefits of PMAY 2.0 for MIG 2 Families
The PMAY 2.0 urban MIG 2 is specially for urban generation belongs to this category. They will be benefited by getting:
- Affordable Housing Loans: Lower interest rates will be applied to their loan amount to reduce monthly EMIs and overall low return.
- Financial Assistance: Up to Rs.2.30 lakh subsidy will be granted that will reduce the financial burden.
- For Middle Class Approach: this housing scheme is focusing on urban growth that belongs to middle-class.
- Improved Lifestyle: It will help them to build their own pucca house and improving families to upgrade their living conditions in urban areas.
How to Register for PMAY 2.0 MIG 2?
If you want to register for PMAY 2.0 MIG 2 then you can do it both online or offline by following these step-by-step process:
Online Registration
1. Visit the Official Website
To apply for MIG 2 in this scheme you need to go to the official PMAY Urban Portal.
2. Choose the MIG 2 Category
At the homepage of this portal look for “Apply Online” click on that and select the MIG 2 category.
3. Enter Aadhaar Details
Now you have to enter your Aadhaar number to verify your identity.
4. Complete the Application Form
Here you have to provide your clear and correct information like your family income per annum, family members, and property location. Fill it accurately to avoid the rejection.
5. Upload Required Documents
Submit scanned copies of supporting documents like:
- Aadhaar Card
- Income Certificate
- Proof of property to build a house
- Bank Statement
- Loan Sanction Letter (if already approved)
6. Submit the Application
After reviewing the form, click “Submit” (if everything is correct) and save the receipt with you as a proof.
Offline Registration
- To apply offline, you need to visit to your bank and ask manager the form to fill and apply for.
- Fill the application form correctly with all required details.
- Attach photocopies of supporting documents and identity proofs as mentioned below and,
- Submit the form to the bank manager to proceed you application.
Required Documents for PMAY 2.0 MIG 2 Registration
To complete the registration process for this scheme you will need following documents. If you are applying online then scan these documents to upload with your application or if you want to apply offline then take the photocopies of all these to attach with your application. The documents are:
- Aadhaar Card
- Income Certificate
- Property Documents
- Loan Sanction Letter (if you have already)
- Bank Account Details
The PMAY 2.0 MIG 2 scheme is a golden opportunity for those who want to build their homes in urban areas and belong to the middle class families. Apply soon to get the advantage of financial subsidy, if you are eligible. Follow our simply explained PMAY 2.0 MIG 2 Urban registration process, and build your dream house.
