Big Boost For Affordable Housing! J & K Gears Up For PMAY-Urban 2.0 Interest Subsidy Rollout

(MENAFN- Kashmir Observer) Jammu- In a major push for affordable housing in Jammu & Kashmir, Commissioner Secretary, Housing & Urban Development Department (HUDD), Mandeep Kaur, chaired a high-level meeting to fast-track the implementation of the Interest Subsidy Scheme (ISS) under Pradhan Mantri Awas Yojana-Urban 2.0 (PMAY-U 2.0).

Senior officials from J&K Bank, financial institutions, and housing authorities strategized on expediting subsidy disbursals, ensuring seamless loan facilitation for eligible homebuyers from EWS, LIG, and MIG categories.

The meeting focused on devising strategies for effective implementation of the Interest Subsidy Scheme (ISS) component under Pradhan Mantri Awas Yojana-Urban 2.0 (PMAY-U 2.0).

Pertinently, the Pradhan Mantri Awas Yojana-Urban 2.0, launched by the Prime Minister on 17th September 2024, included the Interest Subsidy Scheme (ISS) as a key initiative to enhance affordable housing accessibility. Under this Central Sector Scheme, the eligible beneficiaries from the Economically Weaker Sections (EWS), Lower Income Group (LIG) and Middle-Income Group (MIG) categories will receive an interest subsidy on home loans sanctioned and disbursed on or after 1st September 2024. The subsidy aims to support the beneficiaries seeking to construct or purchase a house.

The Commissioner Secretary emphasized the urgent need for all banks to sign a Memorandum of Understanding (MoU) with any Central Nodal Agency (CNA) designated by the Ministry of Housing & Urban Affairs (MoHUA), Government of India. This step is crucial to facilitate the timely claim and transfer of subsidies to the eligible beneficiaries.

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Under the scheme, the eligible beneficiaries with an annual family income of up to ₹9 lakh can avail of an interest subsidy of ₹1.80 lakh. Home loans up to ₹25 lakh for properties valued at up to ₹35 lakh, with a carpet area of up to 120 square meters, qualify for a 4.0% subsidy on the first ₹8 lakh for a loan tenure of up to 12 years.

During the meeting, Mandeep Kaur asked the J&K Bank, as the Convenor of J&K UTLBC, to ensure that the Interest Subsidy Scheme (ISS) is thoroughly reviewed in the upcoming J&K UTLBC meeting. She also urged all financial institutions to actively participate in the scheme's rollout and provide necessary support to beneficiaries.

The meeting was attended by the Managing Director, J&K Housing Board (Mission Director, PMAY-Urban 2.0), Director Finance, Housing & Urban Development Department; General Manager, J&K Bank Ltd.; Financial Advisor/Chief Accounts Officer, J&K Housing Board; Assistant General Manager, National Housing Bank (NHB); Regional Chief, Housing & Urban Development Corporation (HUDCO); Chief Manager, State Bank of India (SBI); and other senior representatives from public and private sector banks.

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