The Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 is the second iteration of the Prime Minister’s Housing Scheme. It is designed to tackle the housing deficit faced by the urban poor in India. The scheme aims to provide financial assistance primarily to economically weaker sections and lower-income groups in urban areas, enabling them to build or purchase their initial homes.
One of the significant updates in PMAY-U 2.0 is the expansion of the Credit Risk Guarantee Fund Trust. The government has increased its corpus from ₹1,000 crore to ₹3,000 crore. This enhancement is intended to provide a more substantial risk guarantee on affordable housing loans offered by banks, housing finance companies, or primary lending institutions to benefit the urban poor.
Under the newly restructured scheme, the management of the Credit Risk Guarantee Fund Trust will transition from the National Housing Bank to the National Credit Guarantee Company. This shift is part of a broader restructuring effort, with updated guidelines expected to be released shortly.
To date, a total of 118.64 lakh houses have been sanctioned under the PMAY-U initiative. This figure reflects the government's ongoing commitment to addressing the housing needs of the urban population.
PMAY-U 2.0 aims to extend financial assistance to 1 crore families from the urban poor and middle-class sectors. This support will facilitate the construction, purchase, or rental of affordable housing over the next five years, coordinated through various States and Union Territories.
The projected total investment for PMAY-U 2.0 stands at ₹10 lakh crore, accompanied by a government subsidy amounting to ₹2.3 lakh crore. This financial framework is designed to enhance the accessibility of housing for low-income families.
Another notable feature of PMAY-U 2.0 is the introduction of a dedicated Technology and Innovation Sub-Mission (TISM). This initiative aims to promote innovative solutions and technologies in the housing sector, further supporting the mission to provide affordable housing.
These enhancements in PMAY-U 2.0 reflect a robust strategy to improve housing availability for India's urban poor and lower-income families, ensuring a comprehensive approach to urban housing challenges.
Q1. What is the main goal of PMAY-U 2.0?
Answer: The primary goal of PMAY-U 2.0 is to address the housing shortage for urban poor and lower-income groups by providing financial assistance for constructing or purchasing homes.
Q2. How much has the Credit Risk Guarantee Fund Trust been increased in PMAY-U 2.0?
Answer: The corpus of the Credit Risk Guarantee Fund Trust has been increased from ₹1,000 crore to ₹3,000 crore to enhance risk guarantees on housing loans.
Q3. Who will manage the Credit Risk Guarantee Fund Trust under PMAY-U 2.0?
Answer: The management will shift from the National Housing Bank to the National Credit Guarantee Company as part of the restructuring of the scheme.
Q4. How many houses have been sanctioned under PMAY-U?
Answer: As per the latest reports, a total of 118.64 lakh houses have been sanctioned under the PMAY-U initiative.
Q5. What financial support is provided under PMAY-U 2.0?
Answer: PMAY-U 2.0 offers financial assistance to 1 crore urban poor and middle-class families for constructing, purchasing, or renting affordable homes.
Question 1: What is the main objective of PMAY-U 2.0?
A) To promote urban tourism
B) To address housing shortages
C) To increase urban population
D) To enhance agricultural output
Correct Answer: B
Question 2: How much is the total investment projected for PMAY-U 2.0?
A) ₹5 lakh crore
B) ₹8 lakh crore
C) ₹10 lakh crore
D) ₹15 lakh crore
Correct Answer: C
Question 3: Who manages the Credit Risk Guarantee Fund Trust in PMAY-U 2.0?
A) National Housing Bank
B) State Bank of India
C) National Credit Guarantee Company
D) Ministry of Housing
Correct Answer: C
Question 4: How many families will receive financial assistance under PMAY-U 2.0?
A) 50 lakh
B) 75 lakh
C) 1 crore
D) 1.5 crore
Correct Answer: C
Question 5: What additional initiative is included in PMAY-U 2.0?
A) Housing for elderly
B) Technology and Innovation Sub-Mission
C) Urban transport development
D) Smart city projects
Correct Answer: B
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