BOM Pradhan Mantri Awas Yojana – Urban 2.0: Affordable Housing with Interest Subsidy

BOM Pradhan Mantri Awas Yojana – Urban 2.0 (PMAY-U 2.0) facilitates homeownership for urban India’s millions. With interest subsidies up to ₹1.80 lakh and loans up to ₹25 lakh, owning a home is now possible. Regardless of whether you are part of the Economically Weaker Section (EWS), Lower Income Group (LIG), or Middle Income Group (MIG), this scheme lets you have an untroubled and economical way to get a dream house. Apply hassle-free at NoBroker home to have it processed immediately, kept in minimal paper format, and have experts aid you throughout.

What is Pradhan Mantri Awas Yojana – Urban 2.0?

The Pradhan Mantri Awas Yojana – Urban 2.0 (PMAY-U 2.0) is a flagship initiative of the Indian Government aimed at providing affordable housing to all eligible urban families. With the help of Bank of Maharashtra (BoM) and NoBroker’s streamlined services, eligible beneficiaries can access subsidized home loans under the Credit Linked Subsidy Scheme (CLSS) framework.

This BOM Pradhan Mantri Awas Yojana – Urban 2.0 scheme is ideal for those from the Economically Weaker Section (EWS), Lower Income Group (LIG), and Middle Income Group (MIG) who dream of owning a home but are held back due to high interest rates or lack of funds. 

Overview

Key Features of BOM Pradhan Mantri Awas Yojana – Urban 2.0

1. Interest Subsidy Benefits

Eligible applicants can avail of interest subsidies up to ₹1.80 lakh on home loan repayments. The benefit actually is calculated by taking the Net Present Value (NPV) of the subsidy amount at a discount rate of 8.5 per cent.

2. Affordable Home Ownership

You can avail home loans up to ₹25 lakh for homes valued up to ₹35 lakh which makes home ownership accessible for even lower-income families in urban areas.

3. No Property Ownership Criteria

To avail of the benefit of the scheme, the applicant and their family must not own anywhere in India, a pucca house.

4. The Aadhaar Card

Submission of the existence of an Aadhar card is mandatory for all applicants, to prove identity and to process the application under the PMAY scheme.

Eligibility Criteria

BOM Pradhan Mantri Awas Yojana – Urban 2.0 benefits across three income streams. Here are the eligibility details:

Income-Based Stream:

Other Eligibility Guidelines:

• Self-declaration or affidavit is required as proof of income.
• No pucca house ownership in the name of the applicant or family across India.
• Loan tenure must exceed 5 years to be eligible for subsidy.
• Aadhaar-based identification is compulsory.
• Property must be located in statutory towns or areas notified by the government under Census 2011.
  

Subsidy Details

BOM Pradhan Mantri Awas Yojana – Urban 2.0 in line guidelines, offers:

• 4% interest subsidy on the first ₹8 lakh of the home loan amount.
• Maximum subsidy cap: ₹1.80 lakh.
• Eligible properties must not exceed a carpet area of 120 sq. meters.
• The subsidy is released in 5 equal annual installments.
  

This reduces the overall burden on borrowers, making repayment easier and quicker through BOM Pradhan Mantri Awas Yojana – Urban 2.0

Eligible Properties under the Scheme

To qualify for the subsidy under BOM Pradhan Mantri Awas Yojana – Urban 2.0, the property must:

• Be a residential house/apartment with a carpet area not exceeding 120 sq. meters.
• Be located in a statutory town as per Census 2011 or those notified subsequently.
• Be approved by state/UT housing departments with a valid layout plan.
  

Where states have issued relaxations on layout plan approvals, those may also be accepted by the Bank of Maharashtra.

Why Choose NoBroker to Apply for BoM PMAY-U Loan?

NoBroker is not just a facilitator; we’re your loan partner. When you apply for a BOM Pradhan Mantri Awas Yojana – Urban 2.0 through NoBroker, you enjoy:

• End-to-end assistance — from documentation to final subsidy release.
• Hassle-free online application process.
• Zero paperwork visits — we handle everything digitally.
• Expert guidance for income declaration and Aadhaar requirements.
• Faster in-principle approval and loan processing.

Unlike applying directly through the bank’s official site, we ensure that your application gets the attention and speed it deserves.

Step-by-Step Process to Apply for BOM Pradhan Mantri Awas Yojana – Urban 2.0 Loan via NoBroker

Step 1: Submit Your Home Loan Application

Visit NoBroker’s platform and fill out the digital application form for BOM Pradhan Mantri Awas Yojana – Urban 2.0 

Step 2: Upload Required Documents

You’ll need documents like Aadhaar, income affidavit/self-declaration, and property-related paperwork for the BOM Pradhan Mantri Awas Yojana – Urban 2.0 loan.

Step 3: Loan Sanction and Subsidy Registration

We will assist in registering you on the PMAY portal, ensuring that all subsidy eligibility criteria are met.

Step 4: Subsidy Disbursal

Once verified, the subsidy amount is credited directly to your loan account, reducing your total EMI burden.

Documents Required

• Aadhaar Card (mandatory)
• Self-declaration or affidavit for income
• Loan application form (available on NoBroker)
• Property documents including the layout plan
• Identity and address proof
  

Benefits of BOM Pradhan Mantri Awas Yojana – Urban 2.0 Loan Through NoBroker

Who Should Apply?

• First-time homebuyers
• Urban families from EWS, LIG, and MIG income groups
• Applicants with no pucca house ownership
• Individuals looking for affordable loans with subsidy
• People seeking loan processing support from experts like NoBroker