HOUSING FOR YOUNG ADULTS
‘Land’ and ‘Colonization’ are State subjects. Therefore, schemes related to housing for their citizens including young adults, first-time homebuyers, working professionals etc. are implemented by States/Union Territories (UTs). However, Ministry of Housing and Urban Affairs (MoHUA) supplements the efforts of States/UTs by providing Central Assistance under Pradhan Mantri Awas Yojana – Urban (PMAY-U) since 25.06.2015 to provide all weather pucca houses with basic civic amenities to eligible urban beneficiaries including youth and working professionals across the country.
Based on the learnings from the experiences of implementation of PMAY-U, MoHUA has revamped the scheme and launched PMAY-U 2.0 ‘Housing for All’ Mission with effect from 01.09.2024 for implementation in urban areas across the country to construct, purchase and rent a house by 1 crore additional eligible beneficiaries at affordable cost in next five years. The scheme is implemented through four verticals i.e., Beneficiary Led Construction (BLC), Affordable Housing in Partnership (AHP), Affordable Rental Housing (ARH) and Interest Subsidy Scheme (ISS). Under ISS vertical all eligible beneficiaries including young adults and working professionals having annual household income up to ₹9 lakh may avail 4% interest subsidy up to ₹1.8 lakh for the housing loan up to ₹25 lakh with the house value up to ₹35 lakh.
This information was given by the Minister of State for Housing & Urban Affairs, Shri Tokhan Sahu in a written reply in the Rajya Sabha today.(UPDATED ON 16TH MARCH 2026)