- Bhubaneswar Municipal Corporation teams up with private banks to offer housing loans under Pradhan Mantri Awas Yojana (Urban) 2.0.
- Cost-sharing model includes 40% contribution each from Centre and State, with beneficiaries paying 20%.
- Affordable housing projects growing in Odisha with lottery-based allotment and construction in progress.
In a significant move to make urban housing more accessible, the Bhubaneswar Municipal Corporation (BMC) has partnered with private banks to provide financial support under the Pradhan Mantri Awas Yojana (Urban) 2.0. The collaboration will enable beneficiaries to secure housing loans more easily, reducing the financial burden on families struggling to arrange their share of costs. Officials said the initiative is expected to speed up home ownership for low- and middle-income groups in the city, strengthening the reach of the government’s flagship housing scheme.
Bhubaneswar Municipal Corporation’s Partnership with Private Banks
BMC has signed an agreement with a private bank to provide housing loans to beneficiaries of the Pradhan Mantri Awas Yojana (Urban) 2.0. This partnership initially covers 600 allottees who have already been approved houses in various projects within Bhubaneswar city limits. The goal is to support families in managing their financial contributions and make owning a home easier.
Financial Structure of Pradhan Mantri Awas Yojana (Urban) 2.0
The scheme follows a cost-sharing model where the Centre and State governments each contribute 40% of the housing cost. Beneficiaries are responsible for the remaining 20%, which is about Rs 1.5 lakh per house. Many families have found it hard to gather this amount, which is why BMC’s partnership with banks is important to provide loan help.
Loan Application Process and Support for Beneficiaries
To make the loan application process easier, a coordination meeting was held with BMC officials, bank representatives, contractors, and departmental staff. This meeting aimed to finalize procedures and make sure families get the support they need to handle banking formalities smoothly. This hands-on help assists beneficiaries in completing their loan applications quickly and reduces delays.
Growth of Affordable Housing Projects in Odisha
Odisha’s state government is actively working to speed up affordable housing delivery under the Pradhan Mantri Awas Yojana (Urban) 2.0. Construction is currently happening at multiple sites in Bhubaneswar, managed by the Bhubaneswar Development Authority and the Odisha State Housing Board.
Housing Project Details and Allotment Process
Houses under this scheme are priced between Rs 15 lakh and Rs 50 lakh, making them affordable for many urban families. The allotment of houses is done through a lottery-based selection system to keep things fair and clear. The Housing and Urban Development Department has also announced plans to extend the scheme to other urban centres in Odisha that are facing congestion and rising property prices.
If you want to benefit from the Pradhan Mantri Awas Yojana (Urban) 2.0, watch for announcements from the Bhubaneswar Municipal Corporation and the Odisha Housing Board. This partnership with banks and the growing housing projects offer a promising way to own your dream home.