The government has tripled the corpus of the Credit Risk Guarantee Fund Trust to ₹3,000 crore from 1000 crore to protect financiers and investors lending to the urban poor.
The management of the fund is being transferred from National Housing Bank to National Credit Guarantee Company.
The scheme aims to provide housing assistance to 1 crore urban poor and middle-class families over the next five years.
The scheme involves a total investment of ₹10 lakh crore, with a government subsidy of ₹2.3 lakh crore.
The cost of house construction will be shared between the Centre, State governments, UT administrations, urban local bodies, and beneficiaries.
A Technology and Innovation Sub-Mission (TISM) will be established under PMAY-U 2.0.
As of now, 118.64 lakh houses have been sanctioned under PMAY-U.
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