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Bhubaneswar Municipal Corporation has partnered with a private sector bank to provide support to urban poor beneficiaries under the Pradhan Mantri Awas Yojana (Urban) 2.0. The collaboration aims to simplify banking processes and guide individuals in arranging their equity contribution. A pilot involving 600 beneficiaries has been rolled out, with each required to contribute an average of around USD 1,500 under the 40:40:20 cost-sharing model.
Bhubaneswar Municipal Corporation (BMC) has entered into a tie-up with a leading private bank to ensure that urban poor families under the affordable housing scheme receive structured support in securing their loans. The move is expected to reduce the complexities of banking norms while helping beneficiaries arrange their equity share. Advertisement
The pilot phase covers 600 individuals who have been allotted housing units under the Pradhan Mantri Awas Yojana (Urban) 2.0. In this model, the Centre and State together contribute 80 per cent of the funding, while the remaining 20 per cent is borne by the beneficiary. For most allottees, the individual contribution amounts to approximately USD 1,500.
This partnership is designed not only to improve disbursement efficiency but also to ensure that the beneficiaries receive guidance at every step, from documentation to the release of loans, making the scheme more accessible to those who often face hurdles in formal banking systems.
By handholding beneficiaries through the funding process, the initiative demonstrates a structured approach to bridging the gap between government housing schemes and their intended recipients. If implemented effectively, the pilot may encourage similar partnerships in other cities, thereby expanding the reach of affordable housing finance
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