Through various incentives and perks, the Indian government promotes home ownership. To assist those with low incomes in purchasing a home, the government of India introduced affordable housing schemes or low-cost housing programmes.
With the current economic scenario, these government schemes will help you avoid the high rates offered in the industry with better construction quality. These programmes are controlled by the federal and state governments, respectively.
Potential homeowners can accomplish their dream with the help of government housing schemes. Let's explore them in detail!
The Indian government introduced PMAY to help the Economic Weaker Section (EWS) of society to afford a home. PMAY-Urban would help via a subsidy of up to ₹2.67 lakhs for eligible people. Based on the sub-section eligibility, the loan amount and the house's size, the scheme's eligibility is determined.
PMAY Gramin was initially introduced as the Indira Awaas Yojana. This govt housing scheme was introduced to help homeless families and give them pucca houses with all the necessary basic facilities by 2024. The PMAY Gramin programme is just one of the several government programmes designed to end poverty. This programme halves the cost of building new homes with the state while providing financial assistance to low-income families. Families living in kutcha or decaying houses will benefit from this plan.
Given below are the features of the PMAY Gramin program:
The Rajiv Awas Yojana is a govt housing scheme that the central government started to eliminate slums in India. It is a Central Sector Scheme, also known as the Rajiv Housing Scheme, that intends to provide low-cost housing facilities to the urban poor and essential social amenities, basic shelter, and civic infrastructure to every citizen.
The Rajiv Awas Yojana's features and benefits are detailed below :
The DDA housing plan, introduced in December 2018, provides homes for low-income groups and additional benefits for the economically weaker section(EWS) group. You must be registered under the relevant categories of the Housing Registration Schemes. First come, first-served is how apartments are distributed. The eligibility requirements determine the final allocation. You become eligible at 18, provided you do not possess a residential unit or plot larger than 67 square metres in Delhi's metropolitan area in your name, your spouse's name, or the name of any dependents. On the DDA website, you can register and apply through a bank.
The features of the Delhi Development Scheme are discussed below-
An affordable housing initiative has been started by Haryana Shehari Vikas Pradikaran (HSVP), previously the HDA, Haryana Development Authority. The body manages the state's 6200 housing sites. Cities like Sirsa, Karnal, Rohtak, Faridabad, and others have scattered plots. A draw procedure is used to allocate the houses. The draw can be accessed on the HSVP website.
The features of the housing plan include-
The MHADA lottery programme is designed for people in Mumbai, Pune, Konkan, and Aurangabad with various economic classes. A set amount is set aside for the less fortunate population groups. Residents of Maharashtra who are employed and over 18 and have valid documents are eligible. Incomes between ₹25,001 and ₹50,000 fall into the LIG category, ₹50,001 to ₹75,000 falls into the MIG category, and ₹75,000 and above fall into the HIG category. For application, visit the city's official MHADA website.
The goal of the Tamil Nadu Housing Board is to provide a home for every resident, and it plays a significant part in meeting this objective. It fulfils the requirement of the economically different sections of people using modern construction techniques. As a matter of policy, it ensures that construction uses high-quality materials at prices that people in these groups can afford.
The Indian government is actively working to provide suitable housing for all citizens. Government housing projects are based on an individual's basic needs. The state administration has made a significant effort to give the citizens all the necessary facilities. Check out different affordable housing schemes the government offers if you're considering investing in a home. Even if you don’t qualify for any of these schemes and are thinking of taking out a loan to buy a home, look at Fi’s EMI calculator to understand exactly how much you will be paying depending on the tenure and loan amount taken.
The housing scheme refers to different programmes launched by the government and non-profit organisations to help the financially weaker section of people fulfil their dream of owning a home.
You can apply for the Modi housing scheme online by visiting the official website of Pradhan Mantri Awas Yojana at https://pmaymis.gov.in/
Here are some affordable housing schemes in India -
1. Pradhan Mantri Awas Yojana (PMAY Urban)
2. Pradhan Mantri Awas Yojana (PMAY Gramin)
3. Rajiv Awas Yojana
4. Delhi Development Scheme
5. Haryana Housing Board
Affordable housing means housing for households with less than a year's median income. To make housing more accessible, the government has developed multiple schemes that reduce purchase prices and make loans with lesser interest rates more accessible for specific communities.