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Affordable Housing

7 Affordable Housing Schemes In India

7 Affordable Housing Schemes In India

In recent years, a number of affordable housing programs in India has been introduced in recent years, with the joint efforts of the governments of the central government and the country. These initiatives aim to achieve the “living space for everyone until 2022”. Such housing guidelines are specially designed for the purchase of a simpler and affordable house process for lower and medium -sized income groups. These guidelines provide subsidies for domestic loan interests for justified citizens to buy or build a house with basic facilities such as water, electricity, etc.

List of 7 affordable housing programs in India

Many citizens have taken into account the programs discussed in this section. This is because the systems can be separated depending on the state and central government policy.

The initiatives of the central government are discussed in the following sections.

1.Pradhan Mantri Awas Yojana (Urban) 

Affordable Housing

PMAY (Urban) is the most important urban housing in India and offers subsidies for house loan interests for buying or building a house. As part of this program, GOI will strive for affordable housing by the end of 2022.

The income criteria are discussed below, the amount of the legitimate loan for subsidies, interest subsidies and carpet sector of the living unit for various economic parts of society.

Household Income  Eligible Loan Amount  Amount of Interest Subsidy  Maximum Dwelling Unit Carpet Area
Economically Weaker Section Up to Rs. 3 lakh Up to Rs. 6 lakh 6.50% 30 square metre
Lower-Income Group Rs. 3 lakh – Rs. 6 lakh Up to Rs. 6 lakh 6.50% 60 square metre
Middle-Income Group I Rs. 6 lakh – Rs. 12 lakh Up to Rs. 9 lakh 4% 160 square metre
Middle-Income Group II Rs. 12 lakh – Rs. 18 lakh Up to Rs. 12 lakh 3% 200 square metre

The maximum repayment period for all income groups is 20 years.

2. Pradhan Mantri Gramin Awas Yojana

Affordable Housing

PMAY has also developed rural housing for affordable housing programs in India. The PMGAY welfare system offers a 3% concession for domestic loan interest from RS. 2 Lakh. This advantage can be used to improve a current house or build in rural areas. The approval criteria are given with PMAY (Urban) with a few additional details:

-A family should not have a solid house that benefits this program

-The beneficiory of the family should only have a spouse and/or unmarried children

-Scheduled Cast (SC), Scheduled Tribe (ST), non-SC or ST who belong to the BPL category and free bonded labourers can avail benefits of this scheme

3.Rajiv Gandhi Awas Yojana Housing Scheme

Affordable Housing

In 2009 the Indian government (Goi) Rajiv Gandhi Awas Yojana (Ray) started under the Ministry of Housing and the reduction of Urban Property (MUPA). It tries to rule out India from slums and bring illegal structures under formal standards to increase the standard of living.

Ray has the following advantages:

In order to make projects free of slum and prepare projects for selected slum development, the strategy uses two phases -enforcement methods.

This program offers states, union areas, local urban authorities and organizations of the central government financial support.

For residential units from 21 to 40 square meters, the Indian government provides 75,000 financial support for the economically weaker section for their affordable housing.

The following are the qualified criteria:

-The initiative is open to people who in slum regions within cities (whether notified or not), the real estate of the central government and the state government, autonomous authorities within the framework of the parliamentary law, the local urban bodies and urbanized villages in accordance with the city’s plan.

-The guideline offers cities and UTS priority with high content of STS, SCS, minorities and slums.

-Historical and cultural cities, the capitals of the tourism industry and the headquarters of the district are given special considerations.

The state governments have also used various housing programs for economically and socially disadvantaged people. These initiatives aim to provide important facilities as well as houses or diagrams for allocation or construction.

4.Delhi Development Authority Housing Scheme

Affordable Housing

The Delhi development authority presented a new housing on December 23, 2021 for affordable housing. 18,335 apartments are available in areas such as Dwarka, Jasola, Rohini, Siraspur, Jahangirpuri and Narela. The four available apartment categories are a group with a lower income (LIG), a group with high incomes (HIG), a group with medium income (MIG) and Janta’s apartments. Over 16,000 applications were received by March 10, 2022.

The approval criteria for the scheme are as follows:

-Veterans, widows of the war, SC/ST, individuals and people with disabilities can benefit from this program.

-The applicant should be at least 18 years old.

-The beneficiary should have more than 67 square meters in the canton area Delhi, Delhi or Delhi.

-If a husband and a wife apply for the program and win the happy draw, only the advantages of this program can be used.

5.Tamil Nadu Housing Board Schemes

The Chennai City Trust began an improvement that was known in 1961 as Tamil Nadu Housing Board program. The program intends to give the growing population free apartments, since migration in urban regions searches for lifestyle and lifestyle better. Thanjavur Housing Division, Trichy Housing Division, Besant Nagar Division and other differences are the program.

In order to be entitled to this program and be a part of affordable housing, you must meet the following requirements:

-The applicant must come from Tamil Nadu, who is at least 21 years old.

-A person who has no house as part of another apartment plan can also apply.

6.Maharashtra Housing and Area Development Authority Lottery Scheme

In order to make residential properties more accessible(affordable housing), the authority for housing and district development (MADA) has launched a lottery mechanism. This program comprises 1,300 low cost houses with prices between 14.6 LAKH and 5.8 CRore.

The income listed below and other parameters determine the authorization of the person for this program.

-The applicant must come from Maharashtra and over 18 years.

-It must be the person with a PAN card with a PAN card.

-There must be a monthly income between RS. 25.001 and Rs. 50,000.

-MIG apartments should earn between RS. 50.001 and Rs. 75,000 per month.

-Monthly income of more than RS. 75,000 is required to apply for high -apartments.

7.NTR Housing Scheme

In 2016, the Andhra Pradesh government launched the NTR Accommodation Scheme to give inexpensive housing to those in need in the state’s rural and urban districts. This programme organises low-interest housing loans for the poor, allowing them to build or rebuild homes at a reasonable cost through reputable financial companies.

To be eligible for benefits under the scheme, you must meet the following requirements:

-The applicant must be an Andhra Pradesh resident.

-To apply for this scheme, you must have a white ration card or a BPL (below poverty line) card.

-If a property is owned under any of the other government housing plans, it is not eligible for this scheme.

Also Read – House Renovation-6 Tips To Do Before You Start (aquireacres.com)

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