Real estate prices in India are increasing. Faced with this scenario, the government has devised affordable housing plans that will make your dream of buying an affordable home come true. Read on to find out more about prominent and affordable home plans in India.
Buying a home has always been the main goal in life for many people, but the rapid rise in real estate prices is a major concern. With the easy availability of home loans and home financing online, you can now easily plan your home buying expenses. In addition, the government’s suite of affordable housing plans has made the dream of buying a home come true. Affordable housing plans serve the economically weaker and low-income groups, enabling them to purchase affordable housing. Let’s explore the notable affordable housing schemes on offer for these target groups:
Pradhan Mantri Gramin Awas Yojana: As part of the “Housing for All by 2022” initiative, the government has launched this welfare plan to provide low-cost housing to rural residents of India. Under the PMAY-G scheme, the government aims to build a 1 crore house along with a 3% lien on home loans, amounting to Rs 2 lakh.
PMAY- Credit Linked Subsidy Scheme (CLSS): The credit-related support system is also part of PMAY. It provides assistance for the concession of interest rates to the economically weaker sections, to the low and middle-income groups. Any individual belonging to the target group can benefit from these facilities at ICICI Bank. The bank offers an interest subsidy benefit of up to Rs 2.67 lakh
Rajiv Awas Yojana: This scheme was launched in 2009 with the aim of eliminating illegal construction and slums and providing access to basic social facilities, civic infrastructure, and shelter for low-income groups in India.
MHADA Lottery Scheme: The MHADA lottery initiative is a government housing initiative that provides affordable housing to residents of Maharashtra who belong to various income categories. As part of the scheme, economically vulnerable sections, low-income groups, and middle-income groups can apply for a limited lottery scheme. Target groups can register through the portal by creating an account and completing a form attached to the necessary documents.
DDA Scheme: The Delhi Development Authority Housing Plan was launched in December 2018. The initiative aims to provide apartments for low, middle, and upper-income groups; However, there will be reservations about the economically weaker sectors of society.
Here are some of the top affordable housing schemes that provide a ray of hope for those who are struggling to buy a home due to high property prices.