What are the Top 6 Schemes for Affordable Housing in India?
There is an endless list of investment types trending in the market today. It can be the modern way of investing in cryptocurrencies or the traditional method of collecting precious metals like gold. You will come across a maximum of the population putting their money into some kind of schemes to earn a profit. However, among all these types of investments known today, nothing really beats the idea of investing in a property. Buying a property has always been considered to be one of the best investments for any individual. Also, a traditional form of investment, it is widely accepted and highly recommended by experts as well. However, how easy is it really today for every individual to invest in a property? Let’s answer these queries in our discussion further.
List of Government Housing Schemes for Affordable Housing
India is a country blessed with its rich culture and unique traditions. And let’s be honest, we still believe and respect what our ancestors and elders have taught us. One of the many learnings is the wide benefits of investing in a property. Hence, with a fair idea of the population, the Indian Government is today responsible for introducing its citizens to a wide range of housing schemes. The variations of schemes are controlled either by the state or central government. However, each policy aims towards easing the house buying process. Additionally, with the current economic situation and soaring prices of real estate properties, affordable housing scheme acts as a blessing. So, here, we have curated for you a list of some of the best government housing finance schemes that you can benefit from:
- CLSS under Pradhan Mantri Awas Yojana: Popularly known as “PMAY”, the Pradhan Mantri Awas Yojana goes by its popular theme, “Housing for all by 2022.” This was introduced to offer affordable housing schemes for the Lower Income Group, Middle Income Group and the Economically Weaker Sections. To avail the PMAY benefits, it is mandatory that the individual does not own a pucca house and have unmarried children, in a family. (add another para on PMAY).
PMAY is an abbreviation to the Pradhan Mantri Awas Yojana which aims to develop affordable housing schemes for the under privileged. This government-funded scheme constructs homes in cities with major population of the weaker sections. Launched in the year 2015, the PMAY housing scheme can be easily applied to with a visit to the official website.
- Aponar Apon Ghar Scheme (Assam): A government housing finance scheme by the state government of Assam, Aponar Apon Ghar scheme offers home loans to the state government employees at low-interest rates. An applicant must be a permanent resident of Assam and employed in any government department for minimum 5 years to be eligible to enjoy zero processing fees.
- DDA Housing Scheme: The Delhi Development Authority Housing Scheme too aims to provide housing benefits to individuals based on their monthly income. The categories of people who fall here include the EWS, LIG, MIG and HIG. Additionally, it reserves properties for SC/ST, people with disabilities, war widows and ex-servicemen.
- MHADA: The Maharashtra Housing and Area Development Authority Scheme is another popular housing scheme to offer affordable houses. Here, an individual should be 18 years and above. He or she should own a valid domicile certificate and a PAN card. Individuals who can apply for the scheme along with their respective monthly income include – LIG (INR 25,000 – INR 50,000), MIG (INR above 50,000 – INR 75,000) and HIG (above INR 75,000).
- Nandamuri Taraka Rama Rao Urban Housing Scheme: The NTR Urban Housing Scheme came into existence in 2016 to help the underprivileged of Andhra Pradesh own their houses. It comes under the Pradhan Mantri Awas Yojana scheme and allows individuals of the BPL class to apply. A subsidy of INR 2.5 lakhs is provided to all individuals and an additional benefit of INR 50,000 is provided to those belonging to the SC/ST classes.
- West Bengal Housing Board Scheme: Running successfully since the year 1973, the West Bengal Housing Board Scheme offers housing facilities to these categories of people – EWS, LIG, MIG 1, MIG 2 and HIG. Individuals falling in any of these categories are further allotted homes based on their monthly income. Additionally, the housing department in the state allots houses through a lottery system.
We at Protech Group understand the importance of owning affordable homes. Hence, all our properties are eligible for PMAY. We will be more than happy to assist you with your queries related to any form of housing schemes. Hence, allow us the opportunity to introduce you to your dream home and invest with us today.