Owning a home is one of the biggest milestones of one’s life, and has a lot of symbolic and practical significance attached to it. It is an indication of having achieved stability in life and is tied to an expanding family and greater social responsibilities. Owning a house has many practical benefits as well. Homeowners in India are now empowered as they can purchase a house with easy housing finance options. Government home loan schemes, such as the Pradhan Mantri Awaas Yojana (PMAY), have empowered people from all walks of life, and especially people from disadvantaged social and economic classes, to buy homes. Here are three ways in which home loans empower people across different demographics in India.
Home loan for Women
Women have historically been financially insecure, especially when it comes to having a roof over their head. However, the scenario is rapidly changing. The PMAY gives housing loan preference to women regardless of which demographic they belong to and requires that the home be registered in their name. Making women homeowners and providing them with subsidised home loans goes a long way in empowering them and offering security with a shelter.
Additional Read: Important Things to Know Before Availing Home Loan for Women
Lower Income Group (LIG) Category
Until very recently, people earning less than Rs. 6 lakhs annually did not have high hopes of buying a house till middle or old age. However, subsidised home loans that are available under schemes like PMAY make owning a house a lot easier. People in lower income groups (LIG), as defined under the PMAY can avail housing loans under lower interest rates for a longer tenure and buy or build a pucca house for their family.
Socially Disadvantaged People
Many people, such as transgenders and other members of the LGBT+ community, turn into social outcasts when they deviate from the norm and that can affect every part of their life. One of the most tragic things that happen to them is the constant refusal of landlords to rent them homes due to bigotry and prejudice. However, easily available home loans are now solving housing concerns. In fact, the PMAY scheme gives preference to economically disadvantaged transgendered people, and they can avail subsidised home loans.
Tata Capital is linked to the PMAY scheme, and hence offers affordable home loans for people from socially and economically disadvantaged communities. Home loan eligibility depends on the demographic you belong to, and you can only avail the subsidy if you belong to EWC, LIG or MIG (Middle Income Group) classes, or if you are a woman, or transgender, or a physically disabled person, or belong to Scheduled Castes or Schedule Tribes. Creditors may take loans of sums above Rs. 2 lakhs for up to 30 years, with attractive home loan interest rates.
Additional Read: Common Mistakes Made While Applying for Home Loan Under PMAY
If you are looking for a home loan EMI calculator, look no further. Tata Capital offers an EMI calculator for home loan to help you calculate monthly payments. You can also use our home loan calculator to determine your eligibility. Get in touch with Tata Capital and experience a world of easy housing finance options.