In a developing country like ours, it becomes even more prudent to provide income-friendly housing options for various sections of society. The Indian government has been pushing for creating more affordable home options for the lower and middle-income groups and the economically weaker sections (EWS) of society.
Estimates suggest that over 600 million people will be living in urban India by 2031. This appreciable growth of 51% since 2011 indicates a dire need to roll out cost-effective housing options, ensuring the underprivileged sections can afford a house while giving a boost to the Indian real estate sector. Keep reading to know why we need affordable homes in India.
To combat the challenges of urbanisation
India has been going through an economic transition for the last few years. This has widened the gap between the rich and the poor. Moreover, home loans mainly cater to the more financially robust section of the population. As such, there is a need for the government to push affordable home loans in India and create other opportunities to house the growing migrant population from rural to urban areas.
To provide safe and affordable living conditions
According to the Planning Commission, the housing shortage is calculated by adding factors like:
- Houseless households
- Households living in unacceptable conditions
- Households suffering from physical and social constraints due to over congestion of living spaces
These conditions persist because of the high home loan interest rates, which gate-keep a large chunk of the population from buying their own home. Thus, there is a need for affordable interest rates to make housing available for all.
Additional Read: Home Affordability in Current Market Scenario
To improve the overall health of citizens
Having a roof over one’s head can significantly reduce tension and financial stresses. And improve the mental health, thus boosting their happiness quotient and productivity. It also reduces exposure to infections and diseases, promoting good health in the population.
To create jobs
Housing projects attract employers, employees and create jobs in the market. This also generates more tax revenue for the government and boosts consumer spending. This, in turn, has a positive effect on overall economic growth.
Purchasing a house is now affordable and convenient with Tata Capital. You can avail yourself of a loan at subsidised rates under the PMAY scheme. Furthermore, you can use our loan EMI calculator to understand your EMI burden fully before finalising the loan.
Additional Read: Affordable Housing Loan with Tata Capital
Simply enter your loan amount, duration, and interest rate in the loancalculator and calculate your payable EMIs instantly. Use our loan calculators for an accurate estimate of the loan rates and charges.
Besides, you can secure some of the most affordable interest rates and quick loan disbursal facilities. All you need to do is provide some essential income and identity proof documents! So, visit our website and make the right choice for your future home.