Let’s face it! As India’s realty prices often stay on the higher end, many of you opt for home loans and affordable housing loan initiatives to buy your dream house.
Further, with increased availability of housing finance and online home loan EMI calculators, you are able to plan your housing expenses with ease. Add to it, a boost from local, state, and central government budget accommodation projects and low-cost housing ventures make housing a dream come true for many of us.
What are affordable or low-cost housing schemes?
Affordable housing schemes are initiatives run by governments to offer budget-friendly homes that cater to economically weaker sections, and medium-income individuals. The projects are typically aimed at assisting people residing in both rural and urban spaces.
Various low-cost housing types include subsidised housing, formal accommodation, indigenous housing, emergency shelters, and informal rentals. Here are some of India’s most prominent affordable or low-cost housing schemes.
Pradhan Mantri Awas Yojana (PMAY)
Launched in 2015, PMAY scheme aims to provide affordable housing to the urban and rural poor. With a mission to erect two crore houses by 2022, the scheme is applicable in states and UTs. It also offers interest subsidy on home finance for first-time buyers across urban spaces.
Additional Read: How to Complete your Dream of Owning a House Using PMAY
Pradhan Mantri Gramin Awas Yojana (PMGAY)
PMGAY, formerly Indira Awas Yojana, intends to provide concrete houses with basic amenities for people living in slums and homeless families. This scheme extends financial aid while sharing the construction cost with states.
Rajiv Awas Yojana (RAY)
RAY scheme, launched in 2009, envisions a slum-free India and operates to include illegal properties under a formal system. Under this initiative, the aim is to provide social amenities, fundamental civic infrastructure, and decent shelter.
Delhi Development Authority (DDA) Housing Scheme
DDA housing caters to aspiring home buyers form low, high, and middle-income groups. Under the scheme, the state government maintains housing projects in the national capital with special reservations for society’s economically weaker sections.
Tamil Nadu Housing Board Scheme (TNHBS)
Launched in 1961 by Tamil Nadu Housing Board, TNHBS offers apartments to middle-income group (MIG), low-income group (LIG), and high-income group (HIG). The scheme allows residents to avail apartments, residential plots, and more.
Maharashtra Housing and Area Development Authority (MHADA) Lottery Scheme
MHADA is a lottery initiative providing affordable housing to Maharashtra residents belonging to various income groups. People can also use Pradhan Mantri Awas Yojana Subsidy to own an MHADA home.
Additional Read: What is MHADA How Does It Benefit Home Buyers?
NTR Housing Scheme
NTR Housing Scheme, a state government provision, solely caters to Andhra Pradesh residents. The initiative is a part of PMAY scheme and provides economical housing for the underprivileged across urban and rural areas.
With burgeoning housing schemes and initiatives, property purchase is much easier nowadays. So, when looking for a reliable home loan provider, turn to Tata Capital. Avail competitive home loan interest rates and hassle-free repayment options with us.
You can also check out our flexible repayment terms and home loan eligibility criteria by logging on to our website today!