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Tata Capital > Blog > Loan for Home > Unlocking Homeownership: A Deep Dive into 2023’s New Home Loan Subsidy Schemes

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Unlocking Homeownership: A Deep Dive into 2023’s New Home Loan Subsidy Schemes

Unlocking Homeownership: A Deep Dive into 2023’s New Home Loan Subsidy Schemes

The government has taken a substantial step towards making the homeownership dream come true with a series of remarkable initiatives under the banner of “Unlocking Homeownership.” These Government Housing Scheme 2023 aim to bridge the gap in affordable housing and elevate the standard of living for those in dire need of suitable housing.

Join us as we navigate through the diverse landscape of government housing schemes in India, and discover how they can pave the way to a brighter, more secure future for you and your loved ones.

Pradhan Mantri Awas Yojana 2023

The Pradhan Mantri Awas Yojana (PMAY) 2023 stands as a beacon of hope for countless individuals and families in India, particularly those from economically weaker sections and low-income groups. 

Eligibility Criteria

Citizenship: Indian citizens

Income: EWS, LIG, MIG-I, MIG-II

House Ownership: No pucca house

Location: Urban/Rural area

Loan: Subsidised loans available

Application Steps for the PMAY Housing Scheme

Navigate to the official PMAY website.

Click ‘Benefits under three other components’ under the ‘Citizen Assessment’ tab.

Furnish your Aadhaar Number for verification and click on ‘submit.’

On successful verification, you will be redirected to the application form.

Fill in all the essential details following the requirements.

Enter the human verification captcha and click ‘submit.’

Delhi Development Authority Housing Scheme

The Delhi Development Authority (DDA) plays a pivotal role in the quest for affordable housing solutions in the National Capital Territory of Delhi, India. This Affordable Housing initiative operates numerous housing schemes aimed at providing safe and affordable housing for residents.

Eligibility Criteria

Citizenship: Indian citizens

Age: 18 or older

Property Ownership: Restrictions

Income Criteria: EWS, LIG

Joint Application: Yes

Application Steps for the DDA Housing Scheme

Go to DDA’s official website and register as a new user.

Make an initial deposit while applying for the scheme, which will be adjusted in the flat cost.

Apply online for a specific flat, which will be allotted on a first-come, first-served basis.

After selecting a flat online, the applicant will be given a limited time frame of 30 minutes to complete the payment process. 

Haryana Housing Board Housing Scheme

The Haryana Housing Board (HHB) is a beacon of hope for residents in the state of Haryana seeking affordable housing solutions. The HHB Government Housing Projects offers a range of housing units categorised as Low-Income Groups (LIG), Economically Weaker Sections (EWS), and more. 

Eligibility Criteria

Age: 18 or older

Property Ownership: No

Income Criteria: EWS, LIG

Joint Application: Yes

Application Steps for the HHB Housing Scheme

Navigate to the official website of the Haryana Housing Board.

Explore the new schemes.

Register yourself for the ongoing scheme.

Fill out the required details and submit the form.

Uttar Pradesh Housing Board

Uttar Pradesh Awas Vikas Parishad (UPAVP), established in 1966, is a leading housing agency in Uttar Pradesh. It offers housing solutions, engages in urban development projects, and handles district headquarters projects. 

Eligibility Criteria

Income: No income limit

Age: 18 or older

Property Ownership: Restrictions

Previous Registration: Possible

Application Steps for the UPAVP Housing Scheme

Fill out the application form and challan (4 copies) in the application booklet.

Submit the completed form and registration amount (in cash or bank draft) to the approved bank in the respective city before the deadline.

If depositing by post, send the letter, bank draft, and challan to the Indian Overseas Bank in Lucknow before the deadline by registered post only.

Keep the 4th copy of the challan safely. Only complete and late submissions will be accepted.

Kerala Housing Board

The Kerala Housing Board (KHB) is a state-owned housing board in the Indian state of Kerala, established in 1965. It is responsible for constructing, developing, and maintaining residential and commercial properties in Kerala. 

Eligibility Criteria

Residency: Kerala residents

Identity Verification: Aadhaar

Bank Account: Required

Ration Card: BPL/APL Categories

Property Ownership: No

Application Steps for the KHB Housing Scheme

Obtain an application form from KHB.

Contact the designated City Division or Mofussil Unit to obtain the application form in person or by e-mail after paying the required fee.

Fill out the application form using the instructions provided.

Register the completed application form with the appropriate Division/Unit office before the deadline along with the registration fee, either in cash or through a Demand Draft.

Submit the application form along with the initial payment specified.

Tamil Nadu Housing Board

The Tamil Nadu Housing Board (TNHB) was established in 1961 to address the housing needs of Madras City. TNHB is dedicated to providing affordable housing to people of all income groups, including the Economically Weaker Section, Lower Income Group, Middle Income Group, and Higher Income Group. Its goal is to ensure that everyone has access to a home.

Eligibility Criteria

Age: 21 or older

No Prior Ownership: Yes

Residency: Tamil Nadu

Income Criteria: EWS, LIG, MIG, HIG, Super HIG

Application Steps for TNHB Housing Scheme

Obtain an application form from TNHB.

Contact the designated City Division or Mofussil Unit to obtain the application form in person or by e-mail after paying the required fee.

Fill out the application form using the instructions provided.

Register the completed application form with the appropriate Division/Unit office before the deadline along with the registration fee, either in cash or through a Demand Draft.

Submit the application form along with the initial payment specified.

Maharashtra Housing and Area Development Authority Scheme

Established in 1948, its mission is to improve the standard of living for the underprivileged and provide affordable housing. Over 70 years, it has provided affordable housing to nearly 7.5 lakh families across the state, 2.5 lakh of which are in Mumbai.

Eligibility Criteria

Age: 18 or older

Residency: Maharashtra

PAN Card: Required

Application Steps for the MHADA Housing Scheme

Navigate to the official MHADA website and either create a new account or log in to your existing one.

Provide the required information, including your mobile number, and confirm it through an OTP.

On the redirected page, fill out your personal and professional information and upload the necessary documents in JPEG format.

Make your payment online to complete your application.

Conclusion

As you contemplate your next steps towards securing affordable and safe housing, remember to carefully review the eligibility criteria for each scheme and choose the one that best aligns with your financial situation and preferences. Make an informed decision and leap towards becoming a proud homeowner.

If you’re ready to embark on your homeownership journey through one of these government housing schemes, don’t hesitate to reach out to us at TATA Capital. Our experts are here to guide you through the process, answer your questions, and assist you in making your dream home a reality. Contact us today and take the first step towards your own place to call home.

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