What are the affordable housing schemes in India?
The central and state governments encourage home ownership through a range of affordable housing schemes. The Pradhan Mantri Awas Yojana, launched in 2015, is one of the most popular ones today. Some of the others include DDA Housing Scheme and NTR Housing Scheme. These housing schemes offer various incentives to homebuyers and include benefits for all sections of society.
Here are some of the popular government housing schemes.
- Pradhan Mantri Awas Yojana (PMAY) – Urban : Pradhan Mantri Awas Yojana aims to provide housing for all by 2022. It offers an interest subsidy for home loans for first-time homebuyers in urban areas. It is applicable in all states and UTs.
- Pradhan Mantri Awas Yojana – Gramin: PMAY G, earlier known as Indira Awas Yojana, is an affordable housing scheme focusing on homeless families and providing them with pucca houses with basic amenities. This government housing scheme offers financial assistance and shares the cost of construction with the state.
- Rajiv Awas Yojana : Rajiv Awas Yojana, launched in 2009, aims to bring all illegal constructions within a formal system to encourage a slum-free India. Under it, the centre has approved the scheme as Affordable Housing in Partnership or AMP.
Apart from the Centre, new housing schemes are also available from the states. State-run schemes providing affordable housing for people include the following.
- DDA Housing Scheme : Delhi Development Authority Housing Scheme is a new housing scheme launched in December 2018. DDA Housing Scheme offers apartments for high income groups, middle income groups, and low-income groups with some reservations for the economically weaker sections of society.
- Tamil Nadu Housing Board Scheme : Tamil Nadu Housing Board Scheme is offered by the Tamil Nadu Housing Board, which was started in 1961. This organisation and offers shelter to people from various income groups. This scheme also has subsidiary schemes under it, such as the Sevvapet Phase III Scheme and Ambattur Housing Scheme.
- MHADA Lottery Scheme : Maharashtra Housing and Area Development Authority is a lottery scheme launched every year. MHADA lottery scheme is meant for buyers from various income groups. A major portion of the units in the scheme are reserved for the poorer sections of the population.
- NTR Housing Scheme : NTR Housing Scheme from the Andhra Pradesh government had a target of providing 19 lakh houses before the elections in 2019. In this scheme, the beneficiary contributes only one-third amount of the principal.
- Home Loan on housing schemes : Bajaj Finserv offers convenient home loans in India. Whether you are booking a plot or buying a flat under various housing schemes, our housing finance solution can be the ideal choice. It offers a substantial loan amount at a lengthy repayment tenor on simple eligibility criteria and minimal documents. You can also get the PMAY interest subsidy when you take this loan and meet the eligibility criteria.