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Top Government Housing Schemes that can Help You Home Property in India

  • Highlights

  • Avoid high realty prices with affordable housing schemes

  • Choose PMAY to benefit from subsidy on home loan interest

  • Pick HUDA to gain access to free-hold plots via lottery

  • Avail Kerala Housing Board home loan schemes

The Indian Government and its ancillary bodies are responsible for launching varied government housing schemes from time to time. Primarily regulated by the central or state government, these schemes aim to simplify the home buying process. These schemes also work towards inclusion and allow those from the middle and lower income group realize their dream of owning a home of their own. Given the economic scenario and the rising cost of real estate, buying a home through an affordable housing scheme will help you evade high property prices and enjoy better quality construction. As a potential homeowner, you can avail either a scheme for home loans or a scheme that allots plots at a price that is lower than that offered by private real estate players.

Take a look at some of the best government housing schemes you can benefit from at present.

Pradhan Mantri Awas Yojana (PMAY)

PMAY was initiated to make home ownership an affordable reality for the Economically Weaker Sections (EWS) of the society. You get affordability through this scheme via interest subsidy of up to Rs.2.67 lakh on your home loan. In order to avail benefits you first have to qualify as a beneficiary as per your economic standing. Based on the annual income of your household you can qualify as a beneficiary under the EWS, LIG, MIG 1, or MIG 2 category. Further, as a beneficiary you will have to take a home loan to complete your home purchase. PMAY partners with a list of reputed financial institutions like Bajaj Housing Finance Limited to add more ease to your home buying process.

Based on the sub-section you qualify under, the loan amount and the size of house you are eligible to buy is determined. Further, this affordable housing scheme gives preference to women and senior citizens, making allotment of ground floor accommodation compulsory for senior citizens. It is strict about eco-friendly construction too. All in all, PMAY is more of a home loan scheme, as the benefits of PMAY are primarily extended through the Credit Linked Subsidy you can access on a home loan.

Haryana Housing Board Housing Scheme

Under the Haryana Housing Board Act (Act No. 20 of 1971) the Haryana Housing Board came in to existence in 1971. Since its inception, this state government board has prioritized home construction and allotment in the state, primarily for the socially and economically weaker sections of society. The Board is responsible for setting up construction divisions, design cells, and other necessary committees that look in to the execution of the varied activities related to affordable housing schemes.

HUDA or the Haryana Urban Development Authority (HUDA), better known as the Haryana Shehri Vikas Pradhikaran (HSVP) scheme is a new housing scheme started by the Haryana Housing Board. This scheme offers freehold residential and commercial plots. In order to be eligible for the scheme, you will have to participate in a lottery as per the terms and deadline. You need to pay a participation charge and your family income must be within Rs.3 lakh in order to eligible for it. As a winner of the draw you will get access to a freehold plot.

Read Also: Tips to Get Your Home Loan Approved Instantly

Why should you choose Bajaj Housing Finance Ltd. as your lender

Kerala Housing Board Housing Scheme

A public sector undertaking by the Government of Kerala, the Kerala State Housing Board was founded in 1971. Right from the start, the board has implemented varied construction schemes and schemes for home loans to meet the residential needs of the economically disadvantaged. Some of the notable and affordable housing schemes the board has undertaken include the Griha Sree Housing Scheme, Haritham Apartments, and Kowdiar Heights. As these are new housing schemes, read in detail about each one on the official Kerala State Housing Board website before you proceed to apply.

Irrespective of the government housing scheme  you choose, apply for an affordable Home Loan with lenders like Bajaj Housing Finance Limited when you are ready to become a homeowner. Here you can get a sanction of up to Rs.3.5 crore for a tenor of up to 240 months. Moreover, you can avail a low-interest top-up loan. You can also enjoy easy doorstep pickup of documents to fast track your application. To become a homeowner this year, check your pre-approved home loan offer online and enjoy instant approval!

The Maharashtra Housing and Area Development Authority Scheme

The Maharashtra Housing and Area Development Authority, also known as MHADA, has schemes that give the residents of Maharashtra access to affordable residential property. The MHADA Mumbai scheme offers over 1,300 low-cost houses via a lottery system and the applicants are segregated based on their income. The cost of these houses or flats ranges from Rs.14.6 lakh to Rs.5.8 crore and varies depending on the income group. As per the authorities, in 2019 63 flats were to be allotted to the economically weaker section (EWS), 126 to low-income group (LIG) applicants, 201 to middle-income group (MIG) applicants and 194 units to high-income group (HIG) applicants.

Now that you’ve got a basic understanding of what the scheme is about, take a look at the information you should be aware of before you apply for the MHADA lottery scheme.

Eligibility Criteria for Maharashtra Lottery Scheme

Listed below are the criteria you must meet in order to be eligible for the Maharashtra lottery scheme.

  • You must be over the age of 18 years
  • You must have a domicile certificate that shows you to be a resident of Maharashtra
  • You must have a PAN card
  • You must be salaried

Note that you can’t apply on behalf of your minor children and you also can’t apply if you’re a beneficiary of any other MHADA lottery scheme

Moreover, you can apply for a home based on your monthly income. Take a look at the eligibility criteria with regards to this.

  • If your monthly income is between Rs.25,001 and Rs.50,000, you can apply for LIG flats
  • If your monthly income is between Rs.50,001 and Rs.75,000, you can apply for MIG flats
  • If your monthly income is over Rs.75,000, you can apply for HIG flats

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