Affordable Homes in Kerala: Your Guide to Budget-Friendly Living

Kerala is known for its beautiful landscapes, rich culture, and unique architecture. If you are looking for low budget homes in Kerala, you are in luck! This state offers a variety of affordable housing options that cater to different needs and preferences. Whether you are a first-time homebuyer or looking to invest in a property, there are numerous choices within your budget. In this article, we will explore the top options for affordable homes in Kerala and how you can finance them.

Top options for affordable homes in Kerala

1. Kollam: Located along the Arabian Sea, Kollam is an excellent choice for those seeking affordable homes. You can find low budget homes in Kollam starting at around Rs. 20 lakh. The district is rich in history and offers scenic views. These homes typically come with basic amenities and are close to essential services like schools and hospitals.

Why choose Kollam?

• Scenic beauty: Kollam is famous for its backwaters and beaches.

• Connectivity: Good road and rail links to major cities.

• Community living: Family-friendly neighbourhoods are common.

2. Kottayam: The cost of living is reasonable, and you can find homes for as low as Rs. 25 lakh. Kottayam is famous for its rubber plantations and lakes, making it a peaceful place to live.

Highlights of Kottayam:

• Natural beauty: Lakes and greenery provide a serene environment.

• Cultural hub: Rich in traditions and festivals.

• Educational institutions: Many reputed schools and colleges are nearby.

3. Palakkad: Known as the gateway to Kerala, Palakkad offers affordable homes that suit various budgets. Properties can be found in the range of Rs. 20 to Rs. 30 lakh. The area is rich in culture and history, making it a great place for families.

Benefits of living in Palakkad:

• Proximity to nature: Surrounded by hills and forests.

• Economical living: Lower cost of living compared to other districts.

• Transportation: Well connected by road and rail.

4. Thrissur: Known for its vibrant culture and festivals, Thrissur offers budget-friendly homes. You can find options starting from Rs. 25 lakh. The city is famous for its temples and the Thrissur Pooram festival, attracting visitors from all over.

Reasons to consider Thrissur:

• Cultural diversity: Rich in art and tradition.

• Community activities: Many events and festivals to participate in.

• Educational facilities: Numerous schools and colleges are available.

5. Ernakulam: Being the commercial capital of Kerala, Ernakulam has many affordable housing options. While the city has a higher cost of living, you can still find low-budget homes in Ernakulam starting from around Rs. 30 lakh. It is a great place for young professionals and families alike.

What makes Ernakulam attractive?

• Job opportunities: Many businesses and industries are located here.

• Urban amenities: Access to shopping malls, restaurants, and entertainment.

• Transport network: Excellent public transport and connectivity.

6. Alappuzha: Alappuzha is famous for its backwaters and houseboat tourism. The cost of homes in this district can start at Rs. 20 lakh, making it an attractive option for those looking for affordable housing. Living in Alappuzha offers a unique experience with its picturesque surroundings.

Advantages of living in Alappuzha:

• Tourist attractions: Beautiful backwaters and beaches.

• Relaxed lifestyle: Ideal for those looking to escape city life.

• Community spirit: Friendly neighbourhoods and local markets.

Government schemes for low-cost housing in Kerala

The Kerala Housing Board has launched several significant housing schemes, including:

1. M.N. Laksham Veedu Punarnirmana Padhathi: The department provides financial aid to individuals for the reconstruction of dilapidated twin and single houses under this scheme. The government offers subsidies of Rs. 75,000 for general categories, Rs. 1 lakh for SC, and Rs. 1.75 lakh for ST categories. Of the total amount, 50% is funded by the Kerala State Housing Board, while the remaining portion is covered by local self-government departments.

2. Innovative housing scheme: This scheme aims to construct residential flats on government land for displaced labourers belonging to the economically weaker section residing in urban areas. To date, a total of 212 flats have been built on available government land in Poojappura and Thrikkakara.

3. Tsunami rehabilitation programme: In this programme, the board serves as the nodal agency responsible for implementing coastal housing and resettlement programmes (CHRP). As part of this initiative, houses have been constructed in districts such as Trivandrum, Malappuram, Kozhikode, Kannur, and Kasargod.

4. Suraksha housing scheme: This scheme provides financial assistance to homeless individuals from the Economically Weaker Section (EWS) in both urban and rural areas. Financial aid is available for those who own at least 2 cents of land to build their own homes.

The scheme allows for collaboration with voluntary agencies and NGOs to support the construction process. The government provides a capital subsidy of Rs. 9,000 for each house, along with a Rs. 2,000 beneficiary or voluntary contribution. For a building costing Rs. 30,000, a construction loan of Rs. 19,000 is available.

5. New Suraksha housing scheme: Approved by the board in 2007, this scheme introduces a new financial plan. The construction cost of a single house is set at Rs. 1 lakh. The government subsidy has increased to Rs. 25,000, up from Rs. 9,000.

Factors to consider when buying a low-budget home in Kerala

• Location: Choose a location that is convenient for work, school, and other daily needs.

• Builder reputation: Research the builder’s past projects and customer reviews.

• Property size and layout: Ensure it meets your needs and lifestyle.

• Amenities: Check for essential amenities like water supply, electricity, and road access.

• Future developments: Investigate potential infrastructure projects that may enhance the area's value.

Additional read: All About Sanchaya Portal and Property Tax in Kerala

Financing your dream home

Now that you know some of the best options for low-budget homes in Kerala, you might wonder how to finance your purchase. A home loan can help you achieve your dream of owning a house.

For those looking for a reliable option to finance their new home, consider Bajaj Housing Finance Home Loan. Whether you are buying a ready-to-move-in property or an under-construction property, Bajaj Housing Finance provides tailored solutions to meet your needs.

Here are a few benefits of opting for a home loan with us:

1. High loan amount: Get a home loan of up to Rs. 15 crore* to turn your dream home into reality.

2. Low interest rates: Enjoy interest rates starting from 8.25%* p.a, with EMIs as low as Rs. 741/lakh*.

3. Quick approval: Get approval within 48 Hours* of applying – sometimes even sooner.

4. Long repayment tenure: Repay your loan comfortably with tenure of up to 32 years.

5. No foreclosure fee*: Individual borrowers with a floating rate of interest can prepay or foreclose their loan at no extra charge.

6. Easy application: Benefit from our doorstep document collection service for a hassle-free process.

7. Balance transfer facility: Transfer your existing home loan and get a top-up loan with better terms.

How to apply for a home loan

To apply for a Bajaj Housing Finance Home Loan, follow the simple steps mentioned below:

Click the 'APPLY' button on top of this page.

Provide your full name, mobile number, and type of employment.

Select the loan type that you want to apply for.

Generate an OTP and submit it to verify your phone number.

After verifying the OTP, fill in additional information such as your monthly income, desired loan amount, and whether you have identified the property.

Next, enter your date of birth, PAN number, and any other details requested based on your occupation type.

Click the ‘SUBMIT’ button.

That is it! Your application has been submitted. A representative will reach out to you to guide you through the next steps.

Ready to take the next step toward your dream home? Apply for a Bajaj Housing Finance Home Loan today.