The
Government of India launched several govt housing schemes to simplify the
property buying process. Regulated either by the state or the central
government – these schemes offer prospective homebuyers with affordable housing
options as per their income gradients. These schemes aim to uplift the living
standards of the overall population in general while boosting the real estate
sector as well.
As
a prospective homebuyer, you should be completely up to date with the current
crop of affordable housing
schemes of India. Avoid the
real estate inflation at top urban cities and the lack of accessibility to the
best residential properties via such programs.
Take
a look at some of the prominent housing schemes in India.
PMAY (Pradhan Mantri
Awas Yojana) Housing Scheme
PMAY was launched to ease your way to become a homeowner by providing
affordable reality for the economically weaker sections of the society. Through
this CLS (credit-linked subsidy) scheme, you can benefit from an interest
subsidy of up to Rs. 2.67 Lakh on your housing loan.
However,
in order to qualify for benefits, one needs to qualify as beneficiaries as per
their economic standing. Based on their annual household income, one can
qualify as a beneficiary under –
a. EWS
(Economically Weaker Sections)
b. LIG
(Lower Income Group)
c. MIG
I or II (Middle-Income group)
Further,
as a beneficiary, one needs to take a home loan
for completing the home purchase. PMAY among other housing schemes have ties
with prominent lenders such as Bajaj Finserv to ease out your property buying
process even further.
Availing
housing loans from Bajaj Finserv gets you sanctioned with a hefty loan amount
of up to Rs. 3.5 Crore at affordable interest rates. Besides, existing
customers also get to enjoy pre-approved offers. These offers make availing
loans faster and easier. They are
available on personal loans, business loans, home loans, among numerous other
financial products. You can check out your pre-approved offer
by sharing a few necessary details like your name and contact number.
MHADA Scheme
The
Maharashtra Housing and Area Development Authority scheme provides the residents
of Maharashtra access to affordable housing. This scheme offers around 1300
low-cost residential properties via lottery. Similar to other govt housing
schemes, the applicants are categorised based on their annual household income.
The cost of these housing ranges from Rs. 14.6 Lakh to Rs. 5.8 Crore, depending
on the income category.
As
per the scheme, 63 apartments will be allotted to the EWS, 126 to LIG
applicants, 201 to MIG section and 194 units to the HIG (higher income group)
applicants. Now, that you are aware of this affordable housing scheme, here is
what you need to know before applying for this lottery scheme.
Listed
below are the eligibility criteria of this lottery scheme –
·
Applicant must be above
18 years of age.
·
The applicant must
possess a domicile certificate proving that he/she is a resident of
Maharashtra.
·
Applicant must possess
a stable income source.
Note that one cannot
apply on behalf of his/her minor children and cannot be a beneficiary of any
other govt housing schemes.
Irrespective of any
government housing scheme, you can always apply for a housing loan from reputed
NBFCs such as Bajaj Finserv at competitive interest rates. You can also choose a home loan balance transfer if you
find your current lender is not offering home loan benefits as the new lender.
However, you must always check the eligibility criteria and the documents
required for a home loan transfer.
Haryana
Housing Board Housing scheme
One of the oldest govt
housing schemes, this came into effect in 1971. It prioritised house
construction allotment in Haryana – primarily for the economically weaker
section of society. Later on, a new scheme – Haryana Shehri Vikas Pradhikaran
came up to revamp affordable housing in the state. It offers free-hold
commercial and residential plots.
With this information
on the top government housing schemes in India,
you can enjoy maximum benefits in purchasing residential properties in India.
