Tuesday, August 27, 2019

Here Are Top Government Housing Schemes To Get Home In India

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.

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