Finance

Government Affordable Housing Schemes in India

Since the introduction of PMAY in 2015, the affordable housing schemes in India have gained immense popularity. Read on to know more about the different affordable housing schemes in India.

The central government of Indian and the various state governments are responsible for introducing various government-backed housing schemes from time to time. Primarily monitored and governed by the governmental agencies, the affordable housing schemes aim to help the lower-income sections realise their dream of buying a home of their own.

These housing schemes also play a vital role in the inclusion of the lower and middle-income groups. In the purview of the rising inflation and the high cost of real estate, buying a home through these schemes makes the home buying a lot easier and affordable. As a potential homeowner, you can benefit from the various housing schemes in India. The majority of these schemes help the people borrow a home loan at discounted interest rates or allot a home at a much lower price than the actual market value.

Let us look at some of the popular housing schemes in India.

PMAY

The government of India introduced the Pradhan Mantri Awas Yojana under the ‘Housing for All’ mission. This scheme’s primary objective is to eliminate the slums in India by building more than two crore affordable housing units across urban locations in India. The houses built under the scheme are mandated to have all the basic amenities like a 24×7 supply for electricity, clean drinking water, and hygienic sanitation facilities.

MHADA

The Maharashtra and Area Development Authority is an affordable housing scheme initiated by the government of Maharashtra. You can be eligible to benefit only if you are a resident of Maharashtra and have a valid domicile certificate. Another important criterion is that you must be at least 18 years or above and have a PAN card. Every year, the government builds houses at different locations in the state. A specific number of units are set aside for the eligible beneficiaries, and the units are allotted based on a lottery system.

DDA

The Delhi Development Authority Housing Scheme provides housing to the residents of Delhi. The scheme is associated with PMAY CLSS (Credit Linked Subsidy Scheme), and it was rolled out in 2019. Under the scheme, about 5000 flats are built in the Vasant Kunj area of South Delhi. To qualify for the scheme, the applicant must be at least 18 years, must be an Indian national, and should belong to EWS (economically weaker section), LIG (lower income group), or MIG (middle income group) category.

The possession of the flats will be given to the eligible beneficiaries based on a draw. If you win the draw, you can occupy the flat after completing a few formalities by submitting important documents like PAN card, Aadhaar card, bank statements, ITR reports, and voter ID cards.

NTR Urban Housing Scheme

The NTR (Nandamuri Taraka Rama Rao) housing scheme was introduced to help the underprivileged population in Andhra Pradesh own a home. Under the scheme, the Andhra Pradesh government allotted more than 15,000 houses under the PMAY across different urban locations in the state.

Any resident of Andhra Pradesh who has not availed the benefit of other housing schemes can apply for NTR urban housing scheme. Another important qualifying criterion is that you must have a white ration card. The scheme provides financial assistance in the form of a subsidy up to Rs. 1.25 lakhs. And if you belong to the SC (Scheduled Caste) or ST (Scheduled Tribe) category, you are eligible to get an additional aid of Rs. 50,000.

Final Word

Thus, India’s affordable housing schemes aim to uplift the poor and provide them a permanent residence. Ensure that you are aware of the eligibility criteria and apply under the right scheme to make your dream of owning a home come true.

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