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With the vision to offer affordable housing to all, the Indian government has launched a variety of housing schemes. These schemes work towards providing easy home loan schemes so that the economically-weaker sections of the society can achieve their dreams of purchasing a home of their own. These affordable housing schemes allow potential homebuyers to avail a home loan through a housing loan scheme or purchase their own house at a price that is lower than what is offered in the market.
Let’s get to know some government housing schemes.
Pradhan Mantri Awas Yojana (PMAY)
One of the significant government home loan schemes that were launched to provide housing for all citizens is the Pradhan Mantri Awas Yojana (PMAY). The PMAY is a welfare scheme which aims to provide affordable housing to the society’s economically weaker sections. This was introduced to raise the standard of living of all social classes. Through the PMAY-U the Government intends to achieve its mission of “housing for all” in urban areas by 2022.
The PMAY scheme is a government home loan scheme extended through the Credit Linked Subsidy Scheme (CLSS) which offers its beneficiaries subsidy on home loan interest rates. This subsidised government home loan scheme allows the urban poor to avail of housing finance at cheaper ROIs. Based on the annual household income, you can qualify as a beneficiary under the- Economically Weaker Sections (EWS), Lower Income Groups (LIG), and Middle-Income Groups (MIG 1 or MIG 2).
You can avail of PMAY subsidy benefit under the following guidelines.
| Beneficiary | Annual household income | Maximum home loan allowed for availing subsidy | Interest rate subsidy | Maximum loan tenure (in years) |
| EWS | Up to Rs.3 lakhs | Rs.6 lakhs | 6.5% p.a. | 20 |
| LIG | Rs.3 to 6 lakhs | Rs.6 lakhs | 6.5% p.a. | 20 |
| MIG-1 | Rs.6 to 12 lakhs | Rs.9 lakhs | 4% p.a. | 20 |
| MIG-2 | Rs. 12 to 18 lakhs | Rs.12 lakhs | 3% p.a. | 20 |
As a beneficiary, you can use this housing loan scheme to complete the purchasing of your home. This housing scheme makes female ownership or co-ownership mandatory under the EWS and LIG categories and an optional clause under MIG-1 and MIG-2 categories. Furthermore, the houses that are built under the PMAY use eco-friendly technology and materials to lower the environmental pollution.
Along with PMAY, there are other housing schemes introduced to assist people in purchasing their own houses. Some of them are given below.
Delhi Development Authority Housing Scheme
The Delhi Development Authority (DDA) has been bringing out housing schemes to provide housing to all, especially the economically weaker sections at an incredibly reasonable rate. Along with the income-based categorization for the apartments, the DDA housing scheme also reserves apartments for war widows, specially-abled, SC/ST individuals and ex-servicemen.
The Maharashtra Housing and Area Development Authority Scheme
The MHADA provide affordable houses through a lottery scheme. The MHADA offers affordable housing options in different cities of Maharashtra for people who do not have homes of their own. In this scheme, the houses are allotted based on income.
When searching to apply for a home loan under govt housing loan scheme like PMAY, head to Tata Capital. Before applying for a loan, always use a home loan EMI calculator to calculate your home loan EMI.
