The Government of India has launched numerous housing schemes that aim to provide citizens of the country with affordable homes. These schemes include easy credit options as well as subsidised housing loan interests.
Some of the major affordable housing schemes launched by the Indian government include –
PMAY: Launched in the year 2015, this scheme offers subsidized credit options to buy/construct houses. Beneficiary groups are divided according to annual household earnings, which also decide the different subsidy slabs on their rate of interest on home loans.
DDA housing scheme: Delhi Developmental Authority initiated this scheme linked to the PMAY to provide citizens of the city with affordable housing. Typically, it offers different flats with specific area measurements according to the income slabs and economic conditions.
MHADA initiative: MHADA stands for Maharashtra Housing and Area Development Authority. They have also begun constructing and granting apartments to lottery winners who apply under this initiative. The carpet area of these apartments depends on the income gradient of the applicant/household.
Tamil Nadu Housing Board scheme: The state government of Tamil Nadu has begun constructing and auctioning apartments to its citizens at affordable interest rates. Residences are allotted are made on the basis of income brackets and reservations.
Both the center and certain states offer numerous government housing schemes in India to provide affordable housing for economically backward citizens.
Apart from the above, there are quite a few other affordable housing schemes in different states too. Interested individuals should check the eligibility requirements before applying.