Top 5 Affordable Housing Schemes that Every Indian Should Know About

The Government of India has taken many initiatives to achieve its “Housing for All by 2022” goal. If you are planning to buy a home anytime soon, 5 of the most important housing schemes that you should know about are discussed in this post.

Matters related to housing and urban development has always played a crucial role in Indian politics. The manifesto of the current government when it won the 2014 elections abundantly talked about the importance of housing and how it plans to launch multiple schemes to achieve its “Housing for All by 2022” goal.

After winning the elections, the government did launch many schemes to make housing affordable, especially for lower and middle-income groups. If you are planning to buy a home anytime soon, five such schemes that you should know about are as follows-

  1. Pradhan Mantri Gramin Awas Yojana

This scheme aims to build more than 1 crore pucca houses of 25sqm for rural poor by 2022. The central government and the state government share the construction cost of the home in the ratio 60:40 for homes built on plain land and 90:10 ratio for homes in hilly and northeastern areas. These houses have all the basic amenities like electricity, drinking water, LPG connection, and toilet.

  1. Delhi Development Authority Housing Scheme

The Delhi Development Authority Housing Scheme would be again launched in December 2018 and would offer 21,000 flats to low, middle and high-income groups. Of these 21,000 units, more than 3,600 would only be offered to the economically weaker section. These will be 3, 2 and 1 BHK houses with all the basic amenities which would be constructed across Rohini, Vasant Kunj, Siraspur, and Dwarka in New Delhi.

  1. Tamil Nadu Housing Board Scheme

Founded in 1961, the Tamil Nadu Housing Board is now a vast government organisation which caters to the housing needs of people in Tamil Nadu. Recently, the organisation has launched three different housing schemes for middle and low-income groups. These schemes are available at Ambattur, MKB Nagar and KK Nagar in Tamil Nadu. The schemes are sponsored under the PMAY scheme of the central government.

  1. Rajiv Awas Yojana

The Rajiv Awas Yojana was launched in 2009 to build a slum-free India. The scheme focuses on encouraging union territories and states to bring illegal constructions under the formal housing system of the country. It offers support of up to Rs. 75,000 to economically weaker section people who want to construct a house of up to 40sqm.

  1. Pradhan Mantri Awas Yojana (Urban)

Last but surely not the least, the Pradhan Mantri Awas Yojana (PMAY) is probably the most popular affordable housing scheme by the government which aims to build 20 million affordable homes throughout the country by 2022 for the urban poor. With the help of this scheme, first-time home buyers can get a home loan interest subsidy of up to 3%-4% or up to Rs. 18 lakhs depending on the household income. The scheme also encourages females to purchase property with added benefits.

While these are some of the most popular housing schemes in India, there are many others like MHADA, NTR Urban Housing Scheme, and National Scheme of Welfare of Fisherman aiming to make India’s dream of housing for all a reality. Know more about the eligibility for these schemes as they can offer significant benefits for new homeowners, especially from the economically weaker section, low or middle-income groups.