Affordable Housing Schemes in India

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India’s realty prices are soaring. Considering this scenario, the government has come up with affordable housing schemes that make your dream of buying a budget-friendly home, a reality. Read further to know more about prominent, affordable Housing Schemes in India.

Buying a home always tops the life goals of many individuals but the rapid increase in Real Estate prices is a major concern. Thanks to the easy availability of housing finance and online Home Loans, you can now plan your home purchase expenses with ease. Furthermore, the boost from the government’s affordable Housing Schemes has made the dream of buying a house, a reality. Affordable Housing Schemes cater to economically weaker sections and lower-income groups, enabling them to buy budget-friendly homes. Let’s explore the prominent affordable Housing Schemes offered to these target groups:

1. Pradhan Mantri Gramin Awas Yojana: As part of the initiative “Housing for All by 2022”, the government launched this welfare scheme to provide low-cost homes to the rural population in India. Under the PMAY-G scheme, the government aims to build 1 crore homes along with a concession of 3% on Home Loans, of up to Rs 2 lakh
2. PMAY- Credit Linked Subsidy Scheme (CLSS): The Credit Linked Subsidy Scheme is also a part of the PMAY. It provides assistance related to interest rate concessions to economically weaker sections, low income and middle-income groups. Any individual belonging to the target group can avail this facility at ICICI Bank. The Bank offers an interest subsidy benefit of up to Rs 2.67 lakh
3. Rajiv Awas Yojana: This scheme was launched in 2009 with an objective to eliminate illegal construction and slums and provide access to basic social amenities, civic infrastructure and shelter to lower-income groups in India
4. MHADA Lottery Scheme: MHADA is a lottery initiative that comes under Government Housing Schemes, offering affordable homes to the residents of Maharashtra, belonging to various income groups. As a part of the scheme, economically weaker sections, lower-income groups and middle-income groups can apply for the Mhada Lottery Scheme. The target groups can register through the online portal by creating an account and filling out a form attached with necessary documents
5. DDA Scheme: Delhi Development Authority Housing scheme was launched in Dec 2018. The initiative aims to offer apartments to lower-income, middle income and high-income groups; however, there will be reservations for economically weaker sections of the society.

These are some of the prominent, affordable Housing Schemes that bring a ray of hope to those who find it difficult to buy a home, owing to high real estate prices. If you wish to avail housing finance at the best competitive rates and flexible repayment options, then head to ICICI Bank for more information. Whether you want to buy a house, a plot or construct your own home, the Bank offers all the required financial assistance that caters to your needs.

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