Shubhnivesh Property Pvt. Ltd. is a platform for property dealers where buyers & sellers can communicate and close their deals. Register for your listing for free and also share your property requirements, our experts will help you with the best options for your requirements. The Government of India and its ancillary bodies are responsible for launching varied government housing schemes from time to time. Primarily regulated by the central or state government, these schemes aim to simplify the home buying process. These schemes also work towards inclusion and allow those from the middle and lower income group realize their dream of owning a home of their own. Given the economic scenario and the rising cost of real estate, buying a home through an affordable housing scheme will help you evade high property prices and enjoy better quality construction. As a potential homeowner, you can avail either a scheme for home loans or a scheme that allots plots at a price that is lower than that offered by private real estate players. Take a look at some of the best government housing schemes you can benefit from at present.
PMAY was initiated to make home ownership an affordable reality for the Economically Weaker Sections (EWS) of the society. You get affordability through this scheme via interest subsidy of up to Rs.2.67 lakh on your home loan. In order to avail benefits you first have to qualify as a beneficiary as per your economic standing. Based on the annual income of your household you can qualify as a beneficiary under the EWS, LIG, MIG 1, or MIG 2 category. Further, as a beneficiary you will have to take a home loan to complete your home purchase. PMAY partners with a list of reputed financial institutions like Bajaj Housing Finance Limited to add more ease to your home buying process. Based on the sub-section you qualify under, the loan amount and the size of house you are eligible to buy is determined. Further, this affordable housing scheme gives preference to women and senior citizens, making allotment of ground floor accommodation compulsory for senior citizens. It is strict about eco-friendly construction too. All in all, PMAY is more of a home loan scheme, as the benefits of PMAY are primarily extended through the Credit Linked Subsidy you can access on a home loan.
To provide affordable homes, MHADA or Maharashtra Housing and Area Development Authority has housing schemes that operate through a lottery system. A certain number of houses are set aside for this scheme and allotted on the basis of income. For example, MHADA Mumbai has 1,300 homes ranging from Rs.14.6 lakh to Rs.5.8 crore. In 2019, 63 apartments priced under Rs.20 lakh were reserved for EWS or Economically Weaker Section applicants, 126 flats priced from Rs.20 to Rs.30 lakh were for Low-Income Group (LIG) applicants, 201 flats priced up to Rs.60 lakh were for Middle-Income Group (MIG) applicants and 194 flats priced up to Rs.5.8 crore went to High-Income Group (HIG) applicants.
A resident of Maharashtra with a valid domicile certificate, over the age of 18 years, who is salaried and possess a PAN card can apply.
Income Category of flats
Rs.25,001 - Rs.50,000 => LIG
Rs.50,001 - Rs.75,000 => MIG
Rs.75,000 and Above => HIG
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