The Government of India has always been very supportive in terms of providing housing for everyone. From time to time, we see various schemes and initiatives launched by the government which provides low-cost housing to the needy. Such programs are helpful for people who don’t have enough money for buying an apartment. There are different methods used by the government for providing housing to people. For example, they provide housing under the public-private partnership (PPP) model. The Government of India also offers various social security benefits for the lower income groups.
This article talks about some of the measures adopted by the government of India for affordable housing. The government provides housing loans for those who are unable to buy a home.
Table of Contents
Pradhan Mantri Awas Yojna
Pradhan Mantri Awas Yojna was launched in August 2014 by Union Finance Minister Arun Jaitley. It is basically a housing scheme that aims at providing housing for the poor. It provides subsidies to those who cannot afford to buy a house. One of the main objectives of this program is to help lower-income groups. This is because they are usually left out of the housing market. They don’t have the resources to buy a house on their own. They are mostly forced to rent homes from landlords who charge them high rents. This makes it difficult for them to live in their own homes. They also cannot move out of their rented homes when they want to.
The government subsidizes these low-income families by offering them affordable houses. These subsidies come in the form of tax breaks and grants. How does the government subsidize this program? The government subsidizes this program by offering subsidies to low-income families. These subsidies come in the form of tax breaks and grants. This is how the government provides housing for the poor. What is the difference between housing and housing assistance? Housing is a term that includes the provision of housing, financing of housing, and ownership of housing.
Haryana Housing Board Housing Scheme
For those who are looking for affordable housing, the Haryana Housing Board Housing Scheme is a good option. The government offers subsidies for low-income families who can’t afford homes in the market. This scheme was launched in November 2007. The government has constructed low-cost housing projects for people who are below the poverty line. These projects are funded with public money.
These projects are also known as subsidized housing projects. These projects are financed by the Central Government. The government’s contribution is around 50%. This is how the government subsidizes this program. There are many benefits of these projects. This is because the people living in these projects are given free rent, free electricity, and many other services.
Kerala Housing Board Housing Scheme
Kerala Housing Board Housing Scheme is a scheme where the government provides subsidized housing to people who are poor and those who have financial difficulty. The housing board builds these housing projects and provides the service that is mentioned in the article. The main benefit of the project is that it helps people who have financial difficulty. The people who are in financial trouble will not have to pay for any utility bill, including electricity and water. This can make a big difference to their lives. It can even provide them with money to spend on food.
In the project, the government pays the rent. However, the people who are provided with the housing projects do not pay anything. Instead, they pay only one-tenth of the monthly income.
The idea of the program is that if the people live in the projects, they will not be homeless. The program is expected to run for two years, after which the government will evaluate its impact. The program was launched in June 2017 in order to reduce the number of homeless people in Moscow. The capital has about 3,000 homeless people. As part of the program, some 1,500 people were offered apartments.
The Maharashtra Housing and Area Development Authority Scheme
In the year 2017, the Maharashtra government introduced the Housing and Area Development Authority Scheme. The scheme is designed to provide people living in slums with houses. This is done by providing them with housing loans. This scheme is expected to help them get out of the slums. Many people in the slums lack basic facilities like water, electricity, and toilets. With the help of this scheme, these facilities will be installed. In addition, the residents will be provided with the food that they need.
The idea behind the project is to reduce the number of homeless people in the city. This scheme will benefit 1,500 people. They get home loans from the Housing Development Finance Corporation (HDFC) and the National Housing Bank (NHB). The project was implemented in four phases. In the first phase, 400 people shall be given housing loans. This was done by the Housing Development Finance Corporation (HDFC). In the second phase, 1,000 people shall get housing loans. This was done by the National Housing Bank (NHB). In the third phase, 1,500 people shall get housing loans.
The Delhi Development Authority
The Delhi Development Authority (DDA) Housing Scheme is one of the most successful schemes of India. It has given 1,500 people a chance to own a house. These houses will be built in Delhi. The houses have been designed by the Housing and Urban Development Ministry. A project has been launched by DDA. The purpose of this scheme is to provide housing loans to people. The loan will be taken by HDFC and NHB. The Housing and Urban Development Ministry had allocated funds to DDA. The Delhi Development Authority Housing Scheme is expected to be completed in 20 years. DDA plans to build five million houses in the city. People can buy these houses at affordable rates.
How to Apply for DDA Housing Scheme? Visit www.hudson-bank.com to apply for the scheme. Fill up the form with the necessary details. Submit the application form and take a printout of the same. Send it to the address mentioned on the website. Housing and Urban Development Ministry will allot the loan. The amount of money will be deposited into the account of the applicant. The applicant has to pay the principal amount after completing the construction of the house. The interest rate of the housing loan is 6%.
NTR Urban Housing Scheme
The Government of India has launched the NTR Urban Housing Scheme. It is a financial assistance scheme offered by the government of India to the urban poor and middle-class families.
The government is offering a housing loan of Rs. 15 lakhs to those who need a home. The housing loan will be deposited into the account of the applicant. The interest rate is 6%. All the applicant needs to do is fill up the online application form. He/she needs to submit the application form with a self-attested copy of the passport-size photograph and PAN card along with the required documents. The bank will then make the allotment. There are no formalities and all the requirements are to be met by the applicant. The housing loan is applicable for those who have a gross annual income of less than Rs. 4.10 lakhs. The income does not include the amount earned from the business.
Tamil Nadu Housing Board Scheme
One of the major problems faced by the people living in the villages is that they do not have access to housing. There is hardly any facility available for them. The government has come up with a scheme called the Tamil Nadu Housing Board Scheme. In this scheme, the government has decided to deposit a housing loan into the account of the applicant. The interest rate is 6% which is cheaper than commercial bank loans. The housing loan is to be repaid over a period of 20 years.
The applicant needs to apply online and submit the application form along with the necessary documents. There are no formalities and the applicant only needs to meet all the requirements. After the approval, the bank makes the allotment.
Checklist before taking a loan for building a house
1. Is the loan affordable?
2. Does the loan require a down payment?
3. What are the terms?
4. Will the interest be paid monthly or annually?
5. Is there any penalty if the loan is not paid on time?
6. Is there any prepayment penalty?
7. How much does it cost to make a payment?
8. Do I need to pay a fee to get the loan?
9. What is the total amount of the loan?
10. How long will it take to build the house?
11. Can I rent the house while building?
12. If I sell the house, how much will I have to pay in taxes?
13. Do I have to pay any fees to buy
Checklist before buying a property or apartment
If you want to buy an apartment, first make sure that it’s in a safe neighborhood, and if you’re planning on having children, make sure that the apartment has adequate space for them.
- Check out the building’s history and bye laws.
- Check the condition of the plumbing, floors, and windows.
- Check the condition of the roof, doors, and locks.
- Check the condition of the electrical wiring, gutters, foundation, etc.
- Check whether the society is using an apartment management system or not
- Check the society accounting systems and maintenance system
- Check the entire society management system for billings, staff, visitors, facilities, etc.
conclusion
In conclusion, The Government of India provides financial assistance to home buyers who are interested in buying a house under the PMAY scheme.
The government also provides a subsidy for the construction of houses. The benefits of the scheme are: The subsidy amount is given on the basis of the total cost of the house and the number of persons living in the house. The loan amount provided under the scheme is up to 80% of the total cost of the house. The interest rate charged on the loan is up to 9%. The interest rate charged by the banks is 12%. The interest rate charged by the housing finance companies is up to 12%.