List of Government Housing Schemes In India for Buying Home

Many Indian families and individuals desire to become homeowners one day. The Indian government has launched several government housing schemes to make homeownership more accessible for Indian citizens. Most of these schemes cater to lower-income groups and economically weaker sections, allowing them to purchase budget-friendly homes.

The following sections will explore prominent housing schemes and understand their eligibility and features. Accordingly, you can make informed buying decisions and obtain the required housing finance. Once you are the homeowner, you can also get a Loan Against Property to fulfil various other needs.

List of 7 Government Housing Schemes in India

A government affordable housing scheme promotes home ownership in India through various incentives it provides. Below, we will explore some key government housing schemes you may utilise to buy a house in India:

Pradhan Mantri Awas Yojana (PMAY)

The primary objective of PMAY, an affordable govt housing scheme, is to provide affordable houses to all rural and urban households. It provides interest subsidies on home loans, making housing finance more affordable and easily accessible. It has two components: PMAY-Urban for urban and PMAY-Gramin for rural populations.

Eligibility:

• Minimum annual household income requirements for EWS, LIG and MIG categories
• Not own a pucca house anywhere in India
• The property must be located in a government-identified statutory town

Key Features:

• Interest subsidy of 6.5% on up to Rs 6 Lakh, 4% on up to Rs 9 Lakh and 3% on up to Rs 12 Lakh loans
• Affordable housing projects through partnerships with private and public sector entities
• Private various financial and tax benefits to affordable housing projects

Delhi Development Authority (DDA) Housing Scheme

The DDA Housing Scheme offers thousands of flats in Delhi's localities, such as Rohini, Jasola, Narela, and Dwarka. This government scheme aims to offer flats to lower, middle, and high-income groups, with special reservations for the economically weaker sections.

Eligibility:

• War widows
• SC/ST individuals
• Those meeting specific income criteria

Key Features:

• Online registration
• Computerised draw for complete transparency
• Immediate ownership after the draw

Maharashtra Housing and Area Development Authority (MHADA) Scheme

The MHADA government home scheme offers affordable houses to Maharashtra residents of different income groups. The lottery initiative is open to lower, middle, and economically weaker sections of Maharashtra residents. Those seeking the scheme benefits must register through the official MHADA portal, create an account, fill out an online form, and provide the necessary documents.

Eligibility:

• Residents of Maharashtra only
• Income threshold as specified for various sections
• Minimum monthly income of Rs 25,000 to Rs 75,000, based on the flat category

Key Features:

• Lottery system
• Open to Maharashtra residents only
• Online registration and lottery

NTR Urban Housing Scheme (Andhra Pradesh)

Launched in 2016, the NTR Urban Housing Scheme aims to provide affordable houses to Andhra Pradesh residents. In 2018-19 alone, the scheme sanctioned 15,091 house allotments under the PMAY-NTR Nagar scheme.

Eligibility:

• Citizenship of Andhra Pradesh
• Must possess a white ration card or BPL card
• Should not own a property under any other housing scheme of the government

Key Features:

• 73,041 flats for the EWS, each costing Rs 3.5 Lakh
• Rs 1.5 Lakh assistance from the centre and Rs 1 Lakh from the state, making a total of Rs 2.5 Lakh
• Online registration

Haryana Housing Board Scheme

The Haryana govt housing scheme aims to provide freehold residential and commercial properties to the state's economically weak sections. The scheme requires online registration, a participation fee, and a lottery under specific deadlines and conditions. Those who win the draw receive a freehold plot.

Eligibility:

• Haryana residents only
• Annual household income not exceeding Rs 3 Lakh
• No previous allotments
• Minimum income requirements for EWS, LIG, MIG, and HIG categories

Key Features:

• Lottery-style allotment
• Different price ranges depending on the size, location, and construction costs of the property

Kerala Housing Board Scheme

The Kerala Housing Board Scheme provides financial support to homeless families to help them build homes. Low- and middle-income groups can purchase a property or borrow a Home Loan at discounted rates. The scheme's primary objective is to build urban infrastructure with water, roads, electricity, and other amenities.

Eligibility:

• Kerala residents only
• Ration card with BPL or APL
• Not own a property or land in Kerala

Key Features:

• Lower home prices and Home Loan interest rates
• Easy access to housing finance
• Subsidy amounts up to Rs 4 Lakh
• Home size at least 40 sq.m.

Tamil Nadu Housing Board Scheme

The Tamil Nadu Housing Board Scheme promotes social equality in the state by providing affordable housing to various socio-economic groups. The integration of communities allows people from various backgrounds to live together in harmony. The home scheme government offers subsidies and financial assistance for homeownership in Tamil Nadu.

Eligibility:

• Age at least 21 years
• Tamil Nadu natives only
• Not own a property or plot under any other state government affordable housing scheme
• Salaried applicants in a specified income category

Key Features:

• Housing available for EWS, LIG, MIG and HIG categories
• Types of properties include flats, plots, and independent houses
• Smart city concepts to establish technologically advanced residences

How to Avail a Loan Against Your Government Housing Scheme Home?

Once you own a home through a home scheme by the government, you can leverage it to secure a Loan Against Property from Hero FinCorp. Available to self-employed individuals, this loan can help cover a wide range of planned or unexpected expenses, such as business investments, medical emergencies, or education costs. It allows you to unlock the value of your property without selling it, offering flexible terms to suit your financial needs.

Some features of a Loan Against Property from Hero FinCorp include the following:

• Loan amount starting from Rs 20 Lakh, up to Rs 7.5 Crore*
• LTV ratio of up to 75%
• Repayment tenure of up to 15 years
• Competitive interest rates, starting at 11% per annum
• Hassle-free documentation

*Based on the market value of the property

Steps to Apply for a Loan Against Property

Conclusion

The government housing schemes mentioned here provide affordable housing with attractive subsidies on Home Loans. The properties you buy under these schemes are eligible for Loan Against Property by Hero FinCorp. They make life easier and finances more manageable by providing quick funding access from the comfort of your home.

Frequently Asked Questions

Who is eligible for the Pradhan Mantri Housing Scheme?

The PMAY housing scheme of the government specifies minimum annual household income requirements for EWS, LIG and MIG categories. Moreover, you should not own a pucca house anywhere in India, and the property you want to purchase must be located in a government-identified statutory town.

What is the new housing scheme by the central government?

PM Awas Yojana 2024 is the new housing scheme by the central government. It aims to offer affordable housing with Home Loan subsidies, making properties easily accessible for people in the EWS, LIG, and MIG categories.

Who is eligible for PM Awas Yojana 2024?

People falling under the EWS, LIG and MIG categories are eligible for PM Awas Yojana 2024.

Which is the best government housing scheme for 2024?

PM Awas Yojana is considered the best govt housing scheme for 2024.