Top Government Housing Schemes In India: Everything You Need To Know

Owning a home is a dream for many, but with the rising cost of real estate and limited financial resources, it can seem out of reach. However, the Indian government has introduced various housing schemes to make homeownership affordable and accessible. In this blog post, we will explore the top government housing schemes in India that can help you turn your dream into a reality.

Pradhan Mantri Awas Yojana (PMAY)

The Pradhan Mantri Awas Yojana (PMAY) is one of the most popular government housing schemes in India. It aims to provide affordable housing solutions for all sections of society. 

Under PMAY, there are four categories based on income groups - Economically Weaker Section (EWS), Lower Income Group (LIG), Middle Income Group 1 (MIG 1), and Middle Income Group 2 (MIG 2). This government house loan scheme offers interest subsidies on home loans, making the repayment process more manageable.

To qualify for PMAY, you need to meet the income criteria specified for each category. Additionally, women and senior citizens are given preference under this government house scheme.

How PMAY works

Under PMAY, financial institutions partner with the government to provide government home loan scheme with interest subsidies. The subsidy amount is calculated based on the loan amount and the category you belong to. For instance, an EWS beneficiary can get an interest subsidy of up to Rs. 2.67 lakh. 

To calculate your housing loan eligibility and EMIs accurately, you can use a housing loan EMI calculator available online. This tool takes into account factors such as loan amount, home loan interest rate, and tenure to provide you with accurate EMI calculations. 

By availing a home loan under PMAY, you can fulfill your dream of owning a home while enjoying various benefits offered by this government house loan scheme.

Haryana housing board housing scheme

The Haryana Housing Board implements various government home loan scheme to provide affordable homes to the economically weaker sections of society in Haryana. One such scheme is the Haryana Urban Development Authority (HUDA) scheme, which offers freehold residential and commercial plots at a lower price than those offered by private developers. 

Eligibility criteria

To be eligible for this government house scheme, you need to participate in a lottery based on specific terms and deadlines. The participant fee is required, and your family income should be within Rs. 3 lakh to qualify. If you win the draw, you will gain access to a freehold plot.

How to apply

To apply for the Haryana Housing Board scheme, visit their official website and fill out the application form as per your income category. You will need to submit relevant documents such as income proof, residence proof, Aadhaar card, and other supporting documents. Pay the participation fee online and complete the application process.

Kerala housing board housing scheme

The Kerala State Housing Board strives to meet the residential needs of economically disadvantaged individuals through various construction schemes and govt home loan scheme. Grihasree Housing Scheme, Haritham Apartments, and Kowdiar Heights are some notable affordable housing schemes undertaken by them.Before applying for any of these schemes, it is essential to thoroughly research each one on the official Kerala State Housing Board website.

Eligibility criteria

The eligibility criteria may vary depending on the govt home loan scheme you choose under the Kerala State Housing Board. Generally, you should be a resident of Kerala with proof of domicile. Additionally, you must meet the age requirement and income criteria and provide supporting documents such as an Aadhaar card, voter's ID, bank statements, and income certificates.

How to apply

To apply for the Kerala State Housing Board scheme, visit their official website and carefully read the housing loan eligibility criteria and application process for each scheme. 

Fill out the application form online and submit the required documents. Make sure to keep the necessary documents handy to ensure a hassle-free application process.

Maharashtra housing and area development authority scheme

The Maharashtra Housing and Area Development Authority (MHADA) is known for its government housing schemes that operate through a lottery system. MHADA reserves a certain number of houses for this government house scheme based on income categories - Economically Weaker Section (EWS), Low-Income Group (LIG), Middle-Income Group (MIG), and High-Income Group (HIG).

Eligibility criteria

To be eligible for MHADA housing schemes, you need to be a Maharashtra resident with a valid domicile certificate, over 18 years of age, salaried with a PAN card. 

How to apply

To apply for MHADA government housing schemes, visit their official website and select the city you want to apply for. Fill out the application form according to your income group and choose the lottery scheme applicable to you.

Complete the payment process online and make sure to have all necessary documents such as PAN card, Aadhaar card, voter's ID, bank statements, income proof, etc., readily available.

Conclusion

Government housing schemes in India provide a golden opportunity for individuals belonging to different income groups to fulfil their dream of owning a home. To make an informed decision about purchasing your own home under these schemes, use tools like a housing loan EMI calculator to determine your loan eligibility and calculate monthly EMIs accurately. Remember that Mahindra Finance can be a valuable partner in your homeownership journey by providing home loans tailored to suit your needs. Explore their offerings and see how they can assist you in making your dream of owning a home come true.

FAQs

1) How do I calculate my housing loan eligibility?

Housing loan eligibility criteria varies based on factors such as income, residency, and category. Visit the respective govt home loan scheme official website or contact the relevant authorities for detailed information about eligibility requirements.

2) Can I apply for multiple government house loan scheme simultaneously?

Yes, you can apply for multiple government home loan scheme simultaneously if you meet the eligibility criteria for each scheme.

3) How can I calculate my housing loan EMI?

You can use a housing loan EMI calculator to determine your monthly instalments based on the loan amount, home loan interest rate, and tenure.

4) What is the current home loan interest rate in India?

The home loan interest rates in India vary among different financial institutions. It is advisable to check with lenders for the latest information.