Top government housing schemes that can help you buy a house in India

All of us dream of owning a house of our own, a place where a person spends most of their life, sees their children grow, and creates innumerable memories. However, given the exorbitant costs of real estate properties in India and the complexities involved in buying one, it is not easy for everyone to realise this dream. Though there are home loans to help home buyers, lenders’ eligibility criteria and borrowing costs can prove to be a burden. For many people, even arranging the down payment can be difficult.

Realising these difficulties citizens face, the Central Government of India and various state governments have introduced several housing schemes to make home purchases affordable. Let’s explore a few government housing schemes in India, their eligibility criteria, interest rates, and the disbursement process.

DDA Housing Scheme
 

The Delhi Development Authority (DDA) housing scheme from the Government of Delhi is among India's first state government housing schemes. Under this scheme, home buyers from the medium and low-income categories in Delhi are provided with affordable homes within city limits.

The DDA housing scheme also provides pucca houses at economical rates to people who belong to the Economically Weaker Section (EWS). This scheme empowers those living in slums or kaccha houses to move their families to apartments of their own. The Government of Delhi is constructing flats under the DDA scheme in Narela, Dwarka, Rohini, Vasant Kunj, Manglapuri, and Jasola, among other places.

Although flats under the DDA scheme are offered at affordable prices, you can still apply for a home loan to purchase them. You can consider applying for an IDFC FIRST Bank home loan online if you want a home loan at the best interest rate and several other benefits.

Below are the eligibility guidelines for buying a flat under the DDA scheme in Delhi.

• You need to be an Indian citizen.
• You should be aged 18 or above.
• You should not own a residential property bigger than 721 square feet in Delhi.
• Subsidised flats under the EWS category are available only to those with an annual income of less than Rs 1 lakh.

Haryana Housing Board Housing Scheme
 

As in Delhi, the government of neighbouring Haryana state has also introduced a housing scheme that provides affordable houses to the EWS and LIG segments. Under this scheme, the Haryana Housing Board has been asked to construct and allot pucca houses to beneficiaries within the state boundaries.

Those with an annual household income of less than Rs 3 lakh are eligible to buy an apartment under the Haryana Housing Board Housing Scheme. Also, the beneficiary or any other member in their house must not own a residential property within the state boundaries of Haryana.

Flats under this scheme are allotted to beneficiaries based on a lottery conducted by the Haryana Government.

Kerala Housing Board Housing Scheme
 

Kerala Housing Board Housing Scheme is similar to the Haryana Housing Board Housing Scheme. It is implemented and overseen by the Government of Kerala for the residents of the state. Under this scheme, the Kerala Housing Board (formed in 1971) has been tasked with the construction and allotment of affordable housing units to the people belonging to the EWS category.

Over the past few decades, the Kerala Housing Board has implemented several affordable housing schemes in the state. These schemes were aimed to help the poor own a house. Some well-known housing schemes by the Kerala Housing Board include Laksham Veedu Punarnirmana Padhati, Innovative Housing Scheme, Suraksha Housing Scheme, and New Suraksha Housing Scheme.

Maharashtra Housing and Area Development Authority Scheme
 

The Maharashtra Housing and Area Development Authority (MHADA) housing scheme was launched by the Government of Maharashtra to provide affordable houses to residents of the state. Beneficiaries under this state government housing scheme fall into three categories based on their monthly income: Lower Income Group (LIG), Middle Income Group (MIG), and High Income Group (HIG).

Under the MHADA housing scheme, the state government has proposed the construction of over 1300 affordable apartments in Maharashtra. These flats are allotted to eligible applicants through a government lottery. The price of these flats ranges from Rs 14.6 lakh to Rs 5.8 crore.

To sum it up

These popular government housing schemes in India are intended to provide affordable housing to Indians through home loans at subsidised interest rates to construct pocket-friendly residential apartments.

Irrespective of the housing scheme you choose, you can avail of a home loan at affordable interest rates from IDFC FIRST Bank that are designed to help you fulfil your dream of home ownership seamlessly and swiftly!

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