Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT
Loans For You
Loans for Business
Investment
Insurance
Apply

Quick Links for loans

Quick Links for Insurance

Investment

Offers Quick Pay
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Back

New Commercial Vehicle Financing

  • First time user
  • Retail and strategic Clients
Know More
Back

Used Commercial Vehicle finance

  • Repurchase
  • Refinance
  • Top up
  • Balance Transfer
Know More
Menu  
 
Apply Now

Tata Capital > Blog > What Are the Prominent Affordable Housing Schemes Available in India?

Loan for Home

What Are the Prominent Affordable Housing Schemes Available in India?

What Are the Prominent Affordable Housing Schemes Available in India?

Let’s face it! As India’s realty prices often stay on the higher end, many of you opt for home loans and affordable housing loan initiatives to buy your dream house.

Further, with increased availability of housing finance and online home loan EMI calculators, you are able to plan your housing expenses with ease. Add to it, a boost from local, state, and central government budget accommodation projects and low-cost housing ventures make housing a dream come true for many of us.

What are affordable or low-cost housing schemes?

Affordable housing schemes are initiatives run by governments to offer budget-friendly homes that cater to economically weaker sections, and medium-income individuals. The projects are typically aimed at assisting people residing in both rural and urban spaces.

Various low-cost housing types include subsidised housing, formal accommodation, indigenous housing, emergency shelters, and informal rentals. Here are some of India’s most prominent affordable or low-cost housing schemes.

Pradhan Mantri Awas Yojana (PMAY)

Launched in 2015, PMAY scheme aims to provide affordable housing to the urban and rural poor. With a mission to erect two crore houses by 2022, the scheme is applicable in states and UTs. It also offers interest subsidy on home finance for first-time buyers across urban spaces.

Additional Read: How to Complete your Dream of Owning a House Using PMAY

Pradhan Mantri Gramin Awas Yojana (PMGAY)

PMGAY, formerly Indira Awas Yojana, intends to provide concrete houses with basic amenities for people living in slums and homeless families. This scheme extends financial aid while sharing the construction cost with states.

Rajiv Awas Yojana (RAY)

RAY scheme, launched in 2009, envisions a slum-free India and operates to include illegal properties under a formal system. Under this initiative, the aim is to provide social amenities, fundamental civic infrastructure, and decent shelter.

Delhi Development Authority (DDA) Housing Scheme

DDA housing caters to aspiring home buyers form low, high, and middle-income groups. Under the scheme, the state government maintains housing projects in the national capital with special reservations for society’s economically weaker sections.

Tamil Nadu Housing Board Scheme (TNHBS)

Launched in 1961 by Tamil Nadu Housing Board, TNHBS offers apartments to middle-income group (MIG), low-income group (LIG), and high-income group (HIG). The scheme allows residents to avail apartments, residential plots, and more.

Maharashtra Housing and Area Development Authority (MHADA) Lottery Scheme

MHADA is a lottery initiative providing affordable housing to Maharashtra residents belonging to various income groups. People can also use Pradhan Mantri Awas Yojana Subsidy to own an MHADA home.

Additional Read:  What is MHADA How Does It Benefit Home Buyers?

NTR Housing Scheme

NTR Housing Scheme, a state government provision, solely caters to Andhra Pradesh residents. The initiative is a part of PMAY scheme and provides economical housing for the underprivileged across urban and rural areas.

With burgeoning housing schemes and initiatives, property purchase is much easier nowadays. So, when looking for a reliable home loan provider, turn to Tata Capital. Avail competitive home loan interest rates and hassle-free repayment options with us.

You can also check out our flexible repayment terms and home loan eligibility criteria by logging on to our website today!

Apply For Home Loan

Say Hello to Your New Home with Our Easy Home Loans!

Apply now
Popular Searches
anyror modt charges 712 utara online gujarat pre emi calculator earnest money deposit Goa Land Record earnest money khasra number meebhoomi Assam Land Record
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Other Websites

Useful Links and Resources

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.