The term “Affordable Housing” is defined as the need for housing units that are affordable for the people living below the median household income. However, the definition is alternatively changed according to the reputation of the country, but it is largely the same. It basically addresses the need for the lower or middle class of people who do not earn a high payment monthly basis. This plays a major role in economical growth of country. This becomes major issues for the developing nations where the majority of people are not able to buy a home that exact need accordingly.
The country like India that is still developing needs increases in the responsibilities of government regarding affordable housing. Inspecting the parameter, the Government of India has taken many measures to meet the demand of people. Along with some developers and stress on public-private-partnership, our regime is leading to complete providing affordable housing.
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What is affordable housing plan in India? How does it work for the eligible people?
Having own home would be a great thing for anybody because the one would not like to give rent a monthly basis. It gives stress to the people, especially when he lives far from his home town. After all, everything related to regular use is to purchase and moreover arranging rent for habitable space would not be easy. To overcome such a major problem, we look at our government what is it doing for us. This one feature makes our government come into action to complete the purpose of affordable homes for the public.
However, it’s convenient to purchase a home using the various scheme launched by either the regime or the private sector. First of all, we would see at the schemes which are launched for people. Here are the details of that is taken by Government of India for Affordable housing Plan–
Prime Minister Awas Yojana (PMAY) Urban
This housing home plan has been introduced in 2015, which has main aim to provide “Housing for All” by 2022. PMAY scheme is for the urban area and implemented across the various financial institutions. This provides all central assistance regarding finance for all the eligible families across the nation. PMAY Housing Scheme is majorly offer helps on the basis of annual income and size of home. This scheme includes some following features-
- It helps increasing the purchasing power of massive number of families by providing interest subsidies
- Interest subsidies will be on their home loan base on their income category
- Desire with making own pucca homes can apply for this scheme. One of the things should keep into mind that any of the family should not won pucca house in any part across the country.
- The amount founded from PMAY plan can be used for the renovation of kuccha home or semi-pucca home or purchasing of new house.
External Commercial Borrowing (ECB)
This scheme is basically for builders and developers. ECB is introduced in 2012 to allow interest for the affordable housing project. Borrowing scheme is launched for enabling to give low cost interest for the developers and builders. It increased in developing housing and apartments across the country that has been useful for the homebuyers.
Opening Way in Foreign Direct Investment (FDI)
FDI has opened the door for development of construction development including townships project, residential, commercial, and industrial projects. However, this scheme has even not completed the purpose of getting affordable housing until now.
Get Benefits from the Central Board of Direct Taxes
CBDT has offered the benefits for the affordable housing online. Under the section 35AD of income tax act offers this benefit for homebuyers.
Know How Could Get Affordable Housing Online as an Applicant
To get benefit of this plan, first of all you should have citizenship of India. Only Indian can apply for affordable homes. You will be eligible if your age is between 18 years to 70 years. Applicant should not have any own home including apartment/plot/pucca house anywhere in India. The people who get already benefitted by this scheme are not eligible applying again.
Documents Required if Apply as Individual Applicant
- Completely filled application form with signature
- PAN Card
- Address Proof
- Voter ID Proof
- Passport Size Photograph
Document Required for Company
- Completely filled and signed application form
- PAN Card
- Board of Resolution
- MOU (Memorandum of Understanding)
By the use of these schemes, the Housing Sector is expected to enhance about 30 million by 2022. The rural population is continuously migrating into urban in search of basics and necessities. It has resulted in diminishing water and sanitation. Affordable Housing Plan is providing opportunity to get the best in urban for people across the India. The Government has kept target to provide home to Indian People in the end of 2022. Affordable Housing Online has taken place that allow you to get own dream affordable home.