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Affordable Housing: Indias Next Powerhouse for Real Estate
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min read
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Written by Sundeep Bhatia
Sundeep Bhatia has 16 years of in-depth experience in business development, sales & marketing, retail assets mortgages-home loans and loan against property. He maintains key relationships with Government Authorities for affordable housing projects.
India is witnessing urbanization in an unprecedented scale and has been projected to grow at 2-2.5% CAGR between 2015 and 2021. If the urbanization will grow at the same trend, urban areas are going to comprise 40% of the Indian population Source: Elite Wealth.
The growing population is a challenging task and to counter the situation, Central government has launched, radhan Mantri Awas yojana-Housing for All Urban where our honorable Prime Minister envisioned a pucca house for all Indian residents.Under PMAY Urban, 20 lakh houses have been approved for construction in 4720 cities Source: Elite Wealth
Being a leading housing finance company of India, we, IFL Home Loans believe in government constructive initiative towards affordable housing. We want to be the preferred partner of all government initiated affordable housing schemes.To bring a meaningful change in the lives of people, we maintain bonhomie with Urban Local Bodies, Housing Bodies, Municipal Councils and Awas Vikas Authorities. We have signed Memorandum of Understanding MoU with many prominent housing bodies like Andhra Pradesh, NTR Housing Scheme to name a few. Under Pradhan Mantri Awas Yojana-Credit Linked Subsidy Scheme, we are helping home loan applicants avail subsidy from the central government.
Eligibility Criteria & Subsidy benefit Under CLSS Scheme of PMAY
|
Category |
Annual Household |
Interest Subsidy |
Maximum Subsidy |
|---|---|---|---|
| EWS | Upto Rs 3 lac | 6.5% | 2.67 lacs* |
| LIG | Rs 3 lac-Rs 6 lac | 6.5% | 2.67 lacs* |
| MIG I | Rs 6 lac- Rs 12 lac | 4% | 2.35 lacs* |
| MIG II | Rs 12 lac-Rs 18 lac | 3% | 2.30 lacs* |
In a leg up towards affordable housing scheme, we have launched, waraj Home Loans that caters to the requirements of first time home buyers who may or may not be supported by formal income documentation. Indian nationals, with basic identity documents like Aadhaar Card & PAN Card are eligible to apply for this home loan product. We are persistently empowering people make their housing dream come true.
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Disclaimer: The information contained in this post is for general information purposes only. IIFL Home Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment, etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness, or of the results, etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability, and fitness for a particular purpose. Given the changing nature of laws, rules, and regulations, there may be delays, omissions, or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan product specifications and information that may be stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan.