Everything you need to know about affordable housing in India

Affordable housing is a critical issue for many people, particularly those who are struggling to make ends meet. Finding a home that is affordable can be a daunting task, but there are resources available to help. In this blog, we will cover everything you need to know about affordable housing, including the different types of affordable housing available, public assistance programs, and affordable housing search tools.

What is Affordable Housing in India?

Affordable housing in India refers to housing that is priced at a level that is affordable to low and middle-income households. The government of India has defined affordable housing as housing units with a carpet area of up to 60 square meters in metro cities and up to 90 square meters in non-metro cities.

Types of Affordable Housing:

There are several different types of accessible housing available in India, including low-cost housing, subsidized housing, and government-funded housing.

1. Low-cost Housing:

Low-cost housing in India is typically offered by private developers or non-profit organizations. These low-cost housing units are priced at a lower rate than the market rate, making them more accessible for low and middle-income families.

2. Subsidized Housing:

Subsidized housing in India is provided through government programs that offer financial assistance for renting or buying a house. These programs provide rent subsidies or interest subsidies on home loans to eligible families, making it more affordable for them to live in private housing.

3. Government-funded Housing:

The government of India has launched several initiatives to provide low-cost housing to low and middle-income households. These initiatives include the Pradhan Mantri Awas Yojana (PMAY), which aims to provide housing for all by 2022.

Public Assistance Programs:

There are several public assistance programs in India that provide accessible housing assistance and rental assistance to eligible families. These programs include:

• Pradhan Mantri Awas Yojana (PMAY): PMAY is a government initiative that provides financial assistance to eligible families to purchase or construct a house. The program offers subsidies on home loans and provides assistance for slum redevelopment under In-Situ Slum Redevelopment (ISSR)
• Rajiv Awas Yojana (RAY): RAY is a government initiative that aims to provide affordable housing to urban slum dwellers. The program provides financial assistance for slum redevelopment and offers subsidies on home loans.
• Jawaharlal Nehru National Urban Renewal Mission (JNNURM): JNNURM is a government initiative that aims to improve the infrastructure of cities and provide accessible housing to low and middle-income households. The program provides financial assistance for the construction of affordable housing units.

Affordable Housing Search Tools:

Finding affordable housing can be a challenge in India, but there are resources available to help. Here are some affordable housing search tools that can help you find accessible housing in your area:

• PMAY Housing for All: The PMAY Housing for All website is an online tool that can help you find low-cost housing under the PMAY scheme. You can search for housing by state, city, or scheme type.
• Housing.com: Housing.com is a real estate portal that offers a dedicated section for affordable housing. You can search for accessible housing units by location, budget, and type of housing.
• CommonFloor.com: CommonFloor.com is a real estate portal that offers a dedicated section for housing. You can search for affordable housing units by location, budget, and type of housing.
• Proptiger: Proptiger is a real estate platform that offers a section for affordable housing. It allows you to search for accessible housing units by location, budget, and type of housing. It also provides detailed information about the properties, including photos, floor plans, and amenities.
• Magicbricks: Magicbricks is another real estate platform that offers a dedicated section for accessible housing. You can search for accessible housing units by location, budget, and type of housing. It also provides features like virtual site visits, 360-degree views, and in-depth property descriptions.
• 99acres: 99acres is a real estate platform that offers a section for accessible housing. You can search for affordable housing units by location, budget, and type of housing. It also provides features like property alerts, virtual site visits, and detailed property descriptions.

Homebuyer Assistance Program Eligibility Requirements:

In addition to rental assistance programs, there are also homebuyer assistance programs available in India. These programs can help eligible families purchase a home. Here are some of the eligibility requirements for homebuyer assistance programs:

• Income: Eligibility for homebuyer assistance programs is typically based on household income. The income requirements vary by program.
• Credit Score: Some homebuyer assistance programs require a minimum credit score for eligibility.
• Employment History: Some homebuyer assistance programs require that the applicant has a certain length of employment history or a minimum income level. This is to ensure that the applicant has a stable income source to afford the mortgage payments.
• Property Ownership: Some homebuyer assistance programs require that the applicant doesn’t own any other property.
• Age: Some homebuyer assistance programs have a minimum and maximum age limit for eligibility.

It’s important to note that the eligibility requirements can vary depending on the specific program. It’s recommended to research and inquire about the eligibility requirements of the specific homebuyer assistance program you’re interested in.

Affordable housing is an important issue in India, and the government has launched several initiatives to provide low and middle-income households with access to decent housing. Public assistance programs such as PMAY, RAY, and JNNURM offer financial assistance for housing construction, slum redevelopment, and rental assistance. There are also several accessible housing search tools available online to help you find accessible housing in your area.

If you’re looking to purchase a home, there are also homebuyer assistance programs available, but eligibility requirements can vary depending on the program. It’s important to research and inquire about the specific requirements of the program you’re interested in.

In conclusion, accessible housing is a critical need in India, and there are resources and programs available to help make housing more accessible and affordable for low and middle-income households.

References: 

1. Ministry of Housing and Urban Affairs, Government of India. (2021). Pradhan Mantri Awas Yojana-Urban. Retrieved from https://pmay-urban.gov.in/
2. Ministry of Housing and Urban Affairs, Government of India. (2021). Rajiv Awas Yojana. Retrieved from https://mohua.gov.in/cms/rajiv-awas-yojana.php
3. Ministry of Housing and Urban Affairs, Government of India. (2021). Jawaharlal Nehru National Urban Renewal Mission. Retrieved from https://mohua.gov.in/cms/jnnurm.php
4. Ministry of Housing and Urban Affairs, Government of India. (2021). Affordable Housing in Partnership (AHP) Component of PMAY-U. Retrieved from https://pmay-urban.gov.in/uhdp/AffordableHousingInPartnership.jsp
5. Ministry of Housing and Urban Affairs, Government of India. (2021). Credit Linked Subsidy Scheme (CLSS) under PMAY (Urban). Retrieved from https://pmay-urban.gov.in/
6. National Housing Bank. (2021). Homebuyer assistance programs. Retrieved from https://nhb.org.in/homebuyer-assistance-programs/