AFFORDABLE HOUSING SCHEME IN INDIA
The biggest dream of everyone here in India is to own a house. Owning a home is pride, and for some, it is a need. But still, half of the population is hunting for an own residence. On having the report, the Government proposed a solid Idea – The “Affordable housing scheme” to bring affordable homes for the low-income group in India. As India has many numbers of low and middle group people, who cannot afford to buy their own home. Under the launch of the Affordable Housing scheme by the Government, people are getting the shelter – being the third most important necessity after food and clothes. 1 Pradhan Mantri Awas Yojana (PMAY): 2015 PMAY is an NDA Government's agship affordable housing scheme implementing in between 20152022, aiming for 'Housing For All'. This scheme is divided into 4 parts: (a) In-situ slum redevelopment (ISSR): Under this scheme the Government uses the land of the slum dweller to make a house for them. The scheme has leveraged by the large number of slum area in India. With the private partnership with the eligible slum dweller, the Government can use to develop their slum land to make affordable houses. (b) Credit-linked subsidy scheme (CLSS): Under this scheme, credit-linked subsidy will be provided to the EWS Economically Weaker Section (EWS) and Low Income Group (LIG) on Home loans. The subsidy is provided on both for buying or constructing of house to the urban poor. Ÿ EWS with the annual Household Income Up to ₹3 lakh/annum and house sizes up to the carpet area of 30 sq.m. Upto loan amount 6 lakh at 6.5 interest subsidy. Ÿ LIG with the annual Household Income from 3 lakh to ₹6 lakh/annum and house size up to the carpet area of 60 sq.m. Upto loan amount 6 lakhs at 6.5 interest subsidy.