How to buy a home with low income in India?
Read this article to know how you can buy a home in India even if you are from the low income group. Know from where you can get financing and which Government schemes can help you in fulfiling the dream of your own home.
Everyone dreams of owning their own house in future. The security and satisfaction of living in your own house are not describable. However, a rapid increase in urbanization and a spike in population density has led to mounting housing costs. This has led to a gap between the demand-supply chains for low-cost houses. However, it is possible to buy a home with a low income in India. This is because the Government of India has come up with many affordable housing schemes for those belonging to different sections of a stratified economy. Under the Housing for All initiative, the Union Government has offered affordable housing schemes. It is an aspirational strategy on the part of the Central Government to achieve housing for all by 2022.
Two of the top schemes by the government are:
An alternative option through which one can buy a home with low income in India is to take a home loan. There has been a huge growth in the home loan sector in recent years. An affordable Housing Loan is one of the excellent home loan options that people from the low-income group can avail.Affordable Housing Loan
Through Affordable Home Loan, one can buy a house even if he/she earns a low income. Affordable home loan plans are specifically designed for those belonging to the economically weaker sections. They also allow one to customize the repayment of a loan according to one's need and ability. The Affordable Home Loan plan of various banks and financial service providers works in tandem with the Government's Pradhan Mantri Awas Yojana. Apart from low-income groups, the target section of these housing schemes offered by both the public sector and private sector also includes SC, ST and women. They are also meant for those living in the periphery of metros, tier-1 and tier-2 cities. The central government and private financial institutions are working together to address the severe housing shortage faced by the low income and marginalized sections of both urban and rural regions in India.
Everyone has a dream to own a house. Buying a house is not an easy task for everyone, especially for people belonging to the low-income group.
Housing cost is increasing day by day because of the rapid increase in population and urbanisation but there are some schemes provided by the govt of India such as Pradhan Mantri Aawas Yojana, Pradhan Mantri Gramin Aawas Yojana etc which can help.