Affordable Housing

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Q. What is “ Affordable housing”?

Affordable housing refers to the housing units that are affordable for those with income below the average household income.

Q.What are the different categories of affordable housing?

In India, affordable housing is provided for middle-income people and the economically weaker section (EWS) and low-income group (LIG). They have considerably low levels of income.

Q. Why developer promote their project as affordable housing projects?

In a view to divert developers from the luxury segment to affordable segment, Indian govt. decided that the affordable housing segment will get infrastructure status, which means many benefits to developers in terms of tax, completion time, enhanced refinancing facility, etc.

Q. How can I get the subsidy on loan under Pradhan Mantri Awas Yojna to buy an affordable house?

Credit Linked Subsidy Scheme is one of the components under the Pradhan Mantri Awas Yojana (PMAY). Under it, the central government offers interest subsidy on home loans availed by applicants who fall under EWS (Economically Weaker Section)/LIG (Low Income Group)