Let’s face it! Buying a home in the capital city is not an easy task. With the ever-soaring prices of real estate, the scope of affordable housing is limited. This is why the government has intervened with its Delhi Awas Yojana, providing house finance.
What is Delhi Awas Yojana?
The Delhi Awas Yojana was initiated to help the urban poor who could not afford a permanent dwelling. This scheme falls under the gamut of PMAY or Pradhan Mantri Awas Yojana. It introduces 15 housing projects that offer quality construction and amenities like recreation areas, water supply, security, and much more. All of this starting at just Rs. 12.80 lakhs.
Not only does the Delhi Awasiya Yojana offers apartments at ridiculously affordable prices, but it also provides a CLSS plan since it falls under the PMAY umbrella. A CLSS or Credit Linked Subsidy Scheme is a component of the PMAY programme, wherein the Government of India provides eligible applicants home loans on subsidised interest rates.
Eligibility criteria for buying a house under Delhi Awasiya Yojana
You must meet the following criteria to apply for this affordable housing scheme:
- Applicant must fall anywhere within the following four income brackets:
| Economically Weaker Section (EWS) | Annual household income is less than Rs. 3 lakhs |
| Lower-Income Group (LIG) | Annual household income is between Rs. 3 lakhs and 6 lakhs |
| Middle-Income Group (I) | Annual household income is between Rs. 6 lakhs and Rs. 12 lakhs |
| Middle-Income Group (II) | Annual household income is between Rs. 12 lakhs and Rs. 18 lakhs |
- You or your family member, including children, must not own a pucca house in your/their name anywhere in the country.
- You or your family member must not have already availed of housing benefits under any other government scheme.
Benefits of registering under the Delhi Awasiya Yojana
Sure, the subsidy on home loan interest rates extended through the CLSS component is perhaps the highlight of registering under this scheme. But, there’s more! Here are the benefits of buying a house via this route:
- You can gain easy access to reasonably priced accommodation within Delhi city limits.
- If your family has elderly members, you can get apartments on the ground or lower floors.
- Houses built under the project boast good construction quality and are also eco-friendly.
The bottom line
Do you qualify for the Delhi Awasiya Yojana under PMAY? Well, then begin your house search as a first step towards getting your own place. Once you know what you want to buy, figure out the how. We mean finances! Look for housing finance with a suitable lending institution that promises relaxed home loan eligibility criteria.
Further, you can also check your potential home loan EMI before applying for housing finance. You can do this by using an online home loan EMI calculator.
And, you’re all set to buy your dream abode!