Government Housing Initiatives

In recent times, the ease of obtaining Home Loans has increased. Not only that, more and more consumers are now encouraged to avail home loans since the supply-demand, transparency and competition in the banking sector have soared significantly.

In the past couple of years, initiatives by Government of India, such as Housing For All by 2022 mission, Affordable Housing initiative, Pradhan Mantri Awas Yojna (Urban) and (Rural), and Credit Linked Subsidy Scheme (CLSS) have resulted in the decline of the home loan interest rates across the board, which has pushed the housing sector in a new direction. Housing for all is introduced with a target attached to it that covers all the income sections of the society and aims ambitiously for the overall development of all.

The Central Government and many State Governments are also actively constructing or redeveloping affordable homes on unused and underutilized land in smart cities so that the populace can be managed within the available land resource of the city. The ‘up to 30 lakh loans’ are the loans which target the Affordable Housing segment homebuyers. Major interest rate cuts and property deals over the past year have been announced in this category specifically which means the government and the real estate sector knows the income segment of their target homebuyers and are working proactively towards balancing the supply and demand situation for the same.

A new fintech company named HomeCapital is helping the first time buyers to achieve their dream of buying a home at a very early age and avail the above benefits. They are helping the buyers with their new Down Payment Assistance Program which is in the form of interest-free credit through their partnered financial institutions.