Where to Find the Best Home Loan Interest Rates: Quick Tips

The Indira Gandhi Awas Yojana (IGAY) is a housing scheme initiated by the government of India to provide affordable housing for low-income families in rural and urban areas. The scheme aims to make housing accessible to every citizen of India, especially in rural and remote areas, where there is a lack of proper housing facilities.

Financial Support and Subsidy

The scheme offers financial support to eligible homebuyers by providing them with a subsidy on home loan interest rates. This subsidy is provided by the government and varies depending on the category of the beneficiary. For instance, the scheme provides up to 3% subsidy on home loan interest rates to individuals belonging to the Economically Weaker Section (EWS). Individuals belonging to the Lower Income Group (LIG) can avail of a subsidy of up to 6.5%.

Objective and Impact

The primary objective of the IGAY is to create a sustainable and affordable housing ecosystem for the marginalized sections of society. The scheme encourages the development of affordable housing projects by providing financial assistance to both the builders and the homebuyers.

Homebuyers can take advantage of the scheme by applying for grants and subsidies to purchase a home. The scheme ensures that the housing projects are developed with a focus on quality and durability, providing homebuyers with safe and reliable housing units.

The Indira Gandhi Awas Yojana is an excellent initiative by the government of India to promote affordable housing in the country. The scheme has helped many low-income families realize their dream of owning a home by making housing affordable and accessible to everyone.