Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs

SUPPORT

Menu  
 
Apply Now
Apply Now

Tata Capital > Blog > Loan for Home > Reasons Why Affordable Housing is Important in India

Loan for Home

Reasons Why Affordable Housing is Important in India

Reasons Why Affordable Housing is Important in India

In a developing country like ours, it becomes even more prudent to provide income-friendly housing options for various sections of society. The Indian government has been pushing for creating more affordable home options for the lower and middle-income groups and the economically weaker sections (EWS) of society.

Estimates suggest that over 600 million people will be living in urban India by 2031. This appreciable growth of 51% since 2011 indicates a dire need to roll out cost-effective housing options, ensuring the underprivileged sections can afford a house while giving a boost to the Indian real estate sector. Keep reading to know why we need affordable homes in India.

To combat the challenges of urbanisation

India has been going through an economic transition for the last few years. This has widened the gap between the rich and the poor. Moreover, home loan mainly cater to the more financially robust section of the population. As such, there is a need for the government to push affordable home loans in India and create other opportunities to house the growing migrant population from rural to urban areas.

To provide safe and affordable living conditions

According to the Planning Commission, the housing shortage is calculated by adding factors like:

  • Houseless households
  • Households living in unacceptable conditions
  • Households suffering from physical and social constraints due to over congestion of living spaces

These conditions persist because of the high home loan interest rates, which gate-keep a large chunk of the population from buying their own home. Thus, there is a need for affordable interest rates to make housing available for all.

Additional Read:  Home Affordability in Current Market Scenario

To improve the overall health of citizens

Having a roof over one’s head can significantly reduce tension and financial stresses. And improve the mental health, thus boosting their happiness quotient and productivity. It also reduces exposure to infections and diseases, promoting good health in the population.

To create jobs

Housing projects attract employers, employees and create jobs in the market. This also generates more tax revenue for the government and boosts consumer spending. This, in turn, has a positive effect on overall economic growth.

Conclusion

Purchasing a house is now affordable and convenient with Tata Capital. You can avail yourself of a loan at subsidised rates under the PMAY scheme. Furthermore, you can use our home loan EMI calculator to understand your EMI burden fully before finalising the loan.

Additional Read:  Affordable Housing Loan with Tata Capital

Simply enter your loan amount, duration, and interest rate in the loan calculator and calculate your payable EMIs instantly. Use our loan calculators for an accurate estimate of the loan rates and charges.

Besides, you can secure some of the most affordable interest rates and quick loan disbursal facilities. All you need to do is provide some essential income and identity proof documents! So, visit our website and make the right choice for your future home.

Apply For Home Loan

Say Hello to Your New Home with Our Easy Home Loans!

Apply now
Popular Searches
anyror modt charges 712 utara online gujarat pre emi calculator earnest money deposit Goa Land Record earnest money khasra number meebhoomi Assam Land Record
More About Loans
home loan calculating home loan housing loan rate of interest calculate home loan eligibility documents needed for housing loan quick cash loan housing loan top up home loan transfer home loan with overdraft facility home loan balance transfer calculator home loan disbursement process loan for home extension rgrhcl

FAQs

What is the scope of affordable housing in India?

The Pradhan Mantri Awas Yojana (Urban) is a major initiative in India that offers interest subsidies on home loans for constructing or purchasing houses.

Which city has the most affordable housing in India?

Ahmedabad is known as the most affordable housing market in India, with an affordability ratio of 20 percent.

What is the limit of affordable housing in India?

The limit for affordable housing in India is Rs 45 lakh, which is the total property value. This limit is applicable to both metro and non-metro cities.

What is the affordable housing scheme in India?

The Pradhan Mantri Awas Yojana (PMAY) is India's affordable housing scheme. It focuses on providing housing for all through interest subsidies, collaborations with private developers, and redevelopment of slum areas.

How to make affordable housing in India?

Affordable housing in India is achieved through Public-Private Partnerships (PPP), financial subsidies, government land allocation, and cross-subsidy models.
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools

502 Bad Gateway

Microsoft-Azure-Application-Gateway/v2