Government is taking huge steps to reform real estate with an aim to provide Housing For All by the year 2022. One the most significant measure taken by the government in this regard is their push for Affordable Housing. Affordable Housing intends to target the Middle Income Group (MIG), Lower Income Group (LIG) and Economically Weaker Section (EWS) demographic of the country, i.e. the strata which doesn’t own a home, earns in cash, lacks a fixed income and/or doesn’t have the required documents to secure a home loan.
To let these homebuyers get an access to India’s housing inventory, companies such as Investors Clinic came up with the swabhimaan scheme to assist homebuyers, who are financially capable of owning a house but due to lack of proper documents their loan applications gets rejected, to secure a loan; while the centre government brought in the Pradhan Mantri Awas Yojna and facilitated public banks to reduce their home loan interest rates. [Read more…]