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Challenges towards Housing for All by 2022
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min read
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Written by Jayant Upadhyay
Government envisioned ousing for all by 2022 aiming every Indian has a pucca house over his head. It is paradoxical that even after 70 years of independence; many people are still dreaming owning a home. Though Government has taken constructive initiatives such as launch of Pradhan Mantri Awas Yojana, there still are some challenges underlying to this progressive mission.
1. In India, majority of working population is working in an unorganized sector. They lack income document to substantiate their earnings and hence, their home loan applications are rejected. IIFL Home Loans took a leap here and has launched Swaraj Home Loans where an applicant, with basic details such as Aadhaar or PAN card can avail of a home loan hassle-free
2. Principal amount of upto Rs. 1.5 Lac in a Home Loan and Housing Loan interest amount of upto Rs 2 Lac is rebatable under section 80C & section 24 of Income Tax Act respectively. If the rebate limit is increased, applicants can save more and aspiring home buyers will be prompted towards applying for home loans
3. According to a social consultancy FSG, a quarter of India urban population upto 37 million lives in slums/ informal housing. Awareness of the possible benefits under Pradhan Mantri Awas Yojana is still unknown to a big portion of this population.
4. Most of the EWS/LIG projects are located in outskirts of the cities. The connectivity & infrastructure pose a challenge for the aspiring home buyers to make a purchase decision.
5. There is a gap between demand and supply for EWS/LIG housing units. Developers are focusing equally on MIG Units. However, majority of the beneficiaries lie in EWS/LIG category.
Housing for all is a very progressive vision of the government. However there are a myriad of challenges. To counter the same, both state and local governments must play more active roles. Often owing to lack of clarity on powers of various agencies, execution becomes a challenge.
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Disclaimer: The information contained in this post is for general information purposes only. IIFL Home Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment, etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness, or of the results, etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability, and fitness for a particular purpose. Given the changing nature of laws, rules, and regulations, there may be delays, omissions, or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan product specifications and information that may be stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan.
