How can buyers leverage government schemes for home purchase?

Buyers can reduce EMIs and increase affordability by tapping into government-backed programs like PMAY and various state-level housing schemes:

• Pradhan Mantri Awas Yojana (PMAY):
  • Credit-Linked Subsidy Scheme (CLSS) provides interest subsidies for home loans.
  • Applicable for EWS, LIG, MIG categories with varying income brackets.
  • Reduces monthly EMI burden significantly.
• State Housing Boards:
  • Organizations like MHADA (Maharashtra), DDA (Delhi), or BDA (Bangalore) offer lottery-based allocations at subsidized rates.
  • These official projects often come with basic infrastructure and lower-than-market prices.
• Tax Benefits:
  • Section 80C deductions on principal repayment.
  • Section 24(b) deductions on loan interest up to ₹2 lakh.
  • Additional benefits for first-time buyers under Section 80EE or 80EEA.
• RERA Assurance: Projects with RERA registration ensure transparency and reduce the risk of delays or fraud.

Buyers should check eligibility, maintain proper documentation, and consult with banks or housing finance companies to maximize subsidies and tax incentives.