Affordable housing is the type of homes that a person from a lower income group could afford to buy. So for example, affordable luxury homes in Goregaon would be purchasable by middle-income group people, and a normal residential property in Goregaon falling under this category would be affordable to lower-income groups. Affordable housing becomes a key issue especially in developing nations where a majority of the population isn’t able to buy houses at the market price. In a nation that is developing most homebuyers depend on the disposable income to live the dream of owning a house. The responsibility of making dreams of the citizens falls on the shoulders of its government and they need to come up with ways to make it happen. This is now making the government partner with a Real Estate Company in Mumbai to fulfil the demand of people to own real estate property.

So if you want to take advantage of schemes that the government has passed to help people buy the affordable luxury home in Goregaon that you were eyeing for a long time you would need to be a family or not have any immediate member of the family currently earning should not have a house in any part of India. So this means one family can buy only one residential property in Goregaon or any other part of the country. However, make sure you shouldn’t have taken help from the government plans before this instance.

The middle-income group or MIG are separated in 2 sections where MIG-I has an income of 2-6 lakh and MIG-II has an income of 6-12 lakhs. Both groups can avail loans from the government on very low-interest rates to finally live their dream of owning the residential property in Goregaon that they have been eyeing. They can even take up more loans outside the allotted bracket on a non-subsidized rate from the government. Therefore, the total interest subsidy to be paid under the MIG group for a loan up to Rs 9 lakh is Rs 2.35 lakh and on a loan of Rs 12 lakh, it is Rs 2.30 lakh per beneficiary which will be paid upfront to the beneficiary. This means when a buyer approaches a real estate company in Mumbai to buy a flat they will be able to afford to buy the flat. This move is a welcome move from the government and is being celebrated by homebuyers who couldn’t afford to buy a house before.

However, the loan that can be availed from a homebuyer is also different in different parts of India. This means a home buyer if they are buying in suburbs of the city like a residential property in Goregaon would be able to avail more loans compared to if they buy a house in rural places. The loan amount is periodically revised by RBI to adjust for inflation but the loan amount that will be offered to buy a house in metros will remain more than that of rural areas.

The scheme also covers flat on the resale market and construction of a house with basic amenities of sanitation, water supply, and electric supply which means the government does not prefer a developer more than others.

Now women, people from backward classes and differently-abled women would also be able to buy affordable luxury homes in Goregaon.

The government has set up committees and offices that you can approach to avail of these offers and become the owner of a flat and complete the dream of becoming a homeowner. The scheme can also be availed by approaching government banks if you don’t know where exactly you should go to avail the offers.

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