Government Schemes and Incentives for Property Buyers in Hisar

The real estate sector in India has been growing rapidly, and property buyers are continuously looking for ways to make their investments more affordable. In Hisar, like other cities, the government has introduced several schemes and incentives to help property buyers, especially first-time homebuyers. These government initiatives aim to provide financial support, lower the overall cost of purchasing property, and make homeownership more accessible. Let’s take a closer look at these government schemes and incentives for property buyers in Hisar.

1. Pradhan Mantri Awas Yojana (PMAY)

One of the most popular government schemes for property buyers in Hisar is the Pradhan Mantri Awas Yojana (PMAY), which is part of the government’s initiative to provide affordable housing to all citizens. Under this scheme, first-time homebuyers are eligible for financial assistance when purchasing a home.

• Benefits of PMAY: PMAY offers subsidies on home loan interest rates, making it more affordable to buy a home. The scheme provides a subsidy of up to ₹2.67 lakh on home loans under the Credit Linked Subsidy Scheme (CLSS) for the middle-income group (MIG), lower-income group (LIG), and economically weaker section (EWS).
• Eligibility: To be eligible for PMAY, you must be a first-time homebuyer, and your family should not own any residential property. The income criteria for different categories (EWS, LIG, MIG) also apply.

2. Stamp Duty and Registration Fee Waivers or Reductions

The Haryana government often provides incentives by offering reductions or waivers on stamp duty and registration fees, making the property buying process more cost-effective for buyers in Hisar. Stamp duty is a significant expense when buying property, but the state government offers discounts from time to time to make it easier for buyers to afford property transactions.

• Stamp Duty Reductions: The state government of Haryana has been periodically reducing stamp duty rates, which can save property buyers a substantial amount of money. The discount can vary depending on the type of property and the category of the buyer (such as women, first-time homebuyers, etc.).
• Women Property Buyers: In some cases, the Haryana government offers a lower stamp duty rate for women buyers. This encourages more women to invest in property and promotes financial independence.

3. Credit Linked Subsidy Scheme (CLSS)

The Credit Linked Subsidy Scheme (CLSS) is another important government incentive that makes home loans more affordable for property buyers in Hisar. Under this scheme, the government provides an interest subsidy on home loans, which helps reduce the overall cost of purchasing a property.

• How CLSS Works: CLSS allows property buyers to avail of an interest subsidy on home loans taken for the purchase or construction of homes. This subsidy is available for people from the economically weaker section (EWS), lower-income group (LIG), and middle-income group (MIG). The scheme is available for both new homebuyers and people seeking to improve or renovate their homes.
• Eligibility Criteria: To avail of the CLSS, you must fulfill certain criteria related to income, family size, and the value of the property. The income cap differs for each category. EWS and LIG categories are eligible for more generous subsidies, while MIG buyers get a moderate subsidy.

4. Affordable Housing Policy by Haryana Government

The Haryana government has also introduced an Affordable Housing Policy that focuses on providing affordable homes to people in urban areas, including Hisar. Under this policy, property developers are encouraged to build affordable housing projects by offering certain incentives such as tax breaks, reduced land costs, and lower building fees.

• Affordable Housing Projects: Developers involved in the affordable housing projects are allowed to sell homes at much lower prices compared to regular market rates. These homes are built with basic amenities and are meant for people from the middle and lower-income groups who are looking for budget-friendly housing options.
• Incentives for Builders: Builders who participate in the Affordable Housing Policy benefit from reduced government fees and land charges. In return, they are required to ensure that the housing units are offered at affordable rates, which significantly reduces the cost of purchasing a property for buyers.

5. Loan Subsidy for Rural Housing

For people in rural areas of Hisar, the government offers special loan subsidies under the Pradhan Mantri Awas Yojana and other rural housing schemes. These loans are designed to make housing more affordable for people living in rural or semi-urban areas, and they come with lower interest rates compared to regular home loans.

• Rural Development Loans: The government also provides low-interest loans for people living in rural parts of Hisar who want to buy land, build a house, or improve their existing property. This initiative aims to promote rural development by ensuring that everyone has access to proper housing.
• Eligibility: These loans are generally available for people with low to moderate incomes in rural areas. The loan amount is decided based on the borrower’s ability to repay and the cost of the property.

Conclusion: Property Buyers in Hisar

Government schemes and incentives are a great way for property buyers in Hisar to save money and make homeownership more affordable. Programs like PMAY, stamp duty reductions, the Credit Linked Subsidy Scheme (CLSS), and the Affordable Housing Policy by the Haryana government are designed to make property buying a more accessible and cost-effective process. By taking advantage of these schemes, first-time buyers, middle-income families, and low-income groups can secure their dream homes in Hisar while enjoying financial benefits. Make sure to explore these options before making a property purchase to ensure you are getting the best deal possible.