For many people with modest salaries, the dream of owning a home may seem out of reach. But what if you could buy your own house with just a ₹20,000 monthly salary? Thanks to the Delhi Development Authority’s (DDA) Sasta Ghar Housing Scheme, even individuals with lower income can afford to buy a house in Delhi.
Let’s break down how this is possible and what you need to know to turn your homeownership dream into reality.
What Is DDA’s Affordable Housing Scheme?
DDA’s Sasta Ghar Housing Scheme is aimed at people from lower-income backgrounds, specifically for those in the Economically Weaker Section (EWS) and Low Income Group (LIG) categories. The scheme offers affordable flats, starting at just ₹11.5 lakh, making it one of the most affordable housing options in Delhi. Currently, there are around 34,000 flats available in locations like Ramgarh Colony, Siraspur, Rohini, Narela, and Loknayakpuram in North West Delhi.
These flats are available on a first-come, first-serve basis, and bookings have already started. The scheme will remain open until March 31, 2025, giving you ample time to secure a home under this initiative.
How Can You Buy a House with a ₹20,000 Salary?
If you earn ₹20,000 a month, here’s a simple breakdown of how you can buy a house under this scheme.
- Booking Amount: The booking amount for EWS flats is ₹50,000, while for LIG flats, it’s ₹1 lakh. Since we are focusing on the EWS category, you will need to deposit ₹50,000 upfront.
- Down Payment: The total cost of the flat is ₹11.5 lakh. After paying the booking amount, you will need to make a down payment of ₹3 lakh.
- Home Loan: For the remaining ₹8 lakh, you can apply for a home loan. Most banks offer home loans with an interest rate of around 10%. You can spread the loan over 15 years, which makes your monthly EMI about ₹8,597.
Since your monthly salary is ₹20,000, this EMI is less than 50% of your salary, which experts say is the ideal ratio for managing a home loan without affecting other household expenses.
What Should You Consider Before Taking a Loan?
When taking a home loan, it is important to ensure that your EMI does not exceed 50% of your monthly salary. This is crucial because you need to have enough left over for other expenses like groceries, utilities, and other bills.
If you already have other loans or financial obligations, you might face difficulties in both getting a new home loan and managing the EMIs alongside your existing debts. It’s always a good idea to consult with financial experts or use online EMI calculators to figure out how much you can comfortably pay every month.
Why This Scheme is Great for Low-Income Individuals
Owning a home is a lifelong dream for many, but it can be difficult for people with lower salaries to save enough for the down payment, let alone afford monthly EMIs. However, with DDA’s Sasta Ghar Housing Scheme, even individuals earning a modest income can own a home in Delhi.
Not only is the initial down payment relatively affordable, but the monthly EMI is also manageable, provided you don’t have existing debts. The locations offered are also well-connected, making it easier for residents to commute.
How to Apply for a Home Under DDA’s Scheme
To apply for a flat under the DDA’s Sasta Ghar Housing Scheme, you need to visit the official website (dda.gov.in). You can find more details about the application process, eligibility criteria, and available flats there. Make sure to act fast, as the flats are available on a first-come, first-serve basis, and demand is likely to be high.
This scheme isn’t just limited to Delhi, though. Other states also have similar initiatives aimed at providing affordable housing for people with lower incomes. So, if you’re looking to buy a home and live on a modest salary, be sure to explore all the options available to you!
