For lower and middle income Parsis seeking affordable housing, the Pradhan Mantri Awas Yojana (PMAY) "Housing for all by 2022” scheme offers borrowers a low interest rate of 6.5% on loans with three to four percent interest subsidy, notes a write-up from the communications department of the Housing Development Finance Corporation (HDFC) Limited. Under the economically 
weaker section (EWS) and low income group (LIG) categories, those eligible have to be within an annual income of three to six lakh rupees (USD 4,008 to 8,016) for loans up to three to six lakh rupees and for the middle income group (MIG) category (income between Rs 6,00,001 and Rs 18,00,000) for loans up to Rs 12,00,000 (USD 16,032).
To qualify, the applicant should not own a house in any part of India and the area of the house purchased should not be more than 60 sq m for LIG and 160 sq m for MIG I and 200 sq m for MIG II.
"The effective subsidy to customers is in the range of Rs 2.30-2.67 lakhs on a 20-year term, receivable upfront,” the write-up notes. The schemes for MIG are valid up to March 31, 2021 and the schemes for EWS/LIG are valid up to March 31, 2022.
The government has been monitoring the progress of these schemes and has been keen to ensure that they are availed of by all those who are eligible… HDFC was also awarded the "Best Private Sector Financial Institution” for PMAY-CLSS (Credit Linked Subsidy Scheme) at PMAY- Affordable Housing Awards, 2019.
"Sixty-five percent of India’s population is under the age of 35 years. This means that a large section of the population will be potential home buyers. In the last 42 years that HDFC has been in business, it has never seen a better time for housing sector in India than today,” the write-up concluded.