LAP Against Affordable Home Property
Loan can be acquired by mortgaging a property which falls under Affordable Housing Norms.
Affordable home loan refers to the Home loan taken for housing units that are affordable by that section of society whose income is below the median household income.
Though different countries have different definitions for affordable housing, but it is largely the same, i.e. affordable housing should address the housing needs of the lower or middle income households. Affordable housing becomes a key issue especially in developing nations where a majority of the population is not able to buy houses at the market price.
Disposable income of the people remains the primary factor in determining the affordability. As a result, it becomes the increased responsibility of the government to cater to the rising demand for affordable housing. The Government of India has taken various measures to meet the increased demand for affordable housing along with some developers and stressing on public-private partnerships (PPP) for development of these units