Government Launches New Affordable Housing Scheme for IT Professionals

By Business StandardDec 15, 20245 min read
IT professionals reviewing housing schemes

The Government of India, in collaboration with leading public sector banks, has announced a revolutionary affordable housing scheme specifically designed for IT professionals and technology sector employees, marking a significant milestone in the country's housing policy framework.

Key Highlights

  • Subsidized interest rates starting from 6.5% for IT sector employees
  • Special eligibility criteria with relaxed income requirements
  • Available in major tech hubs: Bangalore, Hyderabad, Pune, Chennai
  • Maximum loan amount up to ₹50 lakh with extended tenure options

Scheme Overview

The Government of India, in collaboration with leading public sector banks, has announced a revolutionary affordable housing scheme specifically designed for IT professionals and technology sector employees. This initiative addresses the growing housing needs of India's expanding tech workforce while supporting the government's broader housing-for-all mission.

Eligibility Criteria

The scheme targets IT professionals working in both public and private sector technology companies, with specific provisions for:

Employee Categories

  • Software engineers and developers
  • Data scientists and analysts
  • IT support and infrastructure professionals
  • Cybersecurity specialists

Income Requirements

  • Annual income: ₹3-15 lakh for individuals
  • Joint applications: Up to ₹25 lakh household income
  • First-time homebuyers get priority
  • Flexible documentation for gig workers

Financial Benefits

The scheme offers unprecedented financial advantages designed to make homeownership accessible for IT professionals across different income brackets.

Interest Rate Structure

  • Base rate: 6.5% for loans up to ₹25 lakh
  • Incremental rate: 7.5% for loans ₹25-50 lakh
  • Additional 0.5% discount for women borrowers
  • Special rates for green building certified projects

Application Process

The application process has been streamlined with digital-first approach, recognizing the tech-savvy nature of the target demographic.

Step 1: Online Registration

Complete registration on the dedicated government portal with employment verification

Step 2: Document Submission

Upload required documents including salary certificates and IT returns

Step 3: Bank Verification

Participate in expedited verification process with partner banks

Impact on Tech Industry

Industry experts believe this scheme will significantly impact talent retention and attract more professionals to India's tech hubs, addressing the dual challenge of housing affordability and skilled workforce mobility.

Expected Outcomes

  • Reduced employee turnover in tech companies
  • Increased homeownership among young professionals
  • Boost to real estate development in tech corridors
  • Enhanced work-life balance for IT workforce