Prapti Scheme: Cheapest Home Loan @4%, Flexi Repayment

For any type of loan or credit card, the most important thing lenders look for is the income of the applicant apart from your CIBIL score. For higher income individuals getting credit is not a cumbersome process as long as their CIBIL score is good.

However for low income individual’s it is very difficult whether it is a credit card or loan. There are credit cards for low income individual’s but getting loan especially home loan is almost impossible unless and until they have good amount of money to pay as a down payment (i.e. initial payment made when taking something is bought on credit). Check out personal loan for poor income earners.

But there is a good news for low income earners looking to buy their own house. Tata Capital Housing Finance (TCHFL) has launched Prapti Scheme. It is a housing loan scheme for poor income earners with subsidized interest rate starting from as low as 4% per annum. The scheme is under the Government of India’s Pradhan Mantri Awas Yojana (PMAY) and includes the subsidy PMAY offers.

Prapti Scheme Features:

FeaturesPrapti Scheme
Interest RateStarting from 4%
Annual Household Income RequiredMinimum Rs. 6 Lakh per annum
Loan repayment flexibilityYes
Loan conversion chargesNo
Target audienceLower income, economically weaker section, SC/ST and to women residing in the periphery of urban areas.
Target locationsMetros, Tier-I, II & III cities as identified by the PMAY initiative
Loan TenureNot yet announced

Prapti – Home Loan Scheme – Contact Details:


Interested home loan buyers can reach following official contact points:

  • SMS PRAPTI to 5616161 from any mobile phone
  • Call 1800209 6060

Affordable housing is the main objective of Prapti Scheme. And by offering flexibility in loan repayment, low cost housing will definitely get a boost and dream of million Indians will become a reality. Currently there are two options when taking a loan from any bank – fixed and floating. And shifting from one type to another carries additional charges. But in Prapti Scheme there won’t be any such charge, which is a very attractive feature and will benefit low salaried people the most.

Even if there is lot of unsold houses in India due to low demand, the loan rates are still on a higher side making buyers to stay away from buying a home even if developers offer discounts.

Other loans available in the market requiring low income:

Axis Bank – Asha Home Loan – Is another home loan option for low income group individuals. Monthly income required is minimum Rs. 8000 – Rs. 10000 depending on the location. You can read more details about this home loan here.

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