The Need for Low-Income Housing and Housing Finance Rapid urbanization and the lack of planned affordable housing in India have led to a shortage of 10–12 million urban homes and 26–37 million urban households residing in informal housing, often in poor living conditions. The bulk of these households are low-income - Economically Weaker Section (EWS) households, with annual incomes below ₹3 lakhs ($4,600), and Low-Income Group (LIG) households with annual incomes of ₹3 lakhs to ₹6 lakhs ($4,600–$9,200). The government recognizes the need for new low-income housing and has set up the Pradhan Mantri Awas Yojana (PMAY), a scheme that aims to facilitate the provision of 20 million houses in urban India with financial assistance from the central government. While a section of low-income households (e.g., the lower end of EWS) cannot afford to buy a privately constructed home or improve their homes without significant help from the government, a large number of the upper end of EWS and LIG households can afford a home/home improvement without subsidies or with small subsidies (as provided by PMAY). However, most of these households need