What is the SWAMIH Fund? (Stalled Project Funding Explained)

For homebuyers stuck in a stalled project — and for the developers who ran out of capital before completion — SWAMIH has been one of the few genuine routes out. But it’s widely misunderstood: many assume it’s a bailout for any stuck project, when its eligibility is in fact quite specific. Here’s what it actually is.

In short: SWAMIH (Special Window for Affordable and Mid-Income Housing) is a government-sponsored fund that provides senior, secured last-mile debt to complete stalled affordable and mid-income housing projects. To qualify, a project must be RERA-registered, net-worth-positive at the project level, within prescribed price caps, and stalled but viable — and it can qualify even if the developer is an NPA or in NCLT.

What SWAMIH does

SWAMIH provides last-mile funding — the final tranche of capital a stalled project needs to finish construction, obtain the Occupancy Certificate and hand over flats to buyers. It is structured as a fund (a Category-II AIF), provides senior, secured debt, and is designed specifically for the affordable and mid-income segment, where stalled projects hit ordinary buyers hardest.

Its impact has been significant: SWAMIH Fund I committed on the order of ₹15,000+ crore and has been credited with helping complete tens of thousands of homes across well over a hundred projects (figures vary by source and reporting date — treat any specific count as indicative).

Who qualifies

This is where most assumptions go wrong. A project must be:

• RERA-registered
• Net-worth-positive at the project level — assessed on the project, not the developer, so it can qualify even if the developer entity is an NPA or in NCLT
• In the affordable / mid-income segment, within prescribed price caps (broadly ₹2 crore in MMR, ₹1.5 crore in other major metros, ₹1 crore elsewhere)
• Stalled but viable — there must be a credible path to completion

The project-level net-worth test is the crucial, often-missed point: a viable project trapped under a distressed developer can still get SWAMIH funding.

SWAMIH Fund II in 2026

SWAMIH Fund I is fully committed. A second SWAMIH fund was announced in the 2025-26 Union Budget (reported at around ₹15,000 crore, blended government and institutional capital), but as of mid-2026 it is not yet operational. So for a developer with a stalled project today, SWAMIH is a route to prepare and position for as Fund II opens — while the capital actually deploying now comes from Category-II AIF special-situations strategies and, where the existing debt needs resolving, ARC routes.

How SWAMIH fits the wider picture

SWAMIH is one of three last-mile routes, alongside AIFs and ARCs. It’s the cheapest if you qualify, but its eligibility is narrow. The practical decision — which route actually completes your project — is covered in how to fund a stalled real estate project, and the service page is last-mile funding.

Key takeaways

• SWAMIH provides senior, secured last-mile debt to complete stalled affordable/mid-income housing.
• Eligibility is specific: RERA-registered, project-level net-worth-positive, within price caps, stalled but viable.
• A project can qualify even if the developer is an NPA or in NCLT — the test is at the project level.
• Fund II is announced but not yet operational (mid-2026); AIF and ARC routes are deploying now.

FAQ

What does SWAMIH stand for? SWAMIH stands for Special Window for Affordable and Mid-Income Housing — a government-sponsored fund that provides last-mile completion finance for stalled affordable and mid-income housing projects in India.

Who is eligible for SWAMIH funding? Projects that are RERA-registered, net-worth-positive at the project level, within prescribed price caps (broadly ₹2 crore MMR / ₹1.5 crore other metros / ₹1 crore elsewhere), and stalled but viable. The project can qualify even where the developer is an NPA or in NCLT.

Is SWAMIH Fund II available in 2026? A second SWAMIH fund was announced in the 2025-26 Union Budget but is not yet operational as of mid-2026. Developers should position eligible projects for it while pursuing Category-II AIF or ARC routes that are deploying now. See last-mile funding.

What if my project doesn’t qualify for SWAMIH? Category-II AIF special-situations capital funds premium and non-affordable stalled projects and moves faster, while an ARC route can resolve distressed existing debt. We assess all three routes neutrally — see how to fund a stalled project.