The MHADA housing scheme provides affordable homes
The scheme caters to various income groups
Only residents of Maharashtra are eligible for the scheme
You can use PMAY subsidies to purchase a MHADA home
The Maharashtra Housing and Area Development Authority, also known as MHADA, has schemes that give the residents of Maharashtra access to affordable residential property. The MHADA Mumbai scheme offers over 1,300 low-cost houses via a lottery system and the applicants are segregated based on their income. The cost of these houses or flats ranges from Rs.14.6 lakh to Rs.5.8 crore and varies depending on the income group. As per the authorities, in 2019 63 flats were to be allotted to the economically weaker section (EWS), 126 to low-income group (LIG) applicants, 201 to middle-income group (MIG) applicants and 194 units to high-income group (HIG) applicants.
Now that you’ve got a basic understanding of what the scheme is about, take a look at the information you should be aware of before you apply for the MHADA lottery scheme
Listed below are the criteria you must meet in order to be eligible for the Maharashtra lottery scheme
Note that you can’t apply on behalf of your minor children and you also can’t apply if you’re a beneficiary of any other MHADA lottery scheme
Moreover, you can apply for a home based on your monthly income. Take a look at the eligibility criteria with regards to this.
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In order to prove your eligibility, here are the documents you will need to provide when you apply for the MHADA housing scheme.
The authority governing the scheme has set fixed prices for the units available under the MHADA lottery housing scheme. These are as follows.
Now that you are familiar with all the particulars of the scheme, here is the easy application process you need to follow.
Housing schemes are a great way to reduce the cost of becoming a homeowner. Moreover, these units are newly developed and hence may offer better amenities than other apartments. However, a 2018 report highlighted that of the 9,000 houses listed under the MHADA lottery scheme, over 10% were lying vacant. This is because many of these units are earmarked for the Pradhan Mantri Awas Yojana (PMAY) and there aren’t enough applicants availing them. This is why it is a good idea to consider applying through PMAY so that you can enjoy a hefty interest subsidy to the tune of Rs.2.67 lakh. The Bajaj Housing Finance Limited Home Loan is one option that facilitates application via PMAY.
Through the BHFL Home Loan, you can get up to Rs.3.5 crore as a sanction to either buy, build or renovate your home. Additionally, you benefit from a nominal interest rate and a flexible tenor of up to 240 months. You can also expedite the application process by applying online. But first, check your pre-approved offer as you can apply using a customized offering that suits your financial profile.
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