If you live in Maharashtra, most of you must already be familiar with MHADA and its lottery scheme. If not, then this article will cover everything you need to know about the MHADA lottery scheme 2021.
What is the MHADA scheme?
MHADA stands for the Maharashtra Housing and Area Development Authority. This government body is accepting applications for its affordable housing policy under a lottery scheme. The idea is to award low-cost houses to the residents of different Maharashtrian cities.
Besides, this isn’t the first time that MHADA has launched such a project. In June 2019, under the MHADA lottery scheme of 2019 for Mumbai, the authority allotted 217 housing units to the lottery scheme winners. Now, the MHADA upcoming lottery will provide a budget-friendly housing plan covering a considerable ground in areas such as Mumbai, Pune, Kolhapur, and Solapur.
What all categories does this scheme shelter? It includes the Economically Weaker Section (EWS), Lower-Income Group (LIG), Middle-Income Group (MIG), and Higher-Income Group (HIG). Several financial institutions offer attractive home loan interest rates for furnishing your financial needs.
Additional Read: What is MHADA How Does It Benefit Home Buyers
Are you eligible for the scheme?
The authority has been diligent in identifying the appropriate beneficiaries of the scheme. So, there exist specific eligibility criteria that one must meet to become eligible for this scheme.
According to the MHADA prerequisites, the applicant must be above 18 years with a PAN card. The board will entertain no application in a child’s name.
Furthermore, the applicant must possess a Domicile Certificate to prove his/her stay for 15 consecutive years in any part of Maharashtra. There is also a set income bracket for different categories.
- Monthly income for EWS category should fall under Rs. 25,000
- Monthly income for LIG flats should be between Rs. 25,001, and Rs. 50,000
- For the application of MIG flats, your monthly income must be from Rs. 50,001 to Rs 75,000
- Those with monthly income over Rs. 75,000 can apply for HIG flats
Additional Read: Step-by-Step Guide to Apply for Mumbai MHADA Scheme
What documents do you require for the MHADA lottery scheme 2020-21?
You must hold all the following documents if you are applying for the scheme:
- Aadhaar card
- Domicile certificate
- PAN card
- School leaving certificate
- Voter ID card
- Driving license
- Birth certificate
The online application process is relatively straightforward. You must register on the MHADA lottery website and furnish the form with your income, contact, and other details. By paying a nominal fee, you can confirm your application.
If you win the lottery, you can gain possession of your flat by paying its cost. To help you with the same, lending institutions like Tata Capital can help you finance your house with a home loan. However, you must satisfy the home loan eligibility criteria to apply for a loan.
Our home loan interest rates are highly competitive and can be the key to your dream abode!
The tentative flat pricing starts from Rs. 15 lakh and touches Rs. 6 crores. You can use our home loan EMI calculator to determine the exact details of the monthly instalments and tenure of the loan if you become a lucky winner of the scheme. So, don’t wait any longer! Log on to our website today and use our home loan calculator to make an informed decision.