The years of going through a strenuous professional life in the capital city of Delhi must have filled your pocket to a degree. But still, you are way off from your dream home as surging prices have made it impossible for you to experience that magnanimous feeling, right? To help you own a home in the glitz of the capital city, the Delhi Development Authority (DDA) is planning to come with its new housing scheme in June 2018.
The launch of DDA Flats Housing Scheme 2018, what billed by many, is going to be an economical affair as the prices of homes can be as low as ₹7.5 lakh. On the other hand, the maximum price of the flats is likely to be ₹1.44 crore. So, what the DDA Housing Scheme 2018 has in store for you? Let’s find out.
21000 Flats to Go on Sale in DDA Housing Scheme 2018
According to the reports that have emerged so far, the DDA is likely to put 20980 flats on sale in the housing scheme. Of the flats put on sale, a total of 3622 will be set aside for Janta or Economically Weaker Section (EWS). The rest of 16,298, 579 and 488 flats are going to be distributed among Low Income Group (LIG), Middle Income Group (MIG) and High Income Group (HIG) households, respectively.
Where Are These Flats Located?
The flats, which will be put on sale, are located in areas such as Narela, Rohini, Siraspur, Dwarka, Vasant Kunj, etc. There’s a report of 10,000 unoccupied flats from 2014 housing scheme being added to the impending event this year. All these flats are believed to have incorporated high-quality materials during the construction. The dimension and decor of flats, expectedly, would vary based on the price that the DDA fixes. So when you are choosing a flat, do keep in mind the interior and exteriors while also glancing at your pocket at the same time.
Which Banks Can You Approach for Application Forms and Loans?
The DDA has tied up with as many as 10 banks for application forms and loans. These are State Bank of India (SBI), ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank, Canara Bank, Bank of Baroda (BoB), Yes Bank, IDBI Bank and Central Bank of India. DDA Flats Housing Scheme 2018 brochures can be purchased for as low as ₹200, inclusive of all the taxes. Sounds economical, right? However, you can also have the privilege to download it from the DDA’s official website.
How Will The Winners be Decided in DDA Housing Scheme 2018?
After receiving the applications till the last date, which will be revealed later, the DDA will organize a lucky draw to decide the winners. It is likely to be a computerized draw held before the officials of the authority. Whosoever finds their name in the draw can go further to get a DDA flat booked for them. Yes, it’s a gamble. But then many have managed to buy a home in Delhi, courtesy the DDA Housing Scheme that gets launched after a year or so, as deemed fit by the authority.
How About Home Loans to Buy a DDA Flat?
After winning the draw, you can approach any of the banks stated above for a loan to buy a flat. You can receive a home loan from these banks at about 8.35%-9.50% interest rate. Home loans, if you are aware, can be availed for a maximum of 30 years. The longer tenure does bring down the EMI but the interest repayment is likely to be much more. So, it’s advisable to choose a slightly shorter tenure to cut down the interest liability and at the same time accommodate the hike in EMI that remains the case with the same.
DDA Flats Housing Scheme Eligibility Criteria
The housing scheme also keeps in place a list of eligibility criteria for the applicants to meet. So if you are looking to apply, keep in mind the following criteria.
- An Indian national must be a minimum of 18 years
- The applicants must not have any residential plot or house in full or in part, on freehold or leasehold agreements in Delhi, Delhi Cantonment or New Delhi, either on their name or in the name of their spouse or minor dependent children
- On having a share of an applicant in the jointly owned plot or land below 66.9 square metres, the concerned individual can apply. However, if the applicant is found to have been allotted a flat constructed by DDA in its earlier housing schemes, then the June 2018 event is not for them to take part in.