The Maharashtra Housing and Area Development Authority (MAHDA) have initiated various schemes to provide affordable housing for the residents of the state. This Maharashtra lottery or MHADA lottery scheme aims to provide over 1300 affordable houses every year.
The houses are available for individuals belonging to various strata in society. The available categories under this section are Economically Weaker Section (EWS), Lower Income Group (LIG), Middle-Income Group (MIG) and High-Income Group (HIG).
Applicants must follow the steps mentioned below.
Step 1 – Applicants have to visit the official MHADA website.
Step 2 – Individuals are required to register themselves on the portal. They need to create their username by providing the following details.
- Family income
- PAN card number
- Date of birth
- Residential address
- Marital status
- Mobile number
They need to ensure that the provided phone number is in working condition as they will require it in the future for authentication.
Step 3 – After they successfully create their username, they can log in to the website to apply. They can check out the various schemes and apply as per their eligibility. They will have to select the Maharashtra lottery option that caters to their needs. Applicants are required to fill in their details along with their income group, reservation category and application type.
After completion of this step, they also need to enter the scheme code for which they are applying for. It refers to the location an applicant is planning to buy the property. They will also have to submit their bank details and also submit an acknowledgement that they or their family members do not own any property in which they are applying.
Furthermore, they will have to mention their present residential address for communication and submit all the related details.
Step 4 – After an individual has submitted the online application, they are required to pay the registration fee. They can make the payment via demand draft or through any medium online such as debit card, credit card or NEFT/RTGS. To make an online payment, applicants are required to login to their account. They will get to see the payment options there from which they can choose the medium they find suitable.
They need to keep the payment slip generated for future reference. They can check the MHADA lottery result on the official website when it is published.
RERA Maharashtra is going to alter the real estate market with the MHADA lottery scheme. Applicants must meet the eligibility criteria to avail a home under this scheme.
- Applicants must be over the age of 18.
- Applicants must have a domicile certificate that shows that they are a resident of Maharashtra.
- Applicants must be a PAN cardholder.
- Applicants must be a salaried individual.
- Individuals applying for flats under the LIG category must have a monthly income between Rs 25,001 and Rs. 50,000.
- Applicants are required to have a monthly salary between Rs. 50,001 and Rs. 75,000 to apply for units under MIG category.
- Applicants having a monthly income of over Rs. 75,000 are eligible to apply for units under HIG category.
However, if individuals do not meet the required criteria, they can avail a home loan from any leading financial institutions to buy their dream home. Here are a few reasons why should an individual opt for a home loan.
- Flexible repayment terms.
- High loan amount.
- Tax benefits.
- Affordable interest rates.
Some of the other benefits they offer include balance transfer facility, online loan account management and more.