Everything you should know about Bangalore Development Authority Housing Scheme 2016
It seems like the Bangalore Development Authority has woken up from its deep slumber of quite some years with the launch of BDA Housing Scheme 2016. This scheme, launched in January 2016, is going to allocate over 3280 flats based in various locations spread sporadically across the city.
Where Are These Apartments Located?
The apartments that are going to allotted under this scheme are within the BDA’s jurisdiction and are going to be given out based on the BDA Allotment of Site Rule of 1984. Through this initiative, BDA will offer 1 BHK, 2 BHK, and 3 BHK houses for general, EWS and LIG categories.
Eligibility Criteria for BDA Housing Scheme 2016:
The BDA has chalked up a lengthy eligibility criteria every applicant applying for a house should meet. The requirement is as follows:
The annual income of the applicant and their family must fall under the Economically Weaker Sections (EWS) bracket. In other words, the salary must be less than Rs. 3 lakhs per annum.
Applicants should be past 18 years of age. In exceptional cases, the maximum age can be 15 years at the date of registration and the applicant need to be a resident of Karnataka.
If any applicant or family member has already received housing or residential plots under any development authorities like the CITB in the state are not eligible to apply.
How Can One Apply for the BDA Housing Scheme?
Below is the process one needs to follow to apply for housing under the BDA scheme:
The applicant need to obtain the registration forms from one of the many banks that are certified to offer the forms. To get the form, however, they need to pay a certain fee as specified by the BDA.
The registration slip or acknowledgement applicants receive should be sent to the BDA. In case an applicant is already registered, they need not apply again.
Applicant looking to get a house need to pay the first deposit in the form of DD/cheque/ pay order in favour of the commissioner of BDA.
If the applicants choose to apply for a house in multiple locations, they need to send in individual forms for all the properties they are applying to.
Initial deposit to be paid in Rs. for 2A 2B General and SC/ST Category 1
Doddabanahalli Phase -1
Doddabanahalli Phase - 2
Kommaghatta Phase -1
Kaniminike Phase - 1
Total flats available
4. 3 BHK HIG Residential Flats:
No. of available flats
Proposed allotment rates in lakhs
Initial deposit to be paid in Rs
Valagerahalli Phase 5
5,62,500 for EWS, GM, 2A and 2B
2,25,000 for SC/ST Category 1
All in all, people from the EWS, LIG, and even HIG communities can even apply for the Bangalore Development Authority Housing Scheme 2016. This project provides a variety of affordable housing options for various income groups.
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From IIFL, i have taken the home loan and the process was not lengthy and the follow up was good. IIFL people approach was prompt and they offered me a low interest rate of 8.35% and the loan amount also they have increased what I'm looking for. Earlier they offered me only Rs. 15 lakhs after that they have sanctioned more than 16 lakhs.
HDFC is a hassle free and quick loan services. Everything was done through online so no paper work required. I had applied the loan amount of Rs. 30 lakhs. They have sanctioned the loan in 5 days. Its floating interest rates and there was no hidden charges. I have chosen the tenure period of 15 years. If the RBI is reducing the interest rate but they decreased the same after 1 year but increment is happening immediately.
I got the good interest rate of 8.5% from the LIC housing with minimal documents. Overall process also very fast and good so i have chosen this bank. I had applied the loan amount of Rs. 17 lakhs and i have chosen the tenure period of 10 years. Totally, i'm satisfied with the loan service provided by LIC.
I had a home loan with State Bank of India and it was closed without any issues. They took longer time for the verification and lot of paper works. The interest rate is flexible and fine. There are charges for processing fee and plus insurance fee.
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Reviewed on Oct 17, 2019
I have taken Home loan directly through Corporation Bank .I have applied for the loan amount of 12 lakhs for the tenure of 18years .More documents collected for this home loan and got the loan amount on time and it was really sufficient .There was no drawbacks faced so far .I am satisfied with the service .
I had applied for home loan with HDFC limited on few months before, they have sanctioned a loan for 22 lakhs but due to some problem of my builder from my end I kept on hold for the loan process. They have detected for the processing fee of 11 thousands but they refunded 9 thousands rupees. The tenure of 15 years. Interest rate was nominal of 8.55%.
With HDFC limited I have taken home loan on 8 months before which was processed through them directly. They have approved for 8 lakhs but as of now I have taken only for 5 lakhs remaining 3 lakhs I will get later from their end. Due to shop will come in commercial loan so I have split the loan amount to get it. For the tenure of 15 years. The processing fee for 5000 rupees. The rate of interest 8.8%, they have sanctioned the loan within one month.
I have availed Home loan directly through Punjab National Bank .The rate of interest and the processing fee was very high ,I have got the loan amount on delay basis and i have applied for 26 lakhs for the tenure of 15 years.I have not faced any difficulties until i have received the loan .
SBI Home Loan is excellent because I've a salary account with them. They offered me a interest rate of 9.5% approximately. I took the loan amount of Rs. 23 lakhs so far i have got only Rs. 16 lakhs since my building is under construction. My EMI is not yet started. They sanctioned the loan in 2 working days.
SBI is a best bank and they had a better option. There is only simple documentation required and executive came to my place for collecting all the documents. I got the loan within 7 days. SBI did not taken any processing charges and they gave better and cheap interest. They take minimal time and better response from the customer care so i had chosen SBI for my home loan.
My home loan was purchased from Central bank of India. The branch offer was approved the loan immediately and they had a good behavior with the customer. I got the better clarity about the loan process as well as the rate of interest in central bank of India is less than compared to others so i have chosen this bank and the Branch Manager helped me in a better way.
From DHFL I have taken a home loan almost more than a year. One of my cousin's friend working there he recommend to apply for a home loan. The process was smooth and sanctioned a loan within 6 days with sufficient amount of 20 years. The rate of interest was high.
ICICI bank has provided me a home loan at the time of i want on a immediate basis. Since the necessity is over they have provided me a timeliness loan. I taken the loan amount of Rs. 10 lakhs and the have charged me a higher interest rates which i'm not comfortable with.
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DIVYESH PRATAPBHAI FERFA
Reviewed on Oct 05, 2019
I have balance transfer for a home loan with existing finance to HDFC LIMITED. One month before only I have a transfer of a loan. They have outstanding amount of 10 lakhs for the tenure period of 10 years. The rate of interest is 8.6% only for mortgage charges for 8 thousands need to pay for it.
I have taken a home loan with SUNDARAM FINANCE on 10 years before which was processed through them directly. The amount which was given for 13 lakhs for the tenure period of 20 years. There was lot of issues I faced with them customer service is not good response. The rate of interest was high of 14% compare to other.
I have taken home loan directly through State Bank Of India .The rate of interest and the processing fee was nominal ,I have got the loan amount on time and got a clear picture about the loan process ,I have availed this loan for the tenure of 20 years .I have completed only 2 years of EMI so far .,
I have taken Home loan directly through Central Bank OF India ,I have got the loan on exact time ,The rate of interest and the processing fee was nominal ,I have got all the details about this loan very clearly through bank agent.The process was very easy and still this loan is active .
Nearly 11 years before I had taken a home loan with STATE BANK OF INDIA which was processed directly to them.The loan amount was sufficient for the tenure period of 15 years. The rate of interest and processing fee are nominal. They have sanctioned a loan within few days and the process was good.
I have just applied the home loan from Central bank of India. I had a reference over there hence i applied the home loan from Central Bank of India. Documentation process was hassle free. They have offered me a interest rate of 10.1% and the processing fee was 1% of the interest amount +18% GST charges. They have dispatched the loan 20 days. The staffs are so friendly
HDFC was the only bank which is offering for the home loan in the area where i have purchased the house so i opted with HDFC LIMITED. I had applied the loan amount of Rs. 28 lakhs and the given interest rate is 8.5% and they charged me a processing fee of nominal one. I took the loan 3 years ago and they took 40 to 50 days to sanctioned the loan.