Residents of Maharashtra can buy residential properties at affordable prices thanks to the Maharashtra Housing and Area Development Authority’s schemes. This is a scheme that is based on a lottery system based on the level of income. More than 1.3 lakh apartments will be offered through the lottery scheme at prices that range from Rs.14.6 lakh to Rs.5.8 crore. The scheme caters to various income groups such as the Low Income Group (LIG), Middle Income Group (MIG), High Income Group (HIG), and Economically Weaker Sections (EWS).
There are fixed prices for all the residential units that are available under the MHADA lottery scheme that are categorised according to the various income groups. These prices are as given below:
Check Out: How to Get Home via PMAYU
There are several parameters that have to be met in order to be eligible for the MHADA lottery scheme. These parameters are as given below:
Check your home loan eligibility
Factors that excl
Minors cannot be applicants of the scheme.
Beneficiaries of any other MHADA lottery scheme are not eligible
There are fixed income criteria for each group to be eligible for the lottery scheme. These are as given below:
For LIG flats: Monthly income ranging from Rs.25,001 to Rs.50,000
For MIG flats: Monthly income ranging from Rs.50,001 to Rs.75,000
For HIG flats: Monthly income exceeding Rs.75,000
To apply for the lottery scheme, you will have to submit some of the following documents:
The application process for the MHADA lottery scheme is as given below:
PMAY and MHADA scheme
A specific percentage of MHADA residential units are earmarked for the Pradhan Mantri Awas Yojana (PMAY) scheme. Under the PMAY scheme, you can avail an interest subsidy of up to Rs.2.67 lakh, which is dependent on your income category. Applying through PMAY for the MHADA scheme will ensure that you not only get the interest subsidy but may also increase your chances of winning the lottery because of the limited number of people who apply for the scheme through PMAY, thus making more units under the PMAY scheme vacant in the MHADA projects. By applying under PMAY, you will be able to save even more.
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