Dream of Owning A Home in Mumbai Comes True With MHADA

The (MHADA) is an organization providing affordable housing in the state of Maharashtra. The body was established under the Maharashtra Housing and Area Development Act, 1976.

It controls and coordinates the activities of three other housing boards namely the Mumbai Slum Improvement Board, Mumbai Building Repairs and Reconstruction Board, and Housing Area Development Board.

Several MHADA housing schemes announced by this body has delivered accommodation to numerous citizens of the state. The organization distributes houses to Middle Income Group (MIG), Low Income Group (LIG), and Economically Weaker Section (EWS) families.

Houses previously allocated

To date, the MHADA provided more than 35,000 homes across 12 lotteries. It received a total of more than 18 Lakh applications for the same.

Back in 2018, the MHADA allocated 1,384 houses for which it received around 1.64 Lakh applications. This lottery included three flats priced at Rs. 5.8 Crore, Rs. 5.13 Crore, and Rs. 4.99 Crore.

Lotteries in 2019

Currently, the organization is offering more than 7,002 houses in various locations around the state. The MHADA Pune lottery is the largest of these with 4,664 homes.

The rest 917 houses are in Aurangabad, 1,183 in Nashik, and 238 in places like Bandra, Tardeo, Prabhadevi, Worli, and Chembur.

The organization maintains that the houses are almost ready for allocation. It seeks to conduct the lottery process before the commencement of the Code of Conduct in keeping with the Lok Sabha elections.

Apart from the above, the MHADA Mumbai lottery is also offering 217 houses (170 for LIG and 47 for MIG) in areas like Kopri Village, Powai, and Sahakar Nagar along with an e-auction of 276 commercial shops.

Loan availability for these houses

Eligible beneficiaries of these lotteries can avail loans under the Credit-Linked Subsidy Scheme (CLSS) of the Pradhan Mantri Awas Yojana (PMAY). Home loans also entitled to income tax exemptions and offer multiple other benefits to borrowers.

CLSS offers subsidies on home loan interest rate as per the following:

  • 3% for MIG II families earning between Rs. 12 Lakh and Rs. 18 Lakh on a maximum loan of Rs. 12 Lakh.
  • 4% for MIG I families earning between Rs. 6 Lakh and Rs. 12 Lakh on a maximum loan of Rs. 9 Lakh.
  • 6.5% for LIG families earning between Rs. 3 Lakh and Rs. 6 Lakh on a maximum loan of Rs. 6 Lakh.
  • 6.5% for EWS families earning up to Rs. 3 Lakh on a maximum loan of Rs. 6 Lakh.

Housing loan under the PMAY scheme is available from various financial institutions like Bajaj Finserv. This NBFC provides Home Loans of up to Rs. 5 Crore with tenure up to 20 years. It also provides facilities like balance transfer, helpful to avail lower rates of interest.

Eligibility Criteria for availing MHADA housing scheme

Individuals having a domicile certificate that proves they have resided in the state of Maharashtra for at least 15 years are eligible for the lottery. They must also be at least 18 years old and hold a PAN card.

The average monthly income necessary includes:

  • Higher Income Group (HIG) with an income of Rs. 75,000+.
  • Middle Income Group (MIG) with income between Rs. 50,000 > Rs. 75,000.
  • Lower Income Group (LIG) with income between Rs. 25,000 > Rs. 50,000.
  • Economically Weaker Section (EWS) with income below Rs. 25,000.

Application Process

You have to head over to the dedicated lottery website of MHADA housing to apply. There are three steps in the application process: registration, lottery application, and payment.

The MHADA schemes provide houses at a 25% lower cost than the current market price to succeed in the overall aim towards affordable housing.

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