The stage is set to get bigger and better for all those wanting to buy a home in the capital city of Delhi with the Delhi Development Authority (DDA) announcing a sale of around 21000 flats in its housing scheme slated to come in June 2018. Just a year back, DDA put 12000 flats on sale at different locations in Delhi. So, from the looks of it, many who failed to emerge a winner in the last year housing draw can win this time and buy their dream home in Delhi. DDA Housing Scheme 2018 price list ranges from ₹7.5 lakh to ₹1.44 crore for HIG, MIG, LIG and Janta flats located in Delhi. Although the price is important and dictates your home buying decision to a greater degree, there are plenty more that you would want to know about the housing scheme, right? Let’s get the details before us.
An Overview on Flat Distribution
Precisely speaking, the DDA is likely to put around 20980 flats on sale in its upcoming housing scheme. Low Income Group (LIG) would get a larger pie with 16298 flats likely to be awarded to them. The next bigger allocation is likely to happen in the case of Janta or Economically Weaker Sections (EWS) who have 3622 flats to win from. On the other hand, middle-income group (MIG) and high-income group (HIG) would get around 579 and 488 flats, respectively. These flats are mostly located in Rohini, Dwarka, Narela, Siraspur, Vasant Kunj, etc.
Where Can You Find Application Form?
You can find the application form for DDA flats at any of these banks - SBI, ICICI Bank, HDFC Bank, Axis Bank, Bank of Baroda, Central Bank of India, Canara Bank, Yes Bank, IDBI Bank and Kotak Mahindra Bank. The brochures are available at ₹200 inclusive of taxes.
Find the Eligibility Norms for DDA Housing Scheme 2018
You must meet the following eligibility criteria to be able to apply for the scheme.
- An Indian citizen having the age of 18 years and above can fill the application form
- It is required that the applicants should not have any residential house or plot in full or part on freehold or leasehold basis in Delhi, New Delhi or Delhi Cantonment either in their name, spouse or minor dependent children
- However, there’s a relaxation to the above norm as the DDA allows those having a share below 66.9 square meters in the jointly owned land or plot to apply, on a condition that the concerned individual was not allotted the flat built by DDA or any other land or owning agency.
How Should You Go About Choosing a Flat Out of Those on Offer?
A big question that needs a proper contemplation to find the exact answer. You have a few months to decide on. If the DDA Housing Scheme 2018 Price list pans out similar to that of the previous 2017 scheme, Janta, LIG, MIG and HIG flats would then be available at ₹7.5-12 lakh, ₹14-30 lakh, ₹44-95 lakh and ₹55 lakh-1.44 crore, respectively.
Now, the income you earn and the financial liabilities you have will greatly dictate your decision with regards to choosing a flat. Flats priced in lakhs to crores can’t bought in one go, at least the middle class would echo this view. So, what comes as an option is a home loan that you should contemplate on. Even as home loan interest rates have started moving upwards, reversing the downward trend that existed for good three years since 2015, they are still economical to fit into one’s budget. The rates can be anywhere between 8.35%-9.20% per annum. Spread over the 20 or 30 years that a home loan runs for, the EMI remains affordable to the most.
For instance, those earning between ₹30,000-40,000 can go for Janta flats as the EMI in their case would be around ₹6,348-6,845. See only 20% of their income has gone into servicing the EMI. The rest 80% remains with them to pay for other needs, some routine, some contingency type. Similar mathematical analogies should be followed while purchasing other flats that are going to be on sale.
