The Haryana Urban Development Authority (HUDA), now known as the Haryana Shehari Vikas Pradhikaran (HSVP), is responsible for the state’s swift development. This body has constructed 20 police stations, 16 gymkhana clubs, 98 police posts, 108 educational centres and 124 community centres. An extension of this is the HUDA Haryana Group Housing Projects that aims to offer affordable housing within a certain time frame to applicants on the basis of lucky draws. Here is all you need to know to buy your own home under the HUDA housing scheme.
What are the eligibility criteria?
You will need to be an Indian resident between the ages of 18 to 70 years in order to apply for this housing scheme. While any person can apply, if you or anyone in your family do not own a house in any of the developed sectors or colonies, you will be given first preference during the allotment of flats. You can apply only once and you will be allowed to retain only one flat.
What are the allotment criteria?
According to the location of the project, the deputy commissioner of that particular district will facilitate the drawing of lottery system in order to allot flats. The flats are allotted within 4 months and will be offered for possession before 4 years of the approval on the building plan. Out of the total number of flats, 5% is allotted to the employees and associates of the licensee.
What are the costs involved?
Once the letter of allotment is issued, you will need to pay 15% of the tentative price within 30 days. The remaining 75% will need to be paid within 60 days on the same date. This portion of the payment can be done in a lump sum with zero interest charges or in 6 instalments with 9% interest. You will need to pay the first instalment one year after the allotment letter has been issued. You will be charged interest from the offered possession date. If you are making delayed payments, you may be charged an interest of 11%.
What you can do to acquire the funds you need?
It is best you make timely payment to truly enjoy an affordable price without paying unnecessary interest charges. If you do not have the funds available, turn to a housing loan to acquire the funding you need. Look for a reputed lender that offers nominal home loan rates and features that will add to your convenience.
With Bajaj Finserv, you can get a Home Loan of up to Rs.5 crore at nominal interest rates. Further, you can choose a flexible tenure of up to 240 months to repay your loan conveniently and keep track of all your payments with the online account management facility. Use customised insurance schemes to protect your family from any kind of financial burdens. With the property dossier, you can gain an insight into the legal and financial aspects of purchasing property. You can also make part-prepayments or foreclose your loan at zero charges.
So, get started today by getting the funding you need. Just check your pre-approved offer to view your customised loan deal and get instant financing.
Additional Read: Know These Points Before Buying House Under the Huda Scheme