MHADA Lottery: Eligibility, Benefits & Process

Posted on: Dec 3, 2024 | 3 mins | Written by: HDFC ERGO Team

MHADA Lottery: Eligibility, Benefits & Process

Many families in the state have found hope in the Maharashtra Housing and Area Development Authority. It made their dream of having a house come true. People can buy inexpensive homes in many towns across the state through the MHADA housing lottery.

Let's learn more about the MHADA housing scheme and consider everything that needs consideration.

Eligibility Criteria for MHADA Housing Lottery

Applicants must meet specific requirements to be eligible for the MHADA housing lottery. These requirements ensure that the MHADA scheme's rewards can help people who need affordable living.

1. Requirements For Age:

At the time of entry, people must be at least 18 years old.

2. Types Of Income:

There are different types of income in the plan. These are:

◦ Section for the Economically Weaker or EWS

◦ Low-Income Group or LIG

◦ Middle-Income Group or MIG

◦ High-Income Group or HIG

3. There is a different range of income for each group:

◦ EWS: Income up to ₹3 lakh a year

◦ LIG: Earnings of ₹3 lakh to ₹6 lakh a year

◦ MIG: Pay between ₹6 lakh and ₹12 lakh a year

◦ HIG: More than 12 lakh rupees a year or more

4. Need For A Domicile:

The applicant must have lived in Maharashtra for at least 15 years.

5. Before Ownership:

No one in the applicant's direct family should own a home part of a government housing program.

Benefits of the MHADA Housing Scheme

There are many good things about the MHADA housing scheme. Thus, it is one of the most sought-after home projects in Maharashtra.

1. Low-Cost Housing:

One of the most significant benefits is its affordability. The MHADA home scheme offers homes at prices that are much lower than the market rate. This makes them available to people with less money. It also allows them to avail themselves of an adequate home insurance policy.

2. The Best Places:

Homeowners in the MHADA usually live in places that are already well-developed. It ensures people can get to important places like schools, hospitals, and public transportation.

3. Transparent Process:

The MHADA housing lottery method is easy to understand. From entry to assignment, the whole process is open to everyone.

4. Subsidies And Loans:

When people borrow money to buy an MHADA home, the government often lowers the interest rates. Also, many banks and other financial institutions make it easy for MHADA candidates to get home loans. Some banks also offer property insurance to protect your houses and things you own.

Documentation Required for MHADA Housing Scheme

It's essential to send proper paperwork when registering for the MHADA housing scheme. It will help your application go through quickly. So, here is a short list of the papers you need:

1. Proof of Identity:

As legal IDs, an Aadhaar card, a voter ID, a passport, or a driver's license are all acceptable choices.

2. Proof of Address:

As proof of your present home location, you can show a Ration card, a passport, or recent water, electricity, or gas bills.

3. Income Proof:

To prove your income, you can show pay stubs from the last three months, Income Tax Returns (ITR) from the last three years, or a letter from your workplace.

4. Domicile Certificate:

You need a domicile certificate that shows you have lived in Maharashtra for at least 15 years. It has to come from the Tehsildar or Revenue Department in that area.

5. PAN Card:

Everyone who applies must have a PAN card. It is essential for financial activities and proves your tax situation.

6. Bank Account Details:

Send in a cancelled check or a copy of your bank passbook along with a recent six-month bank statement.

7. Affidavit or Self-Declaration:

A statement saying that you or anyone in your close family does not own a home through a government program. A law official has to sign it and notarise it.

8. Photographs:

For the application form, you need to send in recent photos that are passport-sized.

9. Additional Documents:

For some groups, you might need a Caste Certificate, a Disability Certificate, or a Widow/War Widow Certificate.

Pricing of Houses Under the MHADA Scheme

Under the MHADA home scheme, the prices of homes depend on several things. These are the unit's size, position, and pay level. Here's a quick look at the prices:

1. EWS:

For people in the EWS group, homes usually cost between ₹10 lakh and ₹15 lakh.

2. LIG:

LIG homes cost between ₹15 lakh and ₹30 lakh rupees.

3. MIG:

Prices for MIG homes can be between ₹30 lakh and ₹60 lakh.

4. HIG:

Most HIG homes cost more than ₹60 lakh, and some cost more than ₹1 crore.

The market rates are a lot higher than these prices. It makes them good choices for people who are qualified to buy them. It's essential to remember, though, that prices can change based on where you live and the current state of the real estate market. You must also factor in the property or home insurance policy into the pricing factor.

MHADA Application Process

The MHADA housing lottery entry process is easy, but you must pay close attention to the details.

1. Sign up for an account on the official MHADA website at https://www.mhada.gov.in/en. Fill in the needed information and send in the relevant files.

2. After registering, choose the income level and living spot you'd like. Give correct information on the application form and send it online.

3. Use one of the online payment methods to pay the entry fee. The fee changes based on the type of income.

4. MHADA holds a random draw after the application time is over. The process is open and honest, and the findings are posted on the MHADA website for everyone to see.

5. If chosen, the individual receives a house. The next step is to pay the rest of the money according to the plan that MHADA gave you.

Conclusion

The MHADA housing scheme has been beneficial in finding affordable housing for people in Maharashtra. It is a source of hope for many because the MHADA housing lottery method is straightforward and has many perks. However, people who want to buy should ensure they meet the requirements and have the necessary paperwork before applying. Getting property insurance is also an excellent way to protect both the cash and the property.

FAQs

1. How does the MHADA housing lottery work?

The Maharashtra government runs the MHADA housing lottery, giving qualified applicants affordable homes through a transparent and random lottery method.

2. Can I get the MHADA home scheme even though I already have a house?

If you own a home through a government housing program or someone in your close family does, you cannot apply for the MHADA home scheme.

3. What kinds of papers do I need for the MHADA housing scheme?

To apply for the MHADA housing scheme, people must show proof of who they are, where they live, how much money they make, and where they live, along with a PAN card.

4. Does every MHADA home need a home insurance policy?

Get a home insurance policy to protect your MHADA home investment from unplanned losses or damages. It's not required, but it's a good idea.

5. How do you figure out how much MHADA homes cost?

The MHADA housing scheme has different prices depending on the applicant's income, the location of the house, and its size. The prices are usually lower than market rates.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

Top Government Schemes For Home Loan In India

RAY Rajiv Awas Yojana Scheme 2024

Pradhan Mantri Awas Yojana 2024: A Detailed Guide

How to Save Taxes on Property Purchase On Home Loan

Purchasing a Home Insurance? 7 things to be considered