The lottery winners can apply for a loan with HUDCO and repayment of the loan should be made in 25 years.
Mumbai: Maharashtra Housing and Area Development Authority (MHADA) lottery winners will get an interest subsidy of up to Rs 2.67 lakh as the housing authority has tied up with HUDCO (Housing and Urban Development Corporation Limited).
HUDCO is a lending institution and the nodal agency of the Pradhan Mantri Awas Yojana (PMAY) which aims at housing for all. All the latest lottery winners will be eligible to avail this subsidy.
The lottery winners can apply for a loan with HUDCO and repayment of the loan should be made in 25 years. The available subsidy for home loan is up to Rs 267,280. It is the first time that the housing authority is indulging in such a tie-up. “The scheme was introduced last year but this year, it was implemented in Mumbai.
A meeting will be chaired with HUDCO officials, post which the scheme will be available for citizens who win homes in the MHADA lottery. The latest winners and those who are awaiting possession can enjoy the benefits of this scheme,” said a senior MHADA official.
Winners from economically weaker sections can avail an interest subsidy of about 6.50 per cent of the loan amount i.e. up to Rs 6 lakh. The grant will differ among different categories. Winners from middle-income groups with an annual income of Rs 12 to Rs 18 lakh will get an interest subsidy of 3 per cent on a loan amount of up to Rs 12 lakh.
The applicants can apply for loan with HUDCO only after the housing authority completes the scrutinising process. The agency will also check the eligibility of the applicant, post which funds will be released to MHADA.