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DDA Flats Scheme 2018 Details Among Others

By anvi

Delhi Development Authority has announced that it will be launching its latest housing scheme in June 2018. There are nearly 21,000 flats that will be made accessible to economically weaker sections (EWS), lower income groups (LIGs), Middle Income Group (MIGs) and High Income groups (HIG). In this article, we have mentioned the required details of DDA flats scheme 2018 along with other information which is related to the housing scheme. For instance, we have also shared some details related to the resale of DDA flats as well.

 

DDA Housing Scheme 2018 Location

 

The flats covered under the scheme will be located in areas such as Vasant Kunj, Dwarka, Rohini, Narela, Siraspur, etc. These locations are among the top ones in Delhi where people look forward to settling forever.

 

How many DDA Flats are available for Sale?

 

A total no of 20,980 flats are being offered out of which 3622 are for Janata or EWS (economically weaker sections), 16,298 for LIG (low-income group) flats, 579 for MIG (middle-income group) and 488 for HIG (high-income group) houses.

 

Who are eligible for DDA 2018?

 

Only eligible applicants can apply for DDA flats Scheme 2018. The eligibility for the same is as follows:

 

  • The applicant must be citizen of India

  • The applicant should have attained the age of 18 years

  • The applicant must not own any residential house or plot in full or in part, on leasehold/freehold basis in New Delhi, Delhi or Delhi cantonment, either in his/her own name or in the name of his/her wife/husband/minor dependent children

  • If however, the share of the applicant in the jointly owned plot or land under the residential house is less than 66.9 square meters, he/she can apply under any of the schemes

  • A person who has already been allotted a house/flat constructed by DDA or any other land/owning agency even if it is less then 66.9 sq meters, shall not be eligible for allotment under any of the schemes of DDA.

 

Should You Buy Old DDA flats?

 

Old flats in DDA colonies are a good buy as all of these areas have come up to be a prominent real estate hub such as Dilshad Garden, Janakpuri, Dwarka, Rohini, etc., The flats in these location have seen huge price hike so buying a flat here can surely prove to be beneficial for you as well. In the next few years, the prices may go even more up and then maybe you can also resale them. DDA flats are leasehold properties and can be converted into a freehold after paying minimum charges. Banks and NBFCs do not mind giving out home loans for old DDA flats to those who have maintained proper documents.

 

Where can you apply for home loans?

 

You can apply at any bank or NBFC for a home loan provided you are eligible according to them. The eligible candidates do get a housing loan and the ones who have higher income may even get a lower rate of interest. Top banks such as SBI, ICICI Bank, HDFC Ltd, DHFL, LIC, Bank of Baroda and Axis Bank are among the most preferred housing loan lenders. Home loans are presently available at rate of interest as low as 8.35% per annum. You can find below the eligibility and documentation required to apply for a housing loan in India.

 

Documentation Required

 

Have a look at the general documents checklist required by home loan lenders.

 

For Salaried:

 

  • Identity Proof- Voter ID/Passport/Aadhar Card/PAN Card/Driving License

  • Address Proof- Telephone Bill/Electricity Bill/Passport/Pass Book with Address/Ration Card/Bank Statement

  • Income Proof- Last 3-month Salary Slip, Bank Statement/Pass Book for the Past 6 Months

  • Detailed cost estimate with regards to the property to be constructed or renovated

 

For Self-employed:

 

  • Identity Proof- Voter ID/Passport/Aadhar Card/PAN Card/Driving License

  • Address Proof- Telephone Bill/Electricity Bill/Passport/Pass Book with Address/Ration Card/Bank Statement

  • Income Proof- ITR for Last 3 Years along with Balance Sheet and Profit & Loss Account for the Last 3 Years Attested by a CA, Last 6-months Bank Statement, Tax Deduction Certificate (If Applicable), Partnership Deed Copy (If Applicable), Tax Paid/Self-Assessment Tax Challan

  • Detailed cost estimate with regards to the property to be constructed or renovated

 

Eligibility Criteria

 

The general eligibility criteria required for a home loan at top banks is as follows:

 

For Salaried:

 

  • The age of the applicant must be between 21-60 years

  • The minimum annual income of the applicant should be ₹1,20,000

  • The applicant must have the work experience of at least 2 years

 

For Self-employed:

 

  • The age of the applicant must be between 21-65 years

  • The minimum annual income of the applicant should be ₹1,50,000

  • The applicant must have the business stability of at least 3 years

 

Let us now focus on the documents that you need to have if you want to buy a DDA flats.

 

Documents required for buying DDA property

 

A seller needs to possess these documents in original or copies to prove his ownership:

 

  • Allotment letter provided by the DDA

  • Sale deed (if converted to freehold), power of attorney and possession letter

  • NOC (no-objection certificate) for electricity and water

 

Documents required for transferring DDA property to the new owner

 

  • Two indemnity bond, duly executed on Rs. 100 e-stamp paper

  • Two affidavits, duly executed on Rs. 10 e-stamp paper

  • One undertaking, duly executed on Rs. 10 e-stamp paper

  • Three specimen signature and one passport-size photograph, duly attested by Class-1 officer

  • Form D or completion certificate and registered lease deed

  • Any of the two addresses proof document - Passport, Voter ID card, Aadhaar card, Nationalised bank passbook, Electricity bill, etc.

 

With all the above information, we hope that you book your dream home via DDA flats scheme 2018. If not a new one, the latter part of the article would help you collect the documents just in case you are looking to buy a resale DDA property.  

 

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