The loan facility on the registration amount of DDA Housing Scheme 2017 may be available for salary account holders. The facility was offered in the last scheme launched in 2014 and it is expected that this year’s scheme may also offer loan to pay the registration fee.
After a long wait, Delhi Development Authority launched DDA Housing Scheme 2017 for the sale of 1272 flats and the scheme also linked with central government’s Pradhan Mantri Awas Yojana for providing the benefits of credit linked subsidy scheme of PMAY.
Online registration and sale of application form and brochure started on 30 June and till 11 August, interested one can apply for flats in DDA Awasiya Yojana 2017. Under the scheme the cost of flats available in the range of Rs. 7.07 lakh and Rs. 1.26 crore.
The registration amount for LIG (lower income group) category is Rs 1,00,000/- while for the middle income group and high income group flats, it is R s.2,00,000/-.
An official of Central Bank of India said a key reason banks are not making such offers this time is the forfeiture clause. In 2014, applicants got loans from banks for the registration money on a one-time payment of Rs. 5,000.
If a prospective buyer surrenders his application before the draw date, no money will be deducted from his or her registration fee. If a buyer does so after the draw but before the issue of a demand letter, 25% of the registration fee will be forfeited. If the flat is surrendered within 90 days of the issue of the demand letter, 50% of the fee would be cut. Beyond that time, the entire registration fee will be forfeited.
“If we give loans to the buyers and they decide to surrender the money, how will we recover the amount?,” he said. Most banks will stick only to salary account holders this year while giving loans for registration money.
If your name does not appear in the draw of lots, the registration fee will be refunded. If you hit the jackpot, you will be required to pay the remaining amount of the cost of the house.
State Bank of India official said that the scheme is in the initial stage and most people are coming for forms. But the bank will give loans to salary account holders. We will also see his income and the flat category he is applying. In the last scheme, the banks had no problem in giving loans because we paid directly to the DDA and if the person’s name did not appear in the draw of lots, the money was automatically refunded to the bank’s account. This year, however, due to forfeiture clause, this will not happen, he also added.
A senior official of DDA said the forfeiture clause was initiated to stop non-serious buyers and brokers so it is good that the banks are not getting overcrowded and only “genuine” buyers are turning up.