As per the report published in DNA India, MHADA may tie up with several housing finance banks in order to make the home loan process easy for its housing lottery winners. This will also speed up the allotment process within the organization.
Latest Update: Complete Details of MHADA Lottery 2016 by Konkan Board
The authority is right now having internal discussions regarding the possible tie ups with the banks. According to the MHADA officials, the tie-ups with the housing finance banks will cut down the home loan processing time for the lottery winners. The home allottees will not have to make several rounds to the banks for getting their home loan approved, instead it will be done with just few visits to the financial institutions.
At present most of the financial institutions or the banks are not aware that the two-three page allotment letter given by MHADA is actually the sale agreement between the Authority and the Allottee. This is the reason why there are very less MHADA home loan applications, 1,000-2,000 annually.
If the tie-ups are successful, the reduced time for home loan approval will also help MHADA to give timely possession of flats to the winners.
Maharashtra Housing and Area Development Authority has recently allotted 1063 flats in its lottery 2015 and is planning to come up with a new housing lottery in January 2016 in which the authority will offer about 6200 affordable flats to EWS, LIG and MIG categories of the society.