MHADA Lottery Down-Payments Slashed from 25% to 10%

November 23, 2016 | Last Modified: December 1, 2016 at 3:07 pm

Maharashtra Housing and Area Development Authority (MHADA) is providing a relaxation in donwpayments for house under MHADA lottery.

Latest Update: MHADA Pune Lottery 2016 Draw Result on 16 December 2016

According to the source, the MHADA has slashed the initial downpyament for flats under MHADA Lottery from 25 percent to 10 percent.

Latest Update: Accepted & Rejected Applications List for MHADA Pune Lottery 2016

As per the lottery scheme of MHADA, the applicants had to pay 25 percent as initial amount or booking amount and the remaining 75 percent was to paid for obtaining NOC from MHADA.

The step is taken due to the demonetisation of 500 and 1000 rupees note which is likely to be much appreciated by the common man.

According to the information received from the source, some bank are said to be providing 90 per cent of home loan or even 100 per cent in certain cases as home loan. In case, of MHADA lottery the winner had to pay 25 per cent of the total cost within in 30 days of the declaration.

For e.g. if your house is costing upto Rs 20 lakh than you are bound to pay atleast 5 lakh to MHADA. Now this figure will come down to mere Rs 2 lakh.

Last lottery of MHADA was held on from 23 June to 23 July, 2016 for which the authority got good response from public and the list of winners under the scheme were announced on 20 August, 2016.

Source: http://www.freepressjournal.in/mumbai/mumbai-mhada-slashes-downpayment-from-25-to-10/976068