The Delhi Development Authority launched the ‘DDA housing scheme 2019’ for EWS (Economically weaker section) flats on March 25, 2019. This scheme is linked to the ‘Credit Linked Subsidy Scheme’ under Pradhan Mantri Awas Yojana. The initiative comes under the flagship program of ‘Housing for all by 2022’ by the Government of India.
The scheme will be offering about 21,000 homes to lower-income groups in Vasant Kunj, Narela and its neighboring areas in Delhi.
Eligibility criteria under the DDA housing scheme 2019
Certain eligibility criteria have to be met by applicants, viz. –
- The applicant should be a citizen of India.
- He/she must have attained 18 years of age.
- Neither the applicant nor his/her spouse, unmarried children or any other dependant relative should own a residential plot or house of an area exceeding 67 square meters in the urban area of Delhi, New Delhi, and Delhi Cantonment.
- Both husband and his wife can apply for the scheme if they both meet the eligibility criteria. In case both of their application is approved, only one flat will be allotted. The full amount of ‘Application Money’ of the other applicant will be refunded.
- The income of an applicant applying for the DDA Housing Scheme 2019 should not be more than Rs. 3 Lakh per annum.
- The applicant must have a savings account in a bank.
- Applicant must have Permanent Account Number (PAN) allotted under the provisions of the Income Tax Act.
The online registration under PMAY Credit Linked Subsidy Scheme begun from 30th August 2019 and was open till 30th October 2019. The application forms were filled online from any of these following banks’ website –
- HDFC Bank
- ICICI Bank
- IDBI Bank
- Axis Bank
- State Bank of India
- Central Bank of India
- Syndicate Bank
- Indusind Bank
- YES Bank
- Kotak Mahindra Bank
- IDFC Bank
It is not mandatory for the applicant to have an account in the bank.
Category-wise registration fees for the housing scheme
The scheme comes in 5 variable housing plans for the applicants.
- Janta Flat- Rs 10,000.
- 1BHK- Rs 15,000.
- EWS- Rs 25,000.
- Low Income Group (LIG)- Rs. 1 Lakh.
- Middle Income Group (MIG)/High Income Group (HIG)- Rs. 2 Lakh.
To meet the registration fees, the applicants might as well avail a home loan from a financial institution or an NBFC. A housing loan can be availed with an easy application process and basic eligibility criteria.
Funding DDA registration fee from a home loan
Opting for a home loan to disburse the registration fee of the DDA Housing Scheme 2019 is a convenient alternative. Housing loans are now even more affordable for buying your first home, as it has been linked with the Pradhan Mantri Awas Yojna (PMAY).
Bajaj Finserv offers the PMAY-linked home loan also to individuals whose parents already own a house. Housing loans come at nominal rates of 6.93% along with easy balance transfer facility, part-repayment facility, flexible repayment tenor, and so on. All it takes is the applicant to meet the home loan eligibility criteria, which are –
- He/she should be a resident of India.
- He/she should be aged between 23 and 62 years (in case of salaried individuals.)
- Should be aged between 25-70 years (in case of self-employed individuals.)
- Salaried individuals with a work experience of 3 years or more.
- Self-employed individuals with a minimum of 5 years of continuity in the current business.
The borrower can check how much he is eligible to borrow and how much EMI he has to pay throughout the repayment tenor, on the website of the lending institution.
The DDA Housing Scheme 2019 is being offered to the EWS at minimal registration fees. Even then, if an individual finds it difficult to meet the financial requirements, he/she can avail a home loan in Delhi to make most of the scheme.