Mhada Office
Mhada Office

Mumbai, July 14: The Maharashtra Housing and Area Development Authority(MHADA) and Housing Development Finance Corporation (HDFC) signed an Memorandum of Understanding(MoU) on Wednesday. Under this MoU, it will facilitate easy home loan to its lottery winners.

According to the housing agency the MoU will ensure easy disbursement of loan to the homebuyers. Interestingly, the borrower will not be charged for documentation. Only Rs 2,500 as process will be taken. Across Maharashtra HDFC has total 76 branches and therefore availing loan by MHADA lottery winners will be quick.

MHADA in its last seven decades, has provided affordable housing to nearly 7.50 lakh families across the state, of which 2.5 lakh alone are in Mumbai. However, due no housing stock in last two years it was unable to conduct the lottery draw. Only a few hundred houses were offered in 2018, 2019 lottery draw despite receiving lakhs for applications for buying lottery houses. Apart from Mumbai, MHADA also has regional board Pune, Aurangabad, Nashik, Nagpur, Amravati. In recent past no lottery was held in Mumbai due to houses.

Meanwhile, the Mumbai board of MHADA is trying to find out ways so it can construct lottery houses in future. As part of this, it is now planning to take back 100 plots offered in lottery scheme 30 years ago because of their failure to carry out housing redevelopment projects for which the land was given reportedly.

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