The Delhi Development Authority or DDA was formed in 1957 for the systematic development of Delhi and the DDA housing scheme aims at fulfilling the housing requirements within the city.
A Little About the DDA Housing Scheme
Being a statutory body, DDA has been rolling out housing schemes at regular intervals to meet the housing requirements of the people in Delhi. The DDA housing scheme provides housing to people at reasonable rates. It also reserves some of the housing allotments for people belonging to the low-income group and weaker sections of the society.
Even though the DDA scheme is an excellent opportunity to buy a house at an affordable price, you may still find yourself short of funds. To counter this problem, opt for a home loan. Nowadays, you will find many financial lenders in the market who extend housing finance at attractive interest rates. Since the prices of homes under the DDA scheme are low, your home loan amount would also be on the lower side, meaning you don’t have to shell out a considerable amount for home loan EMI.
How to Apply For a Home Loan?
These days, you can apply for a home loan online as well as by visiting your financial lender’s branch.
- Step 1- Once you have fulfilled the home loan eligibility requirements; fill the home loan application form with necessary details.
- Step 2- You will then need to furnish documents required by your lender to take your home loan application ahead.
- Step 3- Once you have submitted your home loan application along with the documents, your lender will verify them. A representative of your lender will be sent to your residence to verify the address. Your PAN Card or Aadhar Card will also be verified through various online portals.
- Step 4- Once the document verification process is complete, an inspection officer from the lender’s side will visit the property you wish to purchase. The inspection officer’s main aim is to look for any potential problems with the property.
- Step 5- If everything is in order, your lender will approve the home loan amount.
- Step 6- Disbursal of the home loan is the last stage. You will receive the required home loan in your chosen account once it is sanctioned.
When you apply for home loan, always remember to use the home loan EMI calculator to calculate your home loan EMI so that you are aware of your monthly payments. You can find the home loan EMI calculator on your lender’s website. Also, remember to compare interest rates before choosing a lender and checking the home loan eligibility criteria before applying for a loan.
If you reside in Bangalore and are looking to purchase a home under the BDA housing scheme initiated by the Bangalore Development Authority (BDA) then also you can apply for a home loan in Bangalore. The home loan in Bangalore process will be similar to the one outlined here, and it will easily allow you to get your hands on enough funds to buy a home of your own.
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