Huda Affordable Housing Scheme: Buy Your Dream Home with Offers

Haryana Urban Development Authority launched the HUDA affordable housing scheme in India, intending to promote quality residence at reasonable rates. It applies to all classes of citizens living in this state who are looking to purchase housing for residential or commercial purposes. Also known as Haryana Shehri Vikas Pradhikaran (HSVP), this scheme aims to develop the urban sector of the state further.

Details on the HUDA scheme

Housing loan under this policy operates on a lottery basis, and the winners are required to pay 25% of the cost of the plot immediately after the results. However, the amount required to nominate your name for the lottery through the official HUDA Affordable Housing website is deducted from this first down payment for the land. The rest of the payment can be made 180 days after registering the property in the name of the allotted, along with nominal other home loan charges and fees.

Home loan eligibility under this scheme varies from one availed from private lenders. The criteria you need to fulfill are –

The applicant should be a resident of Haryana.

The total annual income of the applicant/family must be below Rs. 3 Lakh per annum.

A group D employee of the Haryana government is also applicable for HUDA home loans in India.

The applicant cannot already have an existing plot of land in his/her name in the state.

After ensuring that you satisfy the criteria laid down by HUDA, you can apply for the same online by visiting the official website of Haryana Shehri Vikas Pradhikaran (HSVP).

HUDA scheme is available in these areas of Haryana as per the updated list released on the HSVP website.

Sector 21-P, Rohtak

Sector 9, Dadri

Sector 32, Karnal

Sector 77, Faridabad (GEN. Category)

Sector 33, Karnal

Sector 77, Faridabad (Reserve Category)

Sector 10, Bahadurgarh

Sector 78, Faridabad (General Category)

Sector 1, Pehowa

Sector 78, Faridabad (Reserve Category)

Sector 8-Part, Dadri

Sector 7 Safidon, Jind

Upon qualifying the HUDA lottery, opting for a home loan in Gurgaon is the next step. Many financial institutions provide loans of up to Rs. 5 Crore, with several additional benefits such as easy balance transfers, top-up loans, Flexi Hybrid Home Loans, property dossier, prepayment and foreclosure facilities, etc.

There are several tax benefits of availing home loans as well, such as tax waivers and interest subsidies. Section 80C provides tax exemptions of up to Rs. 1.5 Lakh which is used for repayment of the principal amount of the loan. Section 24(b) and 80EEA, on the other hand, offers tax waivers on the interest payable till up to Rs. 2 Lakh. Section 80EEA provides a waiver of Rs. 1.5 Lakh on the housing loan interest paid for first time home buyers.

As the various government-sponsored schemes are being introduced regularly, the real estate sector is expected to soar in the upcoming years. The housing market in India is expected to be valued at 1 trillion US dollars by 2030.

Tips to consider before availing a home loan

EMI and tenor

Longer tenors will increase the number of payable EMIs and reduce the EMI amount. But it will increase the total interest paid on the loan availed. Shorter tenors will reduce the total interest paid but increase the EMI amounts. Choose between either as per your financial planning.

Downpayment

A larger downpayment will help you avail a lesser loan amount, automatically reducing your long-term financial outflow. Try to accumulate as many funds as possible and reduce your loan burden.

The HUDA scheme, as well as numerous other schemes, are aimed at helping the lower and middle-income households access India’s base real estate sector. Successful implementation of these schemes will not only help the real estate sector but living standards of the Indian demographic as well.