Affordable Housing is a medium through which the government desires to put people into their own houses. For this, the concerned authorities curated Affordable Housing Policy 2013. The policy focuses on providing housing to all those who do not own a house in any HUDA licensed colony or sector. To confirm that the developers do not charge extra money from the people, the government predetermines rates and sizes. Furthermore, providing a targeted time frame for the development of the architectural structure.
To enlist the benefits of this very scheme, it is a huge queue. However, these advantages will turn out to be customer-centric wholly. The norms of Affordable Housing Policy 2013 are as follows-
- Predetermined rate and size
Calculated on carpet area basis, the rate of any affordable housing property will be Rs. 4000 per square feet. In addition to this, for the balcony, it has to be Rs. 500 per square feet. The maximum size which a developer is allowed to offer is 645 square feet.
- 5 years maintenance free
It is simply majestic that from the date of possession till the next 5 years, the flat owner will not have to pay any maintenance charges.
- Upto 90% bank loan available
An individual who aspires to purchase the affordable housing property can apply for the bank loan. Depending upon the cibil score and annual income of the beneficiary, one can get the bank loan sanctioned.
- Subsidy upto Rs. 2.67 lakh
While one applies for the bank loan on the property, one has to fill the form PMAY subsidy. It is a subsidy on the bank interest which can only be availed if applying for the loan.
- No hidden charges
As the government understands that already buying a property is a tedious job that puts a property buyer under financial strain. This is the reason why as per policy, a developer should not charge any EDC or IDC from the candidates.
- No EWS
Since the government already is providing affordable homes, so there is no room for developing a separate building for EWS category people. These homes come at a price that easily fits in each one’s pocket.
- Freehold properties
Unlike DDA flats, the affordable housing properties are freehold ones.This means that one owns the property for the eternal period.
With all the above mentioned perks, who would not like to invest in Affordable Housing Gurgaon.