BDA, or Bangalore Development Authority, is a Government organization responsible for the planning and maintaining of Bangalore’s urban landscape. It was created in 2012 to provide adequate and affordable housing to the ever-growing population of the city.
Bangalore Development Authority has undertaken the construction of more than 6000 residential units across the city, and currently working alongside the Central Government to establish their affordable housing scheme for the economically weaker section and lower income group of the society.
These schemes correspond with various other Government-backed projects to bring heavily subsidies on the listed apartments. Bangalore Development Authority even offers 5% discounts on individual purchases and 10% for bulk purchases on their latest property built on Mysuru road.
Properties Entitled For The Discount
The decision to provide the discounted price was made after reviewing several BDA housing scheme in Bangalore. The initial offering of accommodation in 10 localities in and around Bangalore covered 70% of the completed units, while the rest 30% was to remain unoccupied for a future auction.
Bangalore Development Authority is offering up to 10% discounts on these properties on the basis or bulk purchases. An individual will be eligible to avail the discounted rate if they opt to purchase 10 units at the same time. Buyers procuring single units will enjoy a 5% discounted rate.
One can easily avail a home loan to collect the necessary funds required to purchase accommodation under this Bangalore housing scheme. The heavily discounted price will help the buyer save a significant amount of money while acquiring the preferred housing units.
Eligibility Criteria For Application
An applicant has to meet specific eligibility criteria to purchase apartments under this housing scheme. These include –
- The applicant should be a resident of Karnataka for at least ten years.
- They must be at least 18 years old at the time of application.
The State Government of Karnataka does not levy any restriction on an applicant’s income if they apply under the general category.
Process of Payment
BDA housing scheme Bangalore requires an applicant to pay 25% of the total housing cost after receiving the allotment letter. The rest of the payment is usually divided into two installments; 25% within the next 120 days and the remaining amount within 180 days of receiving the allotment letter. A buyer will receive the ownership deed only when all the documents have been verified, and payment is complete.
A buyer can avail a credit to purchase a house and mitigate the financial strain of paying the whole price within 6 days. Several financial institutions offer such credits at attractive home loan interest rates, flexible tenors, quick processing and minimum documentation, and several other borrower-centric features and benefits.
These types of credits offer several advantages to the borrower. Let’s take a look at some of them.
Benefits of a Housing Loan
There are several reasons why one should opt for a housing loan instead of making the purchase with their savings. Apart from tax benefits, other benefits are as follows:
- Balance Transfer Facility – The borrower can refinance their existing line of credit as per their fiscal requirement. Balance transfer requires minimum documentation and instant processing with minimum additional interest rates.
- Top-Up Loan – Financial institutions also offer options to top-up an existing housing loan to make added property related purchases. It can prove helpful for larger purchases like the BDA housing scheme Bangalore.
- Part-Prepayment and Foreclosure Facility – Part pre-payment and foreclosure without any charges allow a borrower to clear their debt without paying anything extra.
- Flexible Repayment Tenor – A flexible repayment tenor ranging up to 240 months enable an individual to pay the debt according to their repayment capacity.
One can easily enjoy a staggering 10% discount on Bangalore Development Authority flats and reduce the financial trouble with a housing loan at the same time. It is an excellent opportunity to invest in real estate without draining one’s savings.
This post was created with our nice and easy submission form. Create your post!