How to Avail SBI Home Loan to Make Most of DDA Housing Scheme?

In a bid to replicate the gala event last year, the Delhi Development Authority (DDA) is planning to go big by putting nearly 21,000 flats on sale in its upcoming housing scheme 2018. You must be knowing that the housing authority rolls out a lucky draw to pick the winners of the scheme. There are many rejoicing with their name being selected and there are some a bit disappointed by not getting their name on the shortlisted candidates.

But you can better try your luck in DDA Housing Scheme 2018 and hope to win in the lucky draw round. In case you win, you may require a loan to buy a DDA flat, won’t you? A dozen of banks are participating in the scheme, of which State Bank of India (SBI) is one of them. With such a grand presence, you would want to apply for SBI Home Loan. So, stay glued to the article that shows the information of DDA Housing Scheme and SBI Home Loan simultaneously.

What’s the Price and Distribution of Flats?

The prices of flats fall in the range of 7.5 lakhs-1.44 crore. Precisely speaking, there are 20,980 flats up for grabs in the soon to be launched housing scheme. Of the flats that are on offer, there are 16,298 LIG units. LIG takes the highest share among the units. The next bigger allocation is likely to happen for EWS units, meant for economically weaker sections. On the other hand, MIG and HIG flats are available in 579 and 488 units, respectively. These flats are primarily located in Vasant Kunj, Siraspur, Narela, Dwarka, Rohini, etc.

Buy Application Brochure and Take Loan from SBI

SBI offers the application brochure at 200, including all the taxes. Post application and more so after getting shortlisted in the draw, you can apply for a home loan at SBI to buy your favourite housing unit. SBI offers a loan based on the income, repayment history and your ability to pay back in EMIs. SBI would most probably finance at 75%-90% of the property cost. The remaining 10%-25% payment has to be made from your end. Either you can take a help from your family and relatives or take a personal loan to pay the remaining amount. On the other side, interest rates fall in the range of 8.35%-8.90% per annum. Also, the rates are based on the quantum of finance you seek. As the loan amount goes upward, the rates will also go the same way. The maximum loan tenure is going to be 30 years.

SBI Home Loan EMI Calculator

You must get an idea of the EMI you are likely to pay over the loan period. Since it’s a big commitment, you must get ready soon to ensure a planned repayment that’s going to fit into your budget. The home loan EMI calculator can give you that idea. And if you are thinking, how can you access it? Well, you can simply go online to do so.

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