How To Buy Affordable Housing in India

In the last few years, growing urban population and shortage of housing has shot up the demand for affordable housing in Gurgaon India. This demand led to the launch of “Housing for All by 2022” Mission for urban housing. The Budget 2017 has accelerated this ambitious mission by bringing affordable housing under the infrastructure category, allowing developers to access cheap financing, and by offering incentives to homebuyers.

If you’ve always dreamed of buying a house for yourself, this is the best time to plan for it. Signature Global – a leading player in the real estate sector is all geared up to support the government’s plans toward affordable housing. The company has launched several affordable housing projects in the millennium city of Gurugram.

To apply for Signature Global’s housing projects –

1.       Go on to www.signatureglobal.in and click on “Apply Online” at the top of the home page.

2.       You will find two upcoming housing projects – “The Serenas” (Sector 36, South of Gurugram) and “The Roselia”(Sector 95A, Gurugram). Wrapped in lush greenery yet in proximity of high-rise residential and commercial projects, both Serenas and Roselia are well-connected to major locations in the city.

3.       Choose the housing project for which you wish to apply and click on “Fill Application Form”. You will be navigated to a new page and will be required to fill out basic applicant information and select the type of housing unit you want based on the carpet area. Once you select the type of housing unit, the total booking amount (5% of the house cost plus Rs. 1000/- for application form) will be displayed on the screen. Signature Global accepts payments in cheque/demand draft/ banker’s cheque/ NEFT/RTGS. At this stage, you also have the option of Earnest Money Deposit (EMD) Finance whereby you can get the Booking Application financed by EMD finance companies. For this purpose, you can choose Signature Global Capital – one of Signature Global’s EMD finance partners.

4.       As per Haryana Affordable Housing policy, Signature Global will allot flats to applicants based on a draw. The draw will be carried out within the completion of three months from the date of closing of applications.

5.       As soon as the date for the draw gets decided, advertisements shall be published in newspapers by Signature Global concerning the particulars about date, time and venue of the draw.

6.       If you receive a successful allotment, you would be required to deposit the next installment of 20% of the total cost of the house within a period of 15 days from the date of allotment. Additionally, if you had paid for the booking amount through EMD financing, then you shall immediately repay the loan amount within 15 days of the draw.

At this stage, you could also get a home loan from your bank, and if you’re eligible for the PradhanMantriAwasYojna (PMAY) scheme, you can avail subsidy on home loan interest rate –

Home loans up to 6 lakhs – 6.5 % subsidy on rate of interest
Home loans up to 9 lakhs – 4% subsidy on rate of interest
Home loans up to 12 lakhs – 3% subsidy on rate of interest

7.       In case of non-allotment, Signature Global will return the booking amount to you through cheque delivered to your correspondence address.

8.       The remaining 75% of the apartment cost will be paid in regular installments before the completion of the house.

9.       The completed house will be delivered within four years from the date of the draw.

Signature Global’s latest projects under the Haryana Affordable Housing in Gurgaon include over 2,000 housing units in (Apply Online) in Serenas  Sector 36 and in (Apply Online) in Roseli Sector 95A.