Andhra Pradesh Housing Board Plans Houses on Hire Purchase

by correspondent
207 views

For the benefit of people in low income group, Andhra Pradesh Housing Board decided for taking up special housing scheme. These housing schemes are taken up at Bandlaguda, Nizampet, Chandanagar and Red Hills in the city.

Under this new scheme, the buyer needs to pay just 40% of the purchase cost to the housing board and the remaining 60% can be paid through equated monthly instalments in 10 years. Thus, handing over the flats immediately to the buyers after the first 40% of the purchase cost.

1,930 single bedroom flats wit an area of 450 sq ft will be constructed in the city. Of them, 880 flats will come in Kukatpally, 240 units in Nizampet, 400 flats in Bandlaguda, 210 units in Chandanagar and 200 units in Redhills.

Under the system of hire purchase, the buyers need not have to approach the banks for loans. The loan can be paid to the Board through EMIs, said the executive engineer of western division of APHB.

A notification is issued by APHB recently for proposed housing scheme. The applicants requires to pay only 10% of the cost with the application forms and the remaining 30% can be paid any time during the construction period (one year).

Of these flats, 30% will be reserved for women 16% for scheduled castes, 6% for scheduled tribes, 9% for backward class and 1% for physically challenged people and 3% for defence personnel.

According to sources, after allotment if any of the applicants wants to withdraw from the scheme, it will be entertained up to 45 days. If the allottee fails to pay the amount later, he/she will be required to forfeit the EMD amount.

Source – Times of India

Related Articles