How to get your DDA Application Financed?
If you are interested to invest in DDA Housing Scheme but are unable to deposit the necessary one lakh registration money then you must read this article. Many banks both public as well as private are offering attractive finance scheme to fund the required Rs. 1 lakh registration fee.
Here are some interesting points about the Bank financing schemes.
- Private sector banks are ready to finance the registration money, that is required to apply for a DDA flat. The private sector banks are charging over Rs. 4,000 to finance DDA's registration fee.
- Getting a finance from a public sector bank is a much cheaper option as they are charging between Rs. 3,550 and Rs. 3,900 for financing the registration fees.
- Several brokerages are also willing to offer financing options.
- For availing a financing option the applicants will have to submit proof of address, PAN card copy, Photo identity proof, recent photograph and a post-dated cheque.
- One doesn't need to have a savings account in the private sector bank to avail the finance scheme.
- In a public sector bank opening a savings account may be prerequisite for availing the finance option.
- If one becomes a successful allottee, but he wants to surrender the flat, no penalty will be levied if the cancellation is done before the Housing authority issues a demand letter asking for the payment of the flat.
- Incase a successful applicant is unable to repay the registration fee to his financier, the financier is legally entitled to use the post-dated cheque to recover his money.
- Ideally one should not avail finance option if one can fund the registration money, as the banks are charging nearly double the interest that one will earn on deposits.
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