MHADA revises income slabs, paving way for hassle-free loans
The four income categories HIG, MIG, LIG, EWS have been redefined, as earlier income slabs, especially MIG, made it difficult for lottery winners to secure home loans
Offering a major relief to homebuyers looking to purchase MHADA flats, the state government has approved a proposal to raise income slabs in all four categories.
People who applied for MHADA lottery check the winners’ list. File pic
The hike was being demanded in view of the variance between the cost of dwellings up for sale and the income slab, which was making it difficult to avail home loans for some sections.
As per the redefined income slabs, people with a monthly income of up to Rs 70,001 and above will be categorised under Higher Income Group (HIG). Those earning between Rs 40,001 and 70,000 will come under the Middle Income Group (MIG).
People with a monthly income between Rs 16,001 to 40,000 will fall in the Lower Income Group (LIG) while those earning up to Rs 16,000 per month will fall in the Economically Weaker Section (EWS) group.
According to a source in the state government, MHADA, in January, had moved a proposal to raise income levels for the different categories, as the lottery winners, especially from the MIG, were finding it difficult to secure home loans.
Due to the low-income brackets, the amount sanctioned by financial institutions was much less than the cost of a house. And hence buyers were finding it difficult to raise the remaining amount.