CIDCO stands for City and Industrial Development Corporation. It was established on 17th March 1970 and is an undertaking of the Maharashtra state government. The CIDCO lottery scheme was launched in 2019 as a flagship initiative of Pradhan Mantri Awas Yojana. Through these schemes, the central government aims to provide housing to a maximum number of individuals by the year 2022.
About 1.10 lakh houses are to be built under this CIDCO initiative. Out of this, 94,000 homes will be under the quota of this lottery scheme. The idea is to build and provide affordable houses to economically backward masses of India. Houses under CIDCO lottery scheme 2020 will be built in the following areas of Navi Mumbai-
After promising outcomes in the 2019 slot, the CIDCO new lottery system is also set to be organised in 2020 as well.
Eligibility criteria under the CIDCO housing lottery scheme
With the CIDCO initiative from the government, economically challenged individuals can follow some easy steps to get a home loan in India. However, he/she has to qualify under the eligibility criteria specified in CIDCO scheme.
According to the lottery rules, he/she must belong to the EWS (Economically Weaker Section) or LIG (Lower Income Group) category. The other two rules in this context are-
- If a person has a monthly income of Rs. 25,000 or less, he/she can participate in CIDCO lottery scheme under EWS category.
- If a person has a monthly income between Rs. 25,000, and Rs. 50, 000, he/she can participate under LIG category.
The authorities verify the eligibility of all participants before proceeding with the CIDCO affordable housing lottery system.
Documents to be submitted for CIDCO housing lottery scheme
Individuals who are willing to take part in the CIDCO scheme for the first time must understand how to apply for a home loan. This also includes a detailed guide regarding the necessary home loan documents. To take part in CIDCO lottery scheme 2020, the following documents are necessary:
- Voter ID card
- Aadhaar card
- PAN card
- Certificate of income proof
- Domicile certificate
- Bank details
Applicants need to organise and keep these documents handy before proceeding with the CIDCO application process. In case of online application, he/she will have to make a soft copy of those mandatory documents.
How to apply for the CIDCO lottery scheme?
Once you have all the required documents for the CIDCO scheme, you can go on to apply for it. An eligible individual can follow these steps given below to register themselves and participate in CIDCO housing scheme:
Step 1: Go to the official website of CIDCO.
Step 2: Register yourself as per the directions given there.
Step 3: Start filling up the online form with authentic details.
Step 4: Re-check the details provided by you to rule out errors.
Step 5: Upload the scanned documents and photographs.
Step 6: Click on ‘Submit’.
Step 7: Proceed to pay your registration fee. An applicant can pay the amount through online banking, credit card or debit card.
An applicant can also check if he/she has managed to make it through in the final list of CIDCO applicants. The valid list of participants will be available under the ‘Accepted Applications’ tab on the official website of CIDCO.
After applying for the CIDCO scheme, participants must research home loans so that they can utilise it to the fullest if they qualify in the lottery. The CIDCO lottery result is announced in the official page itself.
Along with qualifying in the CIDCO scheme, you also need to avail a housing loan from the right source. Compare the current home loan interest rates, features, eligibility to figure out which financial institution is best suited for you. Also, make sure to look for home loans which come with a flexible repayment tenor.
A unique and exciting range of pre-approved offers on loans helps you avail credit in a simpler, faster and convenient manner. These offers are available from reputed lenders on loan against property, home loans and more. To check the pre-approved offers, all you need to do is provide your name and mobile number.
Therefore, if you are planning to buy a house in Maharashtra and you are eligible to participate in the CIDCO lottery, doing so can help you avail the property at affordable rates. Go through the application process and eligibility criteria to ensure a smooth entry into this highly beneficial lottery scheme for housing.