Mumbai, Oct. 31 -- The 426 inclusive homes across the city which the Brihanmumbai Municipal Corporation (BMC) has put on sale are way outside the reach of targeted buyers from the Economically Weaker Section (EWS) and Low Income Group (LIG). Bank loans would cover only 50% of the cost of the lowest priced units under the EWS category, while savings worth at least Rs.5.5 crore would be required for the most expensive homes in the category priced at nearly Rs.6 crore. As per official definition, families with taxable annual income up to Rs.6 lakh and Rs.9 lakh come under the EWS and LIG category, respectively. Among the 426 inclusive homes, 358 are meant for EWS buyers, while 68 are meant for LIG buyers. The carpet area of flats under the EWS and LIG category is up to 323 sqft and 646 sqft, respectively. According to the eligibility criteria of private banks for home loans, those drawing a gross annual income of Rs.6 lakh or gross monthly income of Rs.50,000 would be able to secure a mortgage of Rs.31 lakh, subject to certain conditions. The conditions include a high Cibil score, a 7.9% rate of interest, a 30-year tenure for repayment and lack of any other installments or liabilities. The equated monthly installment for those who manage to secure such a loan would be Rs.22,500, a little less than 50% of their monthly income, calculations show. As such, even after availing a home loan of Rs.31 lakh, EWS flat buyers would have to arrange for at least another Rs.31 lakh to purchase the least priced inclusive homes at Bhandup, at Rs.62 lakh. Additional expenses worth a few lakhs would have to be incurred towards stamp duty, registration, payment of advance maintenance and other charges. To purchase the expensive apartments under the EWS category at Majas, priced at Rs.5.98 crore, applicants would need to have savings or reserves of at least Rs.5.67 crore. When asked about the exorbitant prices of inclusive homes with regards to income benchmarks of targeted buyers, BMC commissioner Bhushan Gagrani said the civic body had not fixed the prices. "The prices are 10% higher than the ready reckoner rate of the concerned area," Gagrani told Hindustan Times. "If we do not get buyers, we may consider revising the prices downward. But before that, we have to check the market for available housing inventory." The civic body started accepting online applications for inclusive homes on October 16 and the last date for applying is November 14. Buyers would be chosen through a lottery draw on November 20, officials said....