The Hindu Business Line : Kerala State Housing Board announces OTS scheme

A KSHB spokesman said here that lakhs of customers who have availed themselves of housing loans and hire purchase schemes would be able to benefit from "massive concessions" flowing out of the scheme. The scheme would be effective from February 6 and valid for a period of six months hence.

The concessions have been announced separately for "live" accounts and those which have run through the original term in full.

Existing accounts: (a) For those who are willing to pay up the entire dues outstanding, penal interest (2.5 per cent) will be fully waived for all groups of beneficiaries (higher , middle and lower income) and default interest waived to the extent of 50 per cent to 30 per cent for those in the HIG, MIG and LIG groups and 100 per cent for those belonging to the weaker sections.

(b)All those who have not defaulted on the monthly instalments will be eligible for a concession of 50 basis points in the interest amount outstanding.

(C) A concession of 5 per cent of interest on outstanding principle amount will be available for all those who are willing to pay up the outstanding principal in full, which will be applicable for all housing schemes currently in force.

Loan accounts that have completed tenure: (a) Applicants belonging to the LIG and weaker sections need to pay up the principal amount outstanding with simple interest. They would be fully exempted from making default interest and penal interest payments. These concessions would be valid for the purpose of clearing the arrears only.

(b) The LIG and weaker sections would be required to pay up only the principal amount outstanding provided it is proved, supported by evidence, that the beneficiaries are either dead or have contracted debilitating and terminal illnesses such as cancer, paralysis and kidney transplantation, leaving the dependents to fend for themselves.

(C) Penal interest (2.5 per cent) will be fully waived and default interest to the extent of 70 per cent for HIG and MIG customers while settling their respective accounts.

KSHB has warned that strict revenue recovery procedures would be initiated against those who do not avail themselves of the concession scheme and settle their loan accounts.

Revenue towers: The Housing Board has decided to resume work on setting up revenue towers in those taluk headquarters where mini civil stations do not exist.

The programme was originally started off in 1992 but was discontinued in 1997 by the then Government. According to the Housing Board, the present Government is committed to the original proposal for bringing under one roof various Government offices that are lying scattered in the taluk headquarters.

The Board has since decided that work on these towers be taken up during the current financial year itself.

More Stories on : Infrastructure | Housing Finance | Kerala

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page