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Our Bureau

Thiruvananthapuram , Feb. 20

THE Kerala State Housing Board (KSHB) has decided to reduce the interest rates on housing loans by as much as 3.5 percentage points with retrospective effect from September 1, 2005.

Announcing the decision in the State Assembly on Monday, the Revenue and Housing Minister, Mr K.M. Mani, said the peak rate of 15.5 per cent applicable to high-income group would be reduced to 12 per cent, while the 14.5-per cent applicable to the middle-income group would be brought down to 11 per cent.

For the low-income group, the existing rate of 13.5 per cent would be reduced to 10 per cent. The interest rate cut would be applicable to those who have taken loans from KSHB as also to those who have bought houses and plots on hire-purchase basis.

The Minister said KSHB decided on the interest rate cut following an agreement with Housing and Urban Development Corporation (Hudco). This would result in relief to the tune of Rs 128 crore to KSHB and the persons who have availed themselves of loans, houses and plots from the board.

KSEB extends relief: The Kerala State Electricity Board (KSEB) has decided to waive the rent on meters installed by domestic consumers at their own cost. This decision will be effective retrospectively from December 22, 2005.

Announcing the KSEB decision in the Assembly, the Minister for Electricity, Mr Aryadan Mohammed, said the amount already paid by the domestic consumers, as meter rent would be adjusted against their future bills.

He further announced that KSEB would exempt 140 coir cooperatives in the State from payment of Minimum Demand Charge. This will also be applicable to the closed industrial units that are reopened before March 31.

More Stories on : Housing Finance | Interest Rates | Kerala

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