Kerala: Concession refinance for house construction, repairhttps://indianexpress.com/article/india/kerala-concession-refinance-for-house-construction-repair-5331823/

Kerala: Concession refinance for house construction, repair

Banks will also grant Rs 10,000 crore of fresh consumption loans in Kerala and waive any security and margin requirements on these loans, which can be repaid in 36 months.

Kerala: Concession refinance for house construction, repair
Kerala Chief Minister Pinarayi Vijaya. (PTI/File)

To enable construction and repair of houses affected by floods in Kerala, the government has allocated Rs 200 crore from refinance scheme of National Housing Bank to facilitate housing loans at concessional rates, Department of Financial Services Secretary Rajiv Kumar said on Wednesday.

Among other sops on housing loans in Kerala, banks will provide “need based moratorium up to 1 year on repayment of loans and reschedule installments accordingly,” Kumar tweeted. The government has also asked banks to waive a host of charges on accounts holders in Kerala. These include charges for duplicate passbook, accounts statements, issuance of fresh debit cards, charges for non-maintenance of minimum balance in accounts, ATM charges, among others.

Banks will not be compounding interest charges during the moratorium period and no penalties will be levied, he said.

Banks will also grant Rs 10,000 crore of fresh consumption loans in Kerala and waive any security and margin requirements on these loans, which can be repaid in 36 months.