Less Interest On Late Fees For Ews, Lig Properties, Real Estate News, ET RealEstate

September 22, 2023

LUCKNOW: LDA plans to help people with disabilities and those from economically weaker sections by calculating the interest on late property payments differently. They will use the Marginal Cost of the Fund-Based Lending Rate (MCLR) plus an additional 1% interest.

The decision came after disabled person who bought an LDA shop lodged a complaint that he faced a compound interest of Rs 1 crore due to late payments, which made it hard for him to afford the property. Now, he’s getting notices to give up the property.

In response, divisional commissioner Roshan Jacob ordered a proposal to reduce compound interest for economically weaker sections (EWS) and lower-income group (LIG) buildings and shops.

She also stressed on the need to file FIRs against those involved in fake registrations related to the Transport Nagar Yojana on Kanpur Road. Altogether 54 complaints came up at the camp. Of these, 19 were solved on the spot. Rest were handed over to officials for early redressal.

  • Published On Sep 22, 2023 at 04:30 PM IST

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