Interest Waivers on home loans..!

The Tamil Nadu finance  minister Mr. O Panneerselvam  announced a slew of interest waivers on home loans disbursed by co - operative housing societies in the state.

Interest waiver..!

Interest waiver for LIG units is increased from 50% to 75%, for MIG from 25% to 50% & for HIG from 10% to 25%.

Also, penal interest on home loan has been waived completely. While the state government will contribute Rs. 390 crore towards interest waiver, the co- operatives will forgo Rs. 545 crore penal interest.

Till September 30, 2012..!

The interest waiver scheme, to be in force till September 30, 2012 is expected to help societies mobilize Rs.  665 crore over dues.
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