New Delhi: Delhi Government on Friday decided to grant waiver interest on loans for those people who were allotted residential flats under a scheme launched in 1985.
The decision to grant the interest waiver on loans was taken at a meeting of Delhi Urban Shelter Improvement Board chaired by Chief Minister Sheila Dikshit.
"The government decided to grant substantial relief in interest for delayed loan payment to the allottees of Residential Flats Registration Scheme, 1985," Dikshit said.
The Slum and Jhughi Jhopri department had allotted 5,662 flats through draw of lots under the scheme.
The allottees of 2463 flats were required to pay 25 per cent of the cost of the flat at the time of allotment and balance in 180 monthly instalments.
Dikshit said the rate of interest for one month`s delay in payment was 12 per cent, 24 per cent in case of two months` delay and 48 per cent for further delay.
Some allottees could not deposit the cost of flat regularly resulting in accumulation of huge amount of arrears.
The interest waiving scheme will be effective from September 1, 2013 to March 31, 2014.