Jharkhand slashes housing loan interest rate for MLAs

Ranchi: The ruling Bharatiya Janata Party in Jharkhand has shown generosity towards legislators by slashing interest rate on housing loan to a mere four percent.

This announcement came as the Reserve Bank of India kept the interest rate unchanged, which was expected after demonetisation of high value currency notes.demonetisation of high value currency notes.

Serving and former legislator will be able to get up to Rs 40 lakh housing loan at rate of 4 percent per annum, said a decision cleared by the cabinet on Wednesday. 

Chief Minister Raghubar Das, however, was yet to come out with any relief measures for daily wage labourers, farmers and common people hit by the demonetisation decision and the resultant cash crunch across the country.

Das, after coming to power in December 2014, hiked the salary of legislators, ministers, and others. 

In May 2015, the monthly salary of Jharkhand legislator was increased to Rs 210,333 from Rs 116,833.