{"id":45329,"date":"2020-07-06T15:47:59","date_gmt":"2020-07-06T10:17:59","guid":{"rendered":"https:\/\/cms.navimumbaihouses.com\/?p=45329"},"modified":"2021-04-20T11:01:49","modified_gmt":"2021-04-20T05:31:49","slug":"homebuyers-approach-pm-modi-for-relief-from-interest-burden","status":"publish","type":"post","link":"https:\/\/navimumbaihouses.com\/blog\/news\/homebuyers-approach-pm-modi-for-relief-from-interest-burden\/","title":{"rendered":"Homebuyers Approach PM Modi for Relief From Interest Burden"},"content":{"rendered":"

In the backdrop of Covid-19 related job losses and salary cuts, homebuyers are already stressed financially and the government hasn\u2019t provided any relief in their installments for the period of extensions granted to builders, according to FPCE.<\/span><\/p>\n

MUMBAI: Homebuyers\u2019 pan-India body, \u00a0the Forum for People\u2019s Collective Efforts (FPCE), has sought relief from Prime Minister Narendra Modi for homebuyers impacted by various extensions provided to developers that led to additional interest burden for home-owners.<\/span><\/p>\n

\"flats<\/p>\n

In the backdrop of Covid-19 related job losses and salary cuts, homebuyers are already stressed financially and the government hasn\u2019t provided any relief in their installments for the period of extensions<\/span><\/p>\n

The government has advised all RERA authorities to extend project completion timelines by 6 months with an additional 3 months at the state\u2019s discretion.<\/span><\/p>\n

While the Reserve Bank of India has granted a total of 6 months\u2019 moratorium for all term loans, the borrower is expected to pay additional interest for this period.<\/span><\/p>\n

\u201cThis would only add to the burden of rent, EMIs, loss of compensation, delay, and now interest on suffering home buyers. In contrast, the builders would get a free hand to delay the project by 6 to 9 months more, without any liability of penalty, interest, compensation as envisaged under RERA, all through an illegal order,\u201d FPCE said in its letter to the Prime Minister.<\/span><\/p>\n

\n

Searching low budget properties then check these lo budget\u00a0 <\/strong><\/span>properties in navi mumbai below 15 lakhs<\/strong><\/a><\/span><\/h3>\n
\n

ET has reviewed a copy of this letter.<\/strong><\/span><\/h3>\n

The body has objected to regulatory authorities offering an indiscriminate extension to projects without The body has objected to regulatory authorities offering an indiscriminate extension to projects without following legal requirements that stipulate an extension can be given only when there is no default by developers and as \u2018force majeure\u2019.<\/span><\/p>\n

\u201cIt is easily forgotten that every extension comes with added burden of EMI, rent, mental agony, harassment and shattered dream of having an own home by buyers and their families,\u201d said FPCE\u2019s General Secretary MS Shankar while demanding that for all the extensions, EMI burden should be passed on to builders.<\/span><\/p>\n

\"property<\/p>\n

FPCE expects the benefit of interest reduction to be automatically passed on by the banks to all home loans, without any application.<\/span><\/p>\n

Most banks are not passing this benefit when the rates are lowered but when rates move up, they increase homebuyers\u2019 obligations automatically.<\/span><\/p>\n

\u201cIt\u2019s high time that the government gives importance to views of the biggest stakeholders and demand creators\u2014the homebuyers. It would help revive the sector and not merely cater to builders\u2019 demands that has not yielded any desired results,\u201d said Abhay Upadhyay, President, FPCE.<\/span><\/p>\n

The body has sought that the ministry holds regular\u00a0Central Advisory Council (CAC) meetings to address the issues faced by all stakeholders, and not only convene emergency meetings for builders alone.<\/span><\/p>\n

It has also suggested that homebuyers need to get a separate tax deduction for rents being paid for their current accommodation if their project is delayed.<\/span><\/p>\n

This can be applicable for homebuyers, who are paying both loan installments for delayed projects and rent for current accommodation as that puts a double burden on them.<\/span><\/p>\n

Buy, Sell, Rent Properties in Navi Mumbai Houses<\/strong><\/span><\/h4>\n