BJP MP demands waiver of home loan interest during COVID-19 lockdown

Bengaluru, May 11 (): The BJP Rajya Sabha member fromKarnataka Rajeev Chandrasekhar on Monday demanded that theCentre waive interest on home loans during the COVID-19 'forcemajeure' period.

He wrote to Union Minister for Housing and Urban AffairsHardeep Singh Puri, referring to the April 29 meeting of theCentral Advisory Council, formed as per the Real EstateRegulation and Development Act (RERA) guidelines.

Puri is also the chairman of the CAC.

The BJP MP pointed out that a decision was taken at themeeting to provide six months extension for all active RERAregistered projects due to the COVID-19 lockdown and to allowfurther extension on special cases after looking into themerits of each case.

Just as relief is being given to the builders, theinterest of home buyers who are undergoing unimaginableeconomic hardships in these unprecedented times of COVID-19lockdown needs protection, the MP said.

"The interest part on the principal amount of the Loanduring this COVID-19 force majeure period should be waived forthe homebuyers.

For no fault of the buyers, they need not pay both rentand Equated Monthly Installment (EMI)," the MP said. 'Force Majeure' clause is a contractual provision thataddresses circumstances in which contractual performancebecomes impossible or impractical due to events that could notbe foreseen, and are not within party's control.

He insisted that the extension of completion time forRERA registered projects be for the actual lockdown periodonly and that projects should not be delayed for the homebuyers. GMS APRRAVINDRANATH APRRAVINDRANATH