LIFE mission scrambles for bridge loan from co-op bank as HUDCO cites financial constraints to release loan instalment
THIRUVANANTHAPURAM: LIFE housing venture which has availed Rs 4000 crores mortgage from HUDCO to fulfill the objectives, is now going for a bridge mortgage with HUDCO mentioning monetary constraints to free up the mortgage instalment in March. The government has given sanction to LIFE housing venture to avail a bridge mortgage of Rs 425 crores from Ernakulam District Cooperative financial institution for meeting the speedy requirement of fund.
HUDCO had released an aggregate amount of Rs. 750 crore in two instalments in January and February of 2019 out of Rs. 3000 crore as mortgage assistance sanctioned for rural beneficiaries of segment II of LIFE Mission in line with the monetary and bodily development of the venture. As in keeping with the report submitted via Managing director of Kerala Urban & Rural Development Finance Corporation Ltd (KURDFC), HUDCO expressed their lack of ability to free up the quantity in March because of the monetary constraint when utility for liberating of the third instalment of Rs. 375 Crore was once positioned.
HUDCO has informed that subsequent instalment can be released handiest within the first week of April, 2019.
U V Jose CEO, LIFE Mission then again reported that the buildings of houses have improved really well with additional percentage of assistance released via native Bodies and via amassing finance from various resources via the beneficiaries themselves on anticipation of early free up of the further amount of the mortgage. The venture CEO pointed out that 1000's of beneficiaries in all native bodies were desperately looking ahead to for assistance from government for finishing their properties sooner than the onset of the monsoon as they're now dwelling in unprotected temporary shelters.
It was once under this circumstance KURDFC MD asked the government to avail a 'Bridge mortgage' of an amount of 425 Crore from Ernakulam District Cooperative financial institution to cater to the pressing need. The government has given special sanction to avail mortgage from co-operative financial institution in line with the condition that the next instalment of Loan amount from HUDCO will have to be utilised for compensation of Bridge mortgage and that the passion will likely be paid from passion subsidy to KURDFC for mortgage availed from HUDCO for implementation of LIFE Mission Schemes. In case of default in repaying the Principal amount and passion thereon, compensation will likely be made via the Government, an order issued on this regard stated.
"The venture is happening truly neatly nowadays. HUDCO has communicated that the mortgage amount can be released within the first week of April,'' stated U V Jose, CEO, LIFE venture. The government had availed two loans amounting to Rs 4000 crores from HUDCO through KURFDC for LIFE venture. The passion for the mortgage amount is met from the plan provisions earmarked in the annual budget via government each and every 12 months.
HUDCO had released an aggregate amount of Rs. 750 crore in two instalments in January and February of 2019 out of Rs. 3000 crore as mortgage assistance sanctioned for rural beneficiaries of segment II of LIFE Mission in line with the monetary and bodily development of the venture. As in keeping with the report submitted via Managing director of Kerala Urban & Rural Development Finance Corporation Ltd (KURDFC), HUDCO expressed their lack of ability to free up the quantity in March because of the monetary constraint when utility for liberating of the third instalment of Rs. 375 Crore was once positioned.
HUDCO has informed that subsequent instalment can be released handiest within the first week of April, 2019.
U V Jose CEO, LIFE Mission then again reported that the buildings of houses have improved really well with additional percentage of assistance released via native Bodies and via amassing finance from various resources via the beneficiaries themselves on anticipation of early free up of the further amount of the mortgage. The venture CEO pointed out that 1000's of beneficiaries in all native bodies were desperately looking ahead to for assistance from government for finishing their properties sooner than the onset of the monsoon as they're now dwelling in unprotected temporary shelters.
It was once under this circumstance KURDFC MD asked the government to avail a 'Bridge mortgage' of an amount of 425 Crore from Ernakulam District Cooperative financial institution to cater to the pressing need. The government has given special sanction to avail mortgage from co-operative financial institution in line with the condition that the next instalment of Loan amount from HUDCO will have to be utilised for compensation of Bridge mortgage and that the passion will likely be paid from passion subsidy to KURDFC for mortgage availed from HUDCO for implementation of LIFE Mission Schemes. In case of default in repaying the Principal amount and passion thereon, compensation will likely be made via the Government, an order issued on this regard stated.
"The venture is happening truly neatly nowadays. HUDCO has communicated that the mortgage amount can be released within the first week of April,'' stated U V Jose, CEO, LIFE venture. The government had availed two loans amounting to Rs 4000 crores from HUDCO through KURFDC for LIFE venture. The passion for the mortgage amount is met from the plan provisions earmarked in the annual budget via government each and every 12 months.
LIFE mission scrambles for bridge loan from co-op bank as HUDCO cites financial constraints to release loan instalment
![LIFE mission scrambles for bridge loan from co-op bank as HUDCO cites financial constraints to release loan instalment]()
Reviewed by Kailash
on
March 31, 2019
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