New Delhi: The government on Thursday advised homebuyers to approach lenders for additional borrowing or revival of their loans, while clarifying that projects facing litigation in higher courts will not be covered under the Rs 25,000-crore scheme announced on Wednesday.
“Homebuyers are advised to reach out to their respective lending institutions to seek necessary guidance for additional borrowing or revival of their existing home loans within the existing legal and regulatory framework and standard board approved policies of the lending institutions,” said the frequently asked questions (FAQs) issued by the ministry.
“The proposed AIF will not invest in projects that are facing litigation in the high courts or the Supreme Court. The focus of this special window will be on the projects that are stalled for lack of construction funding,” the FAQs said, adding that it shall also look at projects with NPA or undergoing NCLT proceedings that can commence construction immediately after funds are made available.
The funding would be provided to affordable and middle-income housing projects. Such projects are those wherein dwelling units do not exceed 200 square metre carpet area and are priced up to Rs 2 crore in Mumbai Metro-politan Region, up to Rs 1.5 crore in NCR, Chennai, Kolkata, Pune, Hyder-abad, Bengaluru and Ahmedabad, and up to Rs 1 crore in the rest of India.