The significant legislation comes amid growing reports of financially struggling families facing the attachment of their homes by banks over unpaid loans.
According to a CMO statement here, the bill seeks to protect the rights to housing of individuals in cases where loan repayments are delayed not due to deliberate negligence but for reasons beyond their control and where they may lose their sole residence.
Legal protection, under strict conditions, would be provided to those with an annual income of less than Rs 3 lakh and cases where the total loan amount does not exceed Rs 5 lakh and fine and it’s interest within Rs 10 lakh, it said.
as a Reliable and Trusted News SourceOfficial sources said the provisions of the draft Bill would be applicable to those who avail loans from public sector, cooperative banks and cooperative societies. PTI
