The TIDCO houses’ beneficiaries have expressed shock over the sudden development in which the Palacole branch of the Eluru District Cooperative Central Bank (DCCB) authorities have served notices to them to clear the dues related to the loans they took in March 2022 by mortgaging the flats allotted to them by the government.
Fifty-nine beneficiaries were asked to pay the pending loan dues for a six-month period along with one year interest.
When TDP MLA Nimmala Ramanaidu along with the beneficiaries enquired with the DCCB authorities about the notices, the bankers informed them that the margin money payable by the allottees of the TIDCO houses, which was sanctioned to them in the form of a loan by the bank, was duly remitted to the government account, amounting to a total of about ₹2 crore.
“The Palacole Municipal authorities have handed over the TIDCO house pattas to the bank for the sanction of the loans. A total loan amount of ₹2 crore has been deposited into the account of the State government. However, the loan repayment has been pending from the beneficiaries since March 2022. We have served the notices for the clearance of the loan dues,” the bank authorities have clarified.
Chitturi Sridhar, Managing Director, Andhra Pradesh Township and Infrastructure Development Corporation (AP TIDCO), explained that as per the State Level Bankers’ Committee (SLBC) guidelines, the moratorium period is 24 months for the payment of Equated Monthly Instalments (EMIs) for the loans, and the total repayment period is 20 years (240 months).
‘’However, only this particular DCCB sanctioned and disbursed loans in March 2022 with a moratorium of 12 months and repayment period of 84 months, which led to the present commotion. We are sorting it out with the bankers,’‘ he added.
