LDA to help allottees avail loans

Lucknow: In a first of its kind initiative,

LDA

has decided to tie-up with banks and make the loan process of MIG and

LIG

(middle income and lower income groups) flats easier. LDA is also planning to give possession to those making 25% payment at initial stage so that rest of the amount may be paid in EMIs (equal monthly instalments) through home loans from banks. LDA VC Satyendra Singh said, "Those applying for MIG and LIG flats can now get possession easily after making 25% payment and the rest in EMIs through home loan. We will help people avail loan without much paper work." LDA is planning to make new set of MIG and LIG flats especially for middle, lower middle and lower income groups.

Singh

said, "So far, people who bought flats from LDA and were living on rent had to pay

EMI

as well as rent. This will help them live in their house after making 25% payment."