The Housing and Urban Development Department has made a major change in its e-auction policy. Buyers will now be able to take a loan against their property by depositing 10% of the allotment amount and 2% cancer cess. They will no longer need to apply for a separate permission.
Earlier, a 25% deposit was required for property loans. The department has also reduced the auction fee for commercial properties. After the approval of the Governor, a notification regarding the change in the policy was issued. According to this, 15% of the successful bid will now have to be deposited within 30 days of the issue of allotment letter.
Earlier, this amount had to be deposited within seven days. Similarly, the arrangements for depositing the remaining 75% of the property will be decided by the Chief Administrator of the concerned authority. Whereas earlier, two options were fixed for this. One was to deposit 50% of the amount within 90 days and 10% of the amount within 30 days of the offer of possession of the property. This was a 15% discount. The second option was to deposit the amount in 12 quarterly installments.
