Indore: MP Housing and Infrastructure Board (MPHIB) aims to sell out its old unsold property worth Rs 30 crore after a tie-up with a nationalized bank to provide easy loan to its customers on reduced interest rate and increased payment tenure of 30 years."Under Indore circle, we have over 100 property for Economically Weaker Section (EWS) and Lower Income Group (LIG). To facilitate customers, the board has entered into a tie-up with a nationalized bank to provide loan with minimum paperworks," MPHIB deputy commissioner YK Dohare said.He added the bank is ready to finance the property for its customer at 8.55 per cent interest while the tenure to repay the amount has also been increased from 15 years to 30 years.MPHIB chairman Krishnamurari Moghe said, "Under this scheme, the customer will get possession over the property by making a down payment of 10 per cent. Besides, the customer will get 100 per cent rebate on revenue fee of property registration."He added that under this scheme, the bank has also increased age criteria of the customers for availing home loan up to 70 years.The official sources claimed that MPHIB is betting high on this scheme to clear the stock of its decade-old unsold property.The senior officials are expecting to receive huge response."Some of these property are 25 years old. The customers have been advised to visit the property before purchasing," a senior official said.Moghe said, "Under the housing for all scheme, we have set a target of constructing around 17,500 houses across the state by March, 2018."

Stay updated with all the Latest Indore headlines here. For more exclusive & live news updates from all around India, stay connected with NYOOOZ.