LIFE housing mission scrambles for bridge loan
LIFE housing mission which has availed Rs 4000 crores loan from HUDCO to meet the objectives, is now going for a bridge loan with HUDCO citing financial constraints to release the loan instalment in March. The government has given sanction to LIFE housing mission to avail a bridge loan of Rs 425 crores from Ernakulam District Cooperative bank for meeting the immediate requirement of fund. HUDCO had released an aggregate amount of Rs. 750 crore in two instalments in January and February of 2019 out of Rs. 3000 crore as loan assistance sanctioned for rural beneficiaries of phase II of LIFE Mission based on the financial and physical progress of the project. As per the report submitted by Managing director of Kerala Urban & Rural Development Finance Corporation Ltd (KURDFC), HUDCO expressed their inability to release the amount in March due to the financial constraint when application for releasing of the third instalment of Rs. 375 Crore was placed. HUDCO has informed that next instalment would be released only in the first week of April, 2019.
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