[Resolved]  India Infoline Finance [IIFL] — Regarding Loan Foreclosure

Address:

Bangalore

SAMRAT MUKHERJEE
19:47 (6 minutes ago)
to GRO, crcell, ho

Hello,

This is to inform you that I have availed a Home Loan from IIFL (India Infoline Limited) for an under construction property in Bangalore. I was eligible for a PMAY (Pradhan Mantri Awas Yojana) subsidy and have availed the same last year. However, since IIFL is not disbursing loan amounts on time added with its unsatisfactory customer service, I have decided to change my loan account from IIFL to State Bank of India. However, when I informed IIFL about the same and requested for a foreclosure letter. As a response I received the below email from IIFL which states that if a PMAY beneficiary forecloses/prepays the loan without completion of construction of house, Interest Subsidy has to be refunded to the Ministry of Housing and Urban Affairs, Government of India (GOI) without prejudice.

I have not heard about any such regulations nor could not find such a circular in the Pradhan Mantri Awas Yojana website. This PMAY subsidy has already been paid to IIFL by the Government, and I see no sense in the reason why I should return the subsidy back. I have confirmed the same with SBI and they said such obligations are not necessary.

Please help and confirm this as per your convenience as this is one of the urgent requirements.