Section 12 in Regulations For The Disbursement of Loans Under The Low Income Group Housing Scheme, 1968
12. Repayment of the loan with interest thereon.
- The loan will carry interest, from the date on which it is advanced. The instalment of accumulated interest, calculated at the simple interest at the rate prescribed by the State Government shall be paid in one lump sum, within fifteen days after the expiry of eighteen months from the date of withdrawal of the first instalment of the loan. Each month thereafter, the principal together with interest thereon, shall be paid in 342 (maximum) monthly equated instalments, each such instalment being calculated as one-sixth of the half-yearly equated instalment (including principal and interest), for the repayment of the principal and interest at the prescribed rate within the maximum period prescribed in Rule 19.
