The Supreme Court on Wednesday directed banks and financial institutions to release the sanctioned loans without delay to beleaguered Amrapali homebuyers, including those whose accounts have been declared non-performing assets. The order comes as a relief to hundreds of homebuyers who were “duped” after the builder “diverted” their money. Lender banks should restructure the home loans on a long-term basis so that the stalled construction of residential projects is completed and homebuyers can get back on their feet. The homebuyers have obtained loans but cannot enjoy the fruits of their investment. It asked the Noida and Greater Noida authorities to restructure the payment schedule.

Source: The Hindu June 10, 2020 18:31 UTC