Parsvnath not to charge interest on outstanding instalments for 3 months

Realty firm Parsvnath Developers on Saturday said it will not charge interest on outstanding instalments of all its existing customers for three months, starting March 15, to help customers amid coronavirus outbreak.

Real estate developers levies interest as a penalty, if property buyers fail to pay their instalments before the due date. The interest rate charged by builders are as high as 18 per cent.

The company has decided to "provide an interest holiday on outstanding amounts to all its customers/home buyers for three months from 1 March 15 till June 15," Parsvnath said in a statement.

Parsvnath Group chairman Pradeep Jain said, "Everyone is facing unforeseen difficulties and losses due to the COVID-19 outbreak. Hence keeping in consideration these tough times, it was our duty to extend relief to our customers".

Parsvnath group, which has presence in 37 major cities across 13 states, is also providing food to labourers working in its projects.