Tamil Nadu based Repatriates Cooperative Finance and Development Bank Ltd (REPCO BANK) subsidiary Repco Home Finance (RHFL) has waived off the home loan of Rs 17 Lakh of K Palani who was martyred in the violent faceoff on the Indo-China border in Galwan valley in Ladakh in June this year.
In addition to waiving off debts, RHFL has also given the additional donation of Rs 10 lakh to his family recently. The cheque and original documents for acquiring the home loan was handed over by Ramanathapuram District Collector K Veera Ragava Rao (IAS) to Palani’s wife P Vanathi Devi.
On the occasion, Madurai Regional Head A Thilagaraj, Cluster Head K Muralidharan and Branch Head J Gopikumar were present.
Palani had worked in Indian Army as a Havildar and availed the house construction loan of Rs 17 lakh, which was sanctioned in July 2019. He took the loan from the Ramanathapuram Branch of Repco Home Finance.
Sharing more details with Indian Cooperative, Madurai Regional Head A Thilagaraj said, “Our Ramanathapuram branch had provided the loan to Mr K Palani who had availed the house construction loan amount of Rs.17 lakhs, which was sanctioned on 25-07-2019”.
“For construction loans we are releasing the amount stage by stage based on the completion of construction work. The first instalment was made on 29-07-2019 and the final payment was made on 09-06-2020. We had released a total loan amount of Rs.17 lakh”, he added.
Thilagaraj further said, “After releasing full loan amount EMI will commence next month onwards. Actually, their EMI has to be started from July-2020 onwards. But Palani died on 16-06-2020, so he had not paid a single EMI for their loan. So, our Management has waived off his full loan amount of Rs.17 lakh and we have contributed additional donation Rs10 lakh for his family”, he underlined.
The Repco Bank has a 37.13 percent stake in RHFL. It is a professionally managed housing finance company headquartered in Chennai, Tamil Nadu. It was incorporated in April 2000 and registered as a housing finance company with the National Housing Bank (NHB).