SC to Hear Plea on Flats Under Subvention Scheme
NEW DELHI: The Supreme Court has agreed to hear a plea urging the Centre to establish a scheme ensuring that if flats under a subvention plan are not delivered to homebuyers, both the lender and builder will share the loss of the loan amount disbursed. Under the subvention scheme, banks directly transfer sanctioned amounts to builders, who are then responsible for covering the EMIs until the flats are delivered. However, when builders default on the EMIs according to the tripartite agreement, banks seek payment directly from homebuyers. A bench consisting of Chief Justice Surya Kant and Justice V Mohana has…