Repco Home Finance opens branch in Yelahanka

Bangalore, Feb 20 (UNI) Repco Home Finance Ltd, a subsidiary of the State-owned Repco Bank, today opened its branch at Yelahanka on the outskirts of the city today.

Inaugurating the branch, Revenue Principal Secretary S M Jaamdar cautioned people as well as home finance institutions to be cautious while buying or financing properties. They should verify the records carefully as unscrupulous elements were taking advantage of high demand for real estate by using fake documents in land transactions.

The Government had also noticed that land grabbers had encroached Government land in and around the city and formed layouts by creating fake documents. In some cases, fake certificates were created for conversion of revenue lands which caused a lot of complications to innocent buyers, he said.

Restriction on registration in and around the city was one of the measures taken by the Government to put an end to the menace, though it was losing Rs eight crore every day from stamp duty collections, he said.

Repco Bank and Repco Home Finance Managing Director M Balasubramanian, who presided over the function, said the bank had not taken any decision to hike the interest rates on home loans though other banks, including public sector ones, had done so. Its rates were lower in some cases compared to other banks.

UNI