Infosys to withdraw home loan facility
Bangalore, May 19: Infosys Technologies, one of India's leading IT firm announced its decision to withdraw its home loan facility to the employees with effect from Jul 1 giving more troubles to the techies hit by recession.
The information of withdrawal of home loan facility was sent to the employees through an internal mail. Infy which value each of its employee at nearly Rs 1 cr, has been providing interest free home loans to needy professionals for several years.
Company sources said that so far about 2,000 employees with experience of five years and above, have availed the loan facility accounting for a cumulative disbursements of Rs 80 crore.
Later the scheme was changed into an 'interest allowance', wherein a portion of the interest of the home loan was borne by Infy.