Double whammy for Bangaloreans – repaying home loan without a home

Residents who have lost their homes to the BBMP’s demolition drive now have to worry about how to repay home loans — without a home.

As bulldozers roared through Doddabommasandra on Thursday — the sixth day of demolitions — Muniraju had only two thoughts racing through his head: the home that he lost and the loan that he will have to repay.

KR Muniraju is just one of the several people who have lost their homes to the demolitions being carried out by the Bruhat Bengaluru Mahanagara Palike (BBMP) in the wake of last month’s deluge. It’s been a double whammy for most of them — despite losing their homes, they will have to continue paying their equated monthly instalments (EMIs) for the loans they took to build the house. While many residents built their homes with their savings, a handful took loans from banks given that the BBMP had issued khatas and other public utility companies had provided connections. For all practical purposes, their homes were as legal as they come and banks had no qualms about extending the loans to them.

On Thursday, as restoration work of the storm water drain (SWD) continued in Doddabommasandra, 45-year-old bank employee Muniraju stood amongst the rubble, wistful.

Muniraju lives with a family of five in a two BHK, and is now worried about his home loans; he has a loan of Rs 7 lakh for his house. He has lost his life’s earnings in just two days after his house came under the demolition drive. “I am yet to take a decision on the repayment of my loans. I had a 600 sq ft property and I lost around 300 sq ft. Nearly half the property is gone and I am worried,” he told media.

He alleged that the civic agency had encroached on his property. “BBMP has made me homeless. I have sent my family members to my relative’s house, and I will have to decide on my next move,” he added.

Munivanthamma, 66, lost almost all her earnings. A two-storey building, which included six houses and two shops, was reduced to just three houses. “My husband worked in Bharat Electronics Limited, and after his death we got Rs 7 lakh from his pension. I invested another Rs 10 lakh to build the house,” she said.

BBMP claims it has razed more than 80 properties in the last two days and the demolitions will continue in the coming days too.

Credits Bangalore Mirror

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