Showing posts with label home loan rates. Show all posts
Showing posts with label home loan rates. Show all posts

Monday, May 18, 2020

Karnataka minister announced no landlord should take rent during lockdown

R. Ashok, a revenue minister from Karnataka, said that landlords could not charge rent from tenants during the lockout. He said that action will be taken against the landlords if they force the tenants to vacate the property due to non-payment of rent.

"In this epidemic situation, action should be taken against the house owners in which owner can be imprisoned for up to one year or more under the National Disaster Management Authority," as he said.

However, if the order was not only for tenants belonging to economically weaker sections or people of the society, it did not make it clear.

Although the relationship between a tenant and an owner falls under the Karnataka Rent Control Act, 2001, the government may issue an amendment or an ordinance under the Act to chart instructions regarding collection of rent and eviction.

According to tax experts, Fiat can be challenged in court. Ashish K Singh, partner at law firm Capstone Legal, said, "In my opinion, the exercise of powers under the National Disaster Management Act for rent-related disputes would be challenged before the High Court or the Supreme Court." "It is clear that the NDMA's mandate does not cover the relationship between landlord and tenant."

The state government has taken cues from Singapore passing the COVID-19 Act 2020, which allows a tenant unable to pay rent and other dues under commercial leases from rental payment obligations for six months Seeks temporary relief.

According to property brokers, many prospective house buyers have postponed their plans to buy the property, which has boosted demand for rented houses in Bangalore.

Potential house buyers are expected to moderate prices and home loan rates.