Chandigarh: Punjab Government has announced that it will reduce earnest money which needs to be deposited during the purchase of properties of improvement trusts and municipal corporations. The earnest amount will be reduced to one per cent from its earlier amount of 10 per cent of the property during the purchase.Anil Joshi, Local bodies minister said that the rate fixed for depositing earnest money is very high which has resulted into a weak response from public towards property purchase from Municipal Corporations and Improvement Trust.Earnest money is a specific form of security deposit made to secure property transactions for official procurement process. The earnest amount defines that applicants are serious about the transaction and are willing to complete the transaction.Due to weak response from public the local bodies department has decided to reduce the amount of earnest money for any property transactions related to municipal corporations and improvement trusts. The amount of earnest money will be reduced from 10 percent to 1 per cent to make it more appropriate for public to purchase properties.The reduction of amount is done on the lines of various development authorities and these authorities include PUDA, GMADA and GLADA.The minster also added that according to new decision buyer will only have to submit 10 per cent amount at the time of auction instead of paying 25 per cent as per the previous provisions. The government’s this step to reduce earnest amount will surely result into higher revenue generation through purchase of properties of improvement trusts and Municipal Corporations.займ на карту без отказов круглосуточновзять кредит онлайн