Now, pay property tax through EMIs in Chennai

The Greater Chennai Corporation on Saturday announced more options for property tax payment, including EMI scheme meant to collect arrears from defaulters. The rate of interest for the EMI scheme will range from 2% to 8.6% a year and vary from bank to bank, officials said.

Gateway activated

The Corporation has activated a payment gateway of HDFC Bank for implementing the EMI scheme.

Assessees who have a credit card will be eligible for the EMI scheme. Discussions with other banks are under way to make the EMI scheme more attractive with a low rate of interest.

“Once the credit card is swiped, the banks will facilitate payment through the HDFC payment gateway. Many of the six lakh defaulters will be able to pay the tax using the scheme. None of the assessees has started payment under the EMI scheme,” said an official.

The scheme will be modified so that it becomes attractive for assessees who delay the payment of tax with a 2% penalty. A total of 7 lakh assessees in the 15 zones of the city have paid the tax in the current half year of October 2022-March 2023.

The GCC has also introduced a scheme for collection of property tax through postmen who will visit the homes and commercial establishments. Other modes of payment include BBPS (Bharat Bill Payment System), NEFT (National Electronic Fund Transfer) and RTGS (Real Time Gross Settlement). Assessees can also pay through the Namma Chennai app and Paytm.