Chidambaram launches housing micro finance initiative
Finance Minister P Chidambaram on Saturday launched 'Housing Micro Finance Initiative' for rural public under which members of self-help group and NGOs will be able to avail housing loan without depositing margin money.
By PTI |
KARAIKUDI/TAMIL NADU: Finance Minister P Chidambaram on Saturday launched 'Housing Micro Finance Initiative' for rural public under which members of self-help group and NGOs will be able to avail housing loan without depositing margin money.
The scheme would be useful for those who have land. Money to build houses would be given as loan and no margin money would be required to be deposited, he said.
SHGs and NGOs have been selected for the scheme as it was noticed that women members of SHGs were prompt in repaying loans, with 90 per cent of the advances given to them being repaid.
The National Housing Bank would give refinance to Repco Bank, which would in turn give the credit to SHG and NGO members through its foundation for micro credit.
Repco Bank was created primarily for the benefit of repatriates from Burma, Sri Lanka and other countries,
Meanwhile, National Housing Bank, the apex financial institution for housing finance, said in a release that it had tied up with Repco Foundation for Micro Credit, a non-profit company promoted by Repco Bank, for providing housing micro finance to members of SHGs in rural areas of Sivaganga, Pudukottai, Coimbatore and Nilgiris districts.
ADVERTISEMENT
The bank plans to cover 10,000 members in the next five years with an outlay of Rs 100 crore, under rural housing micro finance scheme.Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
