Housing loan for low-income group

Last Updated: Sat, Feb 02, 2013 18:51 hrs

Housing loan at a moderate interest rate of 10.75 percent with other facilities for the lower income group people were announced by Aadhar Housing Finance Private Limited on Thursday here on the occasion of official launch of their 17th branch in India.

Experiencing the drawbacks of the lower income segment that frequently faces the problem of not getting loans from the banks, the CEO of Aadhar Housing Finance Group, Harshil Mehta, announced loan facilities for the lower income group who can avail of easy housing loan of up to Rs 12 lakh.

"Aadhar would be financing for building up houses, loan against property to expand business, extension or renovation and construction loan for the people mainly who are self employed in business, shop-keepers, or traders belonging to the income group of Rs 5,000 to the maximum level of Rs 25,000," the CEO said.

Covering a good number of 78 locations by the business Mehta spoke while announcing the launch of their newest branch in Kolkata.

"After the places like Bhopal, Indore, Kanpur, Meerut, Varanasi, Agra, Raipur and many more cities we came to West Bengal to cater to the needs of the commoners who many a times are deprived of getting sufficient monetary patronage from the investment banks because of its denial to give support."

"In accordance with the census of 2001, 33 percent population of West Bengal and 36 percent of people in India are on below salary grade of Rs 25,000. So, as certified by National Housing Bank (NHB) and by the regulations of Reserve Bank of India we are here to offer housing loans for the disadvantaged, who are not helped by the investment bankers most of the times", said Mehta.

The interest rate of the loan would be of 10.75% depending on the tenure of loans, which is up to 20 years.

While setting up the 17th branch in India, and second branch in West Bengal in Howrah after Asansol, the company official informed that Howrah being the second largest city of West Bengal has got the immense potential of creating an important industrial base.

As it is supported by the industries like heavy engineering, jute and cotton mills, Aadhar decided to cater to the people of this area.

Though at present Madhya Pradesh is the best place of delivering a good return 25%, Aadhar is hopeful about the financial profit making viability of West Bengal and is also eyeing a turnover of Rs 200 crores in this current fiscal year against their disbursement for offering arrays of products, including home loan, plot loans, developers loans etc.

(Reporting by Barshali Banerjee)

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