Financial Daily from THE HINDU group of publications
Saturday, Jun 19, 2004

Cross Currency

Group Sites

Money & Banking - Housing Finance
Industry & Economy - Rural Development

SBT housing scheme for rural poor

Our Bureau

Thiruvananthapuram , June 18

STATE Bank of Travancore (SBT) has launched a new "Bhavanasree" rural housing loan scheme for those below the poverty line.

Repayment of the loan will be through the own thrift deposits of the beneficiaries with the self-help groups, according to a statement from the bank.

The beneficiaries will be identified by panchayat community development societies from the "Kudumbasree" network of self-help groups. They should be members of "Kudumbasree" SHGs with at least six months' experience in micro credit activities and also should possess not less than 1.50 cents of land, which can be taken as collateral security.

The SHGs will be given loans 10 times the savings of the corpus and this, in turn, can be lent to the members with a maximum of Rs 40,000 per member. Repayment of the loan will be spread over a period of 15 years and the beneficiary can make weekly remittances of their instalments amounting from Rs 75 to Rs 100 to the SHGs.

The interest for the loan for a tenure of up to 10 years will be 7.25 per cent at floating rate and 7.75 per cent at fixed rate.

More Stories on : Housing Finance | Rural Development

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Service levels must go up, says ING Vysya Fin chief

Rupee plunges; gilts decline
Canara Bank-Western Union pact
Cosmos Co-op Bank posts 125 per cent increase in profit
Chilean bank opts for i-flex software
SBT housing scheme for rural poor
Cheap housing loans for poor urged
Canara Bank exclusive housing loan for KWA employees
Andhra Bank to focus on two-wheeler loans
Banks' ad hoc committees get more time
Global Trust Bank awaits RBI nod for fresh capital infusion
Corpn Bank, ICFAI sign MoU
BoI's Tiruchi off-site ATM
KSEB bonds to be redeemed
Lok Adalat in Pudukottai
ICICI Prudential ties up with Federal Bank

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line