The Hindu Business Line : IOB home loans for poor

Sivagangai, Aug. 19 Banks evolve schemes to benefit the depressed sections at low rate of interest and they should avail themselves of the schemes and benefit from them, said the Union Finance Minister, Mr P. Chidambaram, here on Saturday.

Realising that loan disbursed under Indira Awaaz Yojana scheme for rural housing has not been adequate to build a decent housing facility at present, given the rise in the price of construction materials, Indian Overseas Bank has come up with a scheme to extend housing loan facility up to a maximum of Rs 20,000 for such beneficiaries at 4 per cent interest rate.

The beneficiaries, instead of approaching money lenders and paying a higher rate of interest to complete the construction work, should make use of them, he said.

He disbursed loans under Indira Awaaz Yojana scheme and other loans under various schemes, organised by IOB, Regional Office, Karaikudi, to 639 beneficiaries to the tune of Rs 2.07 crore.

Earlier, the IOB Chairman and Managing Director, Mr S.A. Bhat, said 1,474 persons have so far benefited under the scheme in Sivagangai district.

More Stories on : Housing Finance | Rural Development | Public Sector Banks | Tamil Nadu

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