Money & Banking

SBT launches ‘affordable housing loan’ scheme

Vinson Kurian Thiruvananthapuram | Updated on January 22, 2018 Published on November 29, 2015

State Bank of Travancore (SBT) has launched a ‘Housing for All (Urban): Mission 2022’ to provide affordable housing to families belonging to the economically weaker sections/low-income groups in the urban centres.

The scheme upholds the spirit of the ‘Swachh Bharath Mission’ by insisting on a toilet for every house that is built, a spokesman for the bank said here.

The loan can be accessed in all statutory towns of India as per the Census of 2011, the spokesman added.

As part of the scheme, loans will be advanced in line with the Centre’s target of providing ‘pucca’ residential houses for all urban Indian families by the year 2022.

The loans will be available for beneficiaries in two segments, viz. (i) those with a household annual income of up to Rs 3 lakh under the economically weaker sections and (ii) those with a household annual income between Rs 3,00,001 and Rs 6 lakh under the low-income group.

The beneficiaries will be eligible for an interest subsidy of 6.50 per cent provided by the Centre, the spokesman added.

Simple documentation and relaxed norms makes access easy. The scheme is expected to improve the overall ratings on the standard of living and health conditions of the targeted group of citizens.

Published on November 29, 2015
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