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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.

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