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Dewan Housing Finance earmarks Rs 2 cr for Kochi

Our Bureau

Kochi , Nov. 21

To provide shelter to the economically weaker sections of society, Dewan Housing Finance Corporation Ltd has announced that it will disburse Rs 2 crore in Kochi in the current financial year for construction and extension of houses.

The company, since 1991, has sanctioned Rs 135 crore in the State, benefiting more than 10,000 families, and Rs 10 crore has been funded exclusively for the weaker sections in the State, said Mr Kapil Wadhawan, Managing Director, at a press meet. Kerala constitutes 5-7 per cent of the total loan disbursed by the company, he added.

Mr Wadhawan, who was here in connection with the opening of a new office in the city, said the company's focus is to provide housing finance to the low and middle-income segments and the economically weaker sections of society.

The average size of loans in the State is Rs 2-3 lakh and the company is providing loans at an interest rate of 7.5-9 per cent, said Mr Wadhawan.

Dewan Housing has tie-ups with about 15 NGOs such as Save a Family Plan, Cochin Social Service Society and Social Action Forum to provide loans to the economically weak, he said.

It had recently introduced `Amar Chhaya', a home loan linked insurance plan for its customers, along with SBI Life Insurance Co Ltd. Dewan Housing Finance, he said, has shown dynamic growth in the last few fiscal years and it plans to achieve a turnover of Rs 5,000 crore in its housing finance business by 2008. It reported an 11.53-per cent increase in its total income at Rs 163.82 crore in 2004-05 and a 21-per cent increase in its profit after tax at Rs 27.1 crore.

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