Low-cost housing schemes launched for minorities

The Hindu

Mangalore, 04 May 2011: The Karnataka State Minorities Development Corporation has launched two new schemes this year to provide affordable housing, chairperson N.B. Aboobakkar said here on Tuesday.

 

He told presspersons that following the approval to increase the share capital of the corporation up to Rs. 150 crore in 2011-12 State budget, the corporation had enough funds to launch two schemes to provide affordable housing for minorities.

 

 

Those who did not have land to build a house of their own could avail loans between Rs. 1 and 3 lakh to purchase three cents of land. Those who had land of their own but no funds to build a house could also avail of a loan between Rs. 1 lakh and Rs. 3 lakh. For the two schemes, the rate of interest charged would be 4 per cent, and repayable in 36 or 60 instalments. A special grant of Rs. 50 crore had been set aside for church repairs and educational loans.

 

A new scheme was launched last year by entering into an understanding with the National Institute of Information Technology, ICICI Bank, and IDBI Bank. Although there were just 18 applicants out of whom only 10 underwent training, Mr. Aboobakkar said the target set for 2011-12 was 60 beneficiaries in the State.

 

Applications could be flexibly approved as targets were set division-wise rather than district-wise. Each of the four divisions had been allotted 15 beneficiaries, allowing the corporation to meet the full target with greater ease.