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Sunday, December 16, 2012

Central Bank of India planning new scheme for low-cost homes

Central Bank of India is targeting a business of Rs 10,000 crore from the home loan segment in the current financial year while planning to launch a new scheme for affordable housing.

Of the target, the Bank has touched Rs 7,900 crore and expects to cover the remaining portion before March-end, according to Ram Sangapuri, General Manager-Retail, Central Bank of India.

Speaking to newspersons at the inaugural two-day home and auto loan expo here on Saturday , he said the bank has set a target of Rs 2,500 crore for vehicle loans during 2011-12. The event brought together property developers and automotive developers under a single platform. Customers also had access to free legal advisory services.

Central Bank is also planning to announce a new scheme to provide affordable housing for socially and economically backward. Under the new scheme, loans of up to Rs 5 lakh will be given to people without any guarantee or surety along with several other flexible terms, the bank official said. He said the bank was conducting a series of property expos across the country.

The construction and housing segment contributes around 13 per cent to the national GDP. A further boost to the housing segment will help the country achieve higher GDP numbers, he said.

N. Uttam Kumar Reddy, Andhra Pradesh Housing Minister, said that the State Government has taken up the largest housing project for urban and rural poor in India through its housing department and is providing Government supported and subsidised homes.


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