By Accommodation Times News Services
Tata Capital Ltd’s housing finance subsidiary, Tata Capital Housing Finance Ltd (TCHFL), launched a new scheme to promote affordable housing amongst semi-rural areas and for urban poor segment. The scheme will provide loans for affordable housing in areas like Tier II and Tier III cities, semi-rural areas and certain urban areas. It has set-up a dedicated vertical with reach across 50 locations to cater to the specialised housing financing needs of the segment.
“With the launch of this special scheme, properties falling under the classification of rural housing as per the National Housing Bank guidelines will be offered home loans of up to Rs. 15 lakh at a special interest rate of 9.75 per cent per annum, till the 31st of October, 2014. Another key sub-segment comprises the ‘urban poor’ – which covers low-income housing in urban areas for urban low-income groups seeking housing loans up to Rs. 10 lakh,” the company said in a statement.
R Vaithianathan, Managing Director, Tata Capital Housing Finance, said, “One of the areas of focus for Tata Capital Housing Finance Limited is affordable housing finance across the urban poor, smaller cities and semi-rural areas. There is a growing demand coming from this segment and the fulfillment of this demand will go a long way towards financial inclusion. This segment is also a high emphasis area for National Housing Bank (NHB) and NHB is positively supporting housing finance companies in this space.”