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Scheme
The
Bhavanshree scheme is primarily aimed at providing micro finance to NHG members
for construction of new houses as well as to repair houses. Inadequate housing
and infrastructure facilities are major factors that contribute to poverty. The
mismatch between demand and supply of subsidized housing resulted in poor
having to wait for years to fulfill their dreams of having a roof over their
heads. During
the discussions in the NHG meetings, majority of women wished to construct new
houses by availing housing loans. The challenge was to create a product having
features that incorporate the demands of poor women. Bhavanshree, the loan based
housing scheme was the answer to the demands of the poor..
Eligibility
Should
be a member of NHG for at least 6 months and should have displayed consistent
and regular thrift and credit habit
Possess
at least 1.5 cents (60 sq.m) or the landless for which local self-government can
provide 1.5 cents of land
Features
-
Loans
to be utilized for maintenance and repair.
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Loan
amount ranges from Rs30000-Rs50000.
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Loans
are disbursed in stages(installments decided by the bank.)
-
Interest
rate is 7.25% per annum.
-
EMI
starting at Rs 450.
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Moratorium
of 6 months after first disbursement
- Maturity
period is 10 years
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Mortgaging
of the house and land
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Insurance
cover to the beneficiary
Implementation
Kudumbashree
has put in place a very easy system for NHG members to avail the loans. The
application forms along with all the certificates and the property details are
to be submitted in the NHG where it is verified and recommended. This is further
authenticated at the ADS level. The final verification is done at the CDS level
and the documents are handed over to the CDS. There is no processing fee charged
by the CDS or bank for verification of the documents. The documents are
subjected to legal scrutiny; the applicants have to bear the legal charge in the
range Rs 150 – 500.
A
tripartite agreement between the bank, CDS and the beneficiary is executed
during the sanctioning of the loan. The CDS is entrusted with the responsibility
of repaying the loan. The beneficiaries can deposit their monthly installment
with the CDS account; the CDS in turn deposits the money with the concerned
bank.
17
banks including the nationalized, private and co-operative banks are
participating in this scheme.
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State
bank of India
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State
Bank of Travancore
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Indian
Overseas Bank
-
Bank
of India
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Indian
Bank
-
Canara
Bank
-
Federal
bank
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South
Malabar Gramin Bank
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North
Malabar Gramin Bank
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ICICI
-
Vijaya
Bank
-
Dhanalakshmi
Bank
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Union
Bank of India
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SCB
-
Syndicate
Bank
-
District
co-operative Bank
-
Central
Bank of India.
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