In order to improve the home ownership in the rural areas, a private home financing Company Sundaram BNP Paribas Home Finance, has decided to offer the home loans on exclusive rates to women and Schedule caste and schedule tribe people. The company will be offering the home loans at the rate of 9.60%.
The rate of interest will be fixed for the period of 7 years and after that floating rate will be applicable. For the purchasing or construction of the house the bank will be offering a maximum of Rs 15 lakh, and for the renovation and extension Rs 5 lakh will be provided.
MD of the company stated that soon they will try to reach the people in the urban areas as well. At present the company is focusing on extending its help in the rural areas.