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Does bank provide loans to low income groups?- Property Hotline
Posted
July 15, 2016
Views
436
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7
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July 15, 2016
436
7
1.61%
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4:44Now PlayingBe Un Confused
Expert: Harsh Roongta, Chartered Accountant and a SEBI registered Investment Advisor
Question: My maid wants to buy a house far in the suburbs of Mumbai and wants to take a home loan for this. She requires a loan of Rs 2 lakh. She has a bank a/c & PAN card. Do any banks or NBFCs give loans to low-income groups? Additionally, do they give home loans or mortgage loans? Is a guarantor required?
Answer: This is called the "affordable housing finance companies". There are many companies active in this area including Magma, Au, MAS, Equitas, MHFC, Aptus, Shubham, India Shelter, Home First etc. Most of these companies would assess the income of the borrower based on informal checks and documents. In most cases, they will require guarantors or co-borrowers. Some of these companies (such as Home First) have a guarantor program that will allow your maid to get a loan based on your guarantee.
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