SBT launches new loan scheme for urban poor

Public sector lender State Bank of Travancore has launched a new scheme to provide housing loan for poorer sections dwelling in urban areas of the country.
Titled as "Housing for All (Urban): Mission 2022", the scheme aims to provide affordable housing to the families belonging to the economically weaker section and low income group in urban areas of India, a release said here.
The loan is expected to go a long way in accomplishing the Government of India target of providing 'pucca' residential houses for all urban Indian families by the year 2022, it said.
The scheme also upholds the spirit of 'Swachh Bharat Mission' by insisting on a 'Toilet' in every house that is built under the scheme.

The new scheme would be applicable in all the statutory towns of India as per the census of 2011, it said.
The loans would be available for beneficiaries in two segments - for those with household annual income of up to Rs three lakh under economically weaker sections and those with household annual income between Rs 3,00,001-Rs 6,00,000 under low income group.
The beneficiaries would be eligible for an interest subsidy of 6.50 per cent provided by the central government, it said.
The scheme is expected to improve the overall ratings on standard of living and health conditions of the targeted group of citizens, the release added.