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Sundaram BNP Paribas Home Finance has launched a new scheme for funding rural houses at a concessional rate of 9.60 per annum for women, SCs and STs, the company said on Wednesday.
"Sundaram BNP Paribas Home Finance launched a new scheme for scheduled castes/scheduled tribes and for properties held in the name of women (either as owner or co-owner) will be entitled to a concessional rate of 9.60 per annum," the Chennai-based company said in a statement.
The rate of interest would be fixed for seven years and converted to floating rate of interest thereafter, it said.
"Under this scheme, the upper cap of loan amount has been placed at Rs 15 lakh for acquisition or construction of residential dwelling units", it said, adding the loans for home improvement and extension under this scheme would not exceed Rs 5 lakh.
"Considering the thrust the new government is placing on housing for all, we feel that the need for mortgage credit would also increase. Our close to customer strategy with focus on expanding our reach to tier II and III towns across India will drive our disbursement growth in rural housing segmet",
Sundaram BNP Paribas Home Finance, Managing Director, Srinivas Acharya said.
Sundaram BNP Paribas Home Finance is 50.1%-49.9% joint venture between Sundaram Finance and BNP Paribas. The company currently has over 100 offices across the country, the release said.