Seven additional lenders join credit guarantee scheme
Chennai: Seven additional lending institutions, including Vijaya Bank and Sundaram BNP Paribas Home Finance, have signed MoUs with Credit Risk Guarantee Fund Trust under the National Housing Bank (NHB) to avail cover for housing loans advanced to low income groups.
These lenders include Indian Overseas Bank, State Bank of Hyderabad, Pandian Gramin Bank, Natrust Housing Finance Ltd, Aptus Value Housing Finance India Ltd and REPCO Home Finance.
With this, the total number of institutions which have subscribed to the Credit Risk Guarantee Scheme has gone up to 29, NHB Chairman and Managing Director R V Verma told reporters here.
Top officials of the seven institutions exchanged documents with Credit Risk Guarantee Fund Trust CEO and NHB General Manager Lalit Kumar in the presence of Verma.
"These institutions will now be eligible to avail the Credit Guarantee Cover under Credit Risk Guarantee Scheme, for the housing loans given by them," Verma said.
Union Housing and Urban Poverty Alleviation Minister Ajay Maken launched the scheme last year, which aims at facilitating flow of credit to the low-income households.