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RBI grants state’s request for cheap home loans for BPL applicants

The Reserve Bank of India has agreed to a request proposal by the state government to instruct various banks working in the state to provide housing loan under the differential rate of interest scheme

Written by Express News Service | Gandhinagar |
August 20, 2011 3:05:34 am

The Reserve Bank of India (RBI) has agreed to a request proposal by the state government to instruct various banks working in the state to provide housing loan under the differential rate of interest scheme (DRI) to home loan applicants below the Below Poverty Line (BPL).

The apex bank has instructed the State Level Banking Committee (SLBC) to ask all banks under its jurisdiction to extend benefits of DRI scheme to BPL home loan applicants in the state.

Early this year,the state’s Rural Development department had requested the RBI for the same,saying many BPL families did not have money for even paying the minimum amount for the central/state housing schemes.

“The SLBC,in a meeting attended by the chief secretary on Thursday,informed the state government that the BPL families will start getting housing loan under DRI schemes soon,” sources said.

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DRI scheme was formulated by the central government in 1972 for extending financial assistance at a concessional rate of interest (4%) to select low income groups for productive endeavours. These loans were to be given initially by public sector banks and then by private sector banks also.

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