Hudco reduces rates

Announcing this at the 29th foundation day celebrations of the organisation, Hudco chairman and managing director V Suresh said the corporation will disburse loans amounting to Rs 250 crore during the current fiscal.

Suresh said the new interest rates will be effective at rates ranging between 0.5 for amounts between Rs 25,000 to 50,000 and 1.5, 2, 0.25. 0.75, 0.50 and 0.75 per cent respectively for amounts ranging between 70,001 to 15,00,000.

Under its Multiplier Plus scheme, the corporation has offered an additional 0.50 per cent interest concession to institutions which have taken loans for five years and above,Suresh said.

Hudco had so far cumulatively sanctioned 14,263 schemes with a loan component of Rs 23,055 crore and effected a release of Rs 15,442 crore.In addition, a record mobilisation of Rs 3,240 crore had been achieved during 1998-99 surpassing the target of Rs 2,050 crore by over 58 per cent.Union urban development minister Ram Jethmalani, who was chief guest at the celebrations, presented the Hudco annual awards for the best performing institutions in various fields.

The outstanding performance award for housing agencies was given to the Kerala State Housing Board for its contribution in the construction of 1.63 lakh dwelling units.

Karnataka Housing Board, Andhra State Housing Corporation, Hyderabad Municipal Corporation, Pune Municipal Corporation, Corporation of Chennai and Bangalore City Corporation were also given Housing and Urban Development Corporation clean city awards.