Tag: LIC Home Loans

Banks look at women to check home loan NPA

Kumud Das, TNN, 21 Dec 2013

INDORE: Females have outnumbered their male counterparts, while approaching banks and financial institutions for seeking home loans. The simple reason being the large incentives banks are offering the females. Facing with problem of mounting NPAs (non-performing assets), bankers feel that disbursing loans to women are always safe.

In Indore alone, NPA in home loan was at 8-9% as on September 30, compared to the mark of 5-6% prevailing during the corresponding period last year.

While the country’s largest lender State Bank of India (SBI) has brought down its interest rate to 10.15%, the effective rates in case of women borrowers has been further brought down by the lender to 10.10%. In case of the mortgage lender, LIC Housing Finance, the rates for women borrowers are already lower by 0.50%, when compared to their male borrowers, at 10.25%.

LIC Housing Finance (LICHF), which was the first to lower its interest rate for its women borrowers two years ago in the name of Bhagyalakshmi scheme, has projected the target of crossing the mark of Rs 500 crore by the end of the fiscal. Senior manager, LICHF in Indore, Pradeep Chakrabarty, said, “We have already achieved the mark of Rs 325 crore and we expect to take it to Rs 500 crore by March next year as against the mark of Rs 405 crore which had been achieved by us during the last fiscal”.

Lead district manager of Indore, Satish Sant, said, “There are two direct advantages having women as borrowers. First, they rarely change their residential address and secondly, they make sure that EMI was being paid in time”.

Branch manager of recently opened all women, Bharatiya Mahila Bank in Indore, A K Dubey, said, “We are also looking for more and more women borrowers to come forward for home loans. “

Talking to TOI, chairperson of SBI, Arundhati Bhattacharya, said, “We want to encourage more women to become co-borrowers for home loan. Secondly, we want to help women entrepreneurs overcome the problem of collaeral”.

Regional manager of Bank of Baroda, R K Soni, said, “More than 50% of our home loan borrowers do have women as co-borrowers and our total outstanding to the sector as of now stands at Rs 400 crore”.

CMD of National Housing Bank, R V Verma, said, “We have recently launched a refinance scheme for banks/mortgage lenders for women borrowers in which we charge interest rate less by 0.5-0.75%. The idea is to see making homemakers as home owners too.”

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