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Ministry of Housing and Urban Poverty Alleviation04-December, 2012 16:44 IST
| Credit Risk Guarantee Fund Established For Low Income Housing |
The Government has approved the establishment of a Credit Risk Guarantee Fund Trust (CRGFT) for low income housing, with an initial corpus of Rs.1000 Crore. The Credit Risk Guarantee Fund Trust has been registered on 1st May, 2012 and the scheme has been notified. This was stated by Shri Ajay Maken, Union Minister of Housing & Urban Poverty Alleviation (HUPA), in the Lok Sabha today, in a written reply to a question by Shri Gurudas Dasgupta, Shri P. Lingam & Shri Nama Nageswara Rao. The CRGF Trust will administer and operate the Credit Risk Guarantee Fund Scheme. Under the Scheme, the fund will provide guarantee to the lending agencies for housing loans extended by them to persons belonging to the Economically Weaker Sections / Low Income Housing Groups upto Rs. 5 Lakh, without any third party guarantee or collateral security.
The Minister stated that the lending institutions eligible to avail benefit of the Guarantee cover under the Scheme are Scheduled Commercial Banks, Regional Rural Banks, Urban Co-operative Banks, Non Banking Financial Companies-Micro Finance Institutions (NBFC-MFIs), Apex Co-operative Housing Finance Societies registered under the State Co-operative Societies Act and Housing Finance Institutions registered with National Housing Bank (NHB).
The Minister further stated that the CRGF Scheme is a demand driven scheme and applicable for the eligible housing loan extended by the lending institution in Urban Areas. The coverage under urban areas may extend to statutory towns, urban agglomerations and planning areas, the Minister added.
RM/RS- USQ1691 - LS
(Release ID :89866)