 "Aspire Home Finance launches Mahila Awaas Loan")
Aspire Home Finance, the subsidiary of Motilal Oswal Financial Services has launched MALA (Mahila Awas Loan from Aspire), a home loan division for low income women segment.
The loans for affordable housing for these women would be offered at an interest rate of 10-12.5% and would cover 75-85% of the total cost of the house.
The loans would be in the range of Rs 2 lakh-Rs 12 lakh and all branches under this programme would be manned exclusively by women staff.
The loans for affordable housing for these women would be offered at an interest rate of 10-12.5% and would cover 75-85% of the total cost of the house.
The loans would be in the range of Rs 2 lakh-Rs 12 lakh and all branches under this programme would be manned exclusively by women staff.
MALA is designed to offer loans to salaried working women in private companies, small scale industries, nursing and paramedic attendants, housekeeping staff, peons in schools/colleges, maid servants, cooks. L
oans will also be offered to self-employed women running their own business: vegetable and fruit vendors, home-based business like weaving, agarbatti making, papad making, ready-made garment making, running small time kitchen, tailoring, laundry, tutoring, wedding contractors among others.
oans will also be offered to self-employed women running their own business: vegetable and fruit vendors, home-based business like weaving, agarbatti making, papad making, ready-made garment making, running small time kitchen, tailoring, laundry, tutoring, wedding contractors among others.
MALA’s first branch has been launched in Naigaon, Mumbai Metropolitan Region (MMR). All branches under MALA program would be exclusively manned by women staff.
Aspire Home Finance plans to open more such branches in Maharashtra, Gujarat and Madhya Pradesh in a phased manner. Aspire is looking to provide housing loan assistance to 1000 women customers in the current financial year under MALA program.
Aspire Home Finance plans to open more such branches in Maharashtra, Gujarat and Madhya Pradesh in a phased manner. Aspire is looking to provide housing loan assistance to 1000 women customers in the current financial year under MALA program.
Anil Sachidanand, MD & CEO of Aspire Home Finance said that under this programme, we also offer them regular EMI and step-up based repayment facilities so that they do not face the burden of monthly loan installment right at the outset.
He said that only those projects from developers where there 70% construction has been completed will be considered for affordable housing for these women.
He said that only those projects from developers where there 70% construction has been completed will be considered for affordable housing for these women.