Bank of India disburses Rs 13cr housing loans

The Madhura Nagar branch of Bank of India here has a unique housing loan offer. It helps build an entire colony like those at Madhura Nagar and Vakalapudi areas in Kakinada.

The branch has created a record of sorts by funding the two 'Star Home' colonies (Star Home is the name of the housing loan scheme of the bank) while another one at Bapannadora colony will be ready for inauguration soon.

The branch alone disbursed housing loans to the tune of Rs 13 crore as against Rs 75 crore sanctioned in the entire zone by the bank as on March 31.

"We disbursed housing loans to as many as 350 individuals as on March 31, which is the highest in the zone. Most of the disbursements were made to middle and lower income groups and the branch encourages group housing by promoting 'Star Homes' colonies in and around Kakinada,'' said MS Murthy, the branch manager.

He said housing loans constituted major portion of the advances of the branch. While the total advances of the branch stood at Rs 21.32 crore, the housing loan amount stood at Rs 12.37 crore as on March 31.

"Our main thrust is on the housing sector, catering to the housing needs of employees and small and marginal businessmen," he said.

A total 80 houses "� 25 each at Madhura Nagar and Bapannadora, and 30 at Vakalapudi "� had been constructed with a financial assistance of Rs 4 crore from the Bank of India Madhura Nagar branch, Murthy said.