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The availability of housing finance in Cochin

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    Posted: Aug 08 2011 at 12:53am
The availability of credit for purchase of houses also brought ownership housing within affordable range of a major section of the population.  The institutional sources of finance for housing in Cochin are the LIC (Life Insurance Corporation), GIC (Group Insurance Corporation), HUDCO (Housing and Urban Development Corporation) and HDFC (Housing and Development Finance Corporation).  
 
Other sources of finance are through the Employees Provident Fund and housing advances provided by employees including those working with the Government of India, the Municipal Corporation of Cochin, and the state government.  Of these agencies, the Housing and Urban Development Corporation (HUDCO), Life Insurance Corporation (LIC) General Insurance Corporation (GIC) and commercial banks do not give loans directly to individuals (except to their own employees under various House Advance Schemes) but route them through some organizations like HUDCO, Cooperative Housing Societies or other public/private sector organizations. 
 
People belonging to the Low Income Group (LIG) are given direct home loans to cover certain expenses.  Direct home loans to individuals are provided through the Employee Provident Fund, the Housing Development Finance Corporation and the Cooperative Housing Finance Scheme. These loans are limited to workers in the organized sector.  Private sector builders and land developers have also started providing some housing finance to their own clients up to around 20 – 25 percent of the cost of house.  The Cochin Urban Development Authority now provides housing on hire purchase basis to low and middle-income groups.  Thus Real Estate in Cochin is likely to witness major changes in the future.
 
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