Mugugappa group's Chola to give loans in tie-up with Hudco

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Murugappa group's Cholamandalam Investment and Finance Company (Chola) will give loans to home buyers under credit linked subsidy scheme of the Pradhan Mantri Awas Yojana in a tie-up with Hudco.

Public sector Housing & Urban Corporation (Hudco) offers techo-financial solutions for affordable housing and urban development.

Chola said it has already aligned itself with government initiatives and offers loans to self-employed non-professional customers also.

This tie-up will further strengthen company's position by helping first home buyers in realising their dream, Chola said in a statement.

"This partnership will also help us extend CLSS scheme to our customers and take formal credit to the underserved markets thereby helping our customers enter a better life," said Vellayan Subbiah, Managing Director, Chola.

Rekha V Sarathy, Executive Director-Chennai Regional Office Hudco said the partnership would help channelise government's interest subsidy to home loan seekers.