MicroBulid India Fund, an initiative led by Habitat for Humanity International and Habitat for Humanity India that aims to support more than 6,000 low income families by providing home loans so that they can improve their homes.
For the purpose Habitat for Humanity International and Habitat for Humanity India has entered in to an agreement with ASK group. In order to reach the masses efficiently the fund will invest in reputable, local microfinance institutions which, in turn, will allow them to offer affordable home improvement loans to low-income families.
A person who is a client of the partner microfinance institution and has maintained a good track record will be eligible to get the loan. The loan amount is expected to stay around Rs. 45,000.
“We know that many low-income families in India face obstacles when trying to secure loans to improve or repair their homes, thanks to support from ASK Group, we are able to unveil the MicroBuild India Fund to give more people access to the financial support they need. This move takes us one step closer to our goal of eliminating substandard housing,” said Rick Hathaway, vice president of Habitat for Humanity International’s Asia-Pacific office.
The ASK Group is delighted to be able to help Habitat for Humanity put the MicroBuild India Fund into operation. It is an innovative program that fills a gap in the microfinance marketplace that desperately needed to be filled. Thousands of people in the future will benefit from the investment Habitat for Humanity is making now,” said the Founder and Chairman of ASK Group Asit Koticha.
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