Bhartiya Samruddhi Finance Limited join hands with micro Home Solutions

Mumbai, March 22, 2010: Bhartiya Samruddhi Finance Limited (BSFL), the flagship company of the BASIX Group, has entered into a strategic partnership with micro Home Solutions, a Delhi based social housing enterprise to provide its urban customers with technical assistance to complement its housing loan products for low income/ informal sector households. This follows the launch of BSFL's national Urban Strategy in Jaipur last month.

BSFL Chief Operating Officer D. Sattaiah explained the rationale behind the partnership. "Providing housing finance and technical assistance to low income households, especially in the informal sector, contributes to enhancing the quality of livelihoods," Sattaiah said. "We see immense potential in this unique service. By partnering with mHS, we can deliver safe and affordable housing solutions to our customers. The BASIX-mHS Product will ensure both timely financial and quality technical assistance in their home improvement projects"

It is estimated that by 2020, urban India will be home to 34% of the national population, with the urban poverty rate estimated to be over 470 million people, with the urban poverty ratio at about 31% of urban population. micro Home Solutions was founded by Rakhi Mehra and Marco Ferrario last year to address the diverse housing needs of the poor and low income households. "Housing and livelihood security are inextricably linked. Influencing self-construction practices by providing access to design and technical assistance has a significant potential in improving quality of living of million households," Rakhi and Marco explain. "BASIX will bring a wealth of experience into our partnership, both as a financial partner and as the premier livelihood promotion institution in the country"

The partnership will begin in April with a pilot­ in New Delhi.

Source : Equity Bulls

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