Housing and Urban Development Corporation Limited

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Housing and Urban Development Corporation Limited (HUDCO) came into existence on April 25, 1970. It is entirely owned by the Government of India and comes under the Companies Act, 1956. It mainly deals with the social characteristics of housing and infrastructure planning.

The principal activities of HUDCO involves providing long-term financial assistance for construction of houses, infrastructure development as well as urban development programmes. Housing and Urban Development Corporation Limited is claimed to be one of the most large-scale companies in housing finance industry and the credit goes to its wide-ranging contributions in the social dimension of housing and infrastructure programmes. HUDCO has also taken up policies to provide advantageous portion to the socially disadvantaged areas. It puts more stress on the socially pertinent sectors rather than the commercially profitable ones. HUDCO has been immensely responsible for the implementation of the National Housing Policy in the housing and infrastructure sector.

Housing and Urban Development Corporation Limited was committed to the enforcement of some significant programmes of Ministry namely Night Shelter for Footpath Dwellers, Rural housing under Minimum Needs Programme, Low Cost Sanitation, and Shelter Upgradation under Nehru Rozgar Yojana. HUDCO has worked quite efficiently for the welfare of socially as well as economically weak sectors. Various commercial banks and housing finance companies are somewhat involved in the similar business of providing funds for housing and infrastructure facilities but the difference between these fund providing sectors and HUDCO is that, HUDCO gives equal importance to the requirements of poor and economically backward classes as it gives to the socially relevant areas. The economically backward classes or the labor class often face deprivation whenever any beneficiary act gets implemented. Taking this point into account, Housing and Urban Development Corporation decided to develop these sectors as a measure to reduce poverty and homelessness. About 92 percent of the 150.93 lakh houses that are been funded by HUDCO are exclusively for the welfare of economically weaker class and low income sections. This measure taken by HUDCO has been quite advantageous in its way to success

Housing and Urban Development Corporation Limited is coming up with newer and innovative approaches in the housing loans and infrastructure development schemes. HUDCO Niwas is a very well-known housing loan scheme that came into existence in 1999. According to HUDCO Niwas, the borrower gets the loan directly from the organization rather than those indirect and age-old paths of going through the number of procedures in the state government and various agencies that gives out housing loans. Anyone taking loans from HUDCO, don't have to go through the prolonged formalities of seeking permission from government. The borrower can now directly enjoy various loan schemes in no time.