Home loans in India help families excluded from formal banking system escape poverty | The Optimist Daily
Today’s Solutions: July 16, 2024

Informal workers make up more than four fifth of India’s labor force. Many struggle to make ends meet. For them, poverty typically perpetuates since banks don’t invest in poor people living off an informal income. Exclusion from home loans means being forever at the mercy of landowners in the absence of tenants’ rights. With the support of UNDP’s Business Call to Action program, social enterprise Shubham Housing Development Finance Company provides home loans to people who can vouch for their integrity solely through lengthy interviews and referrals from their community. The goal is to provide home financing to 50,000 families by 2018. Already, reported impact includes improved access to clean water, electricity and sanitation, safer communities, decreased stress, greater confidence and improved wellbeing.

Solutions News Source Print this article
More of Today's Solutions

Colombia’s battle against deforestation achieves remarkable results

BY THE OPTIMIST DAILY EDITORIAL TEAM Colombia's deforestation rate dropped to its lowest level in 23 years, marking a significant milestone in the country's ...

Read More

US track star Allyson Felix opens the first-ever nursery for Olympic parents

BY THE OPTIMIST DAILY EDITORIAL TEAM The upcoming 2024 Olympic Games in Paris are expected to make history, not just by achieving gender parity, ...

Read More

Sweden to introduce off-grid communities that fully sustain themselves

To ensure that communities around the world become future-proof and resilient in the face of climate change, it’s essential to create development models that ...

Read More

‘Million-mile’ EV batteries are near. The impact could be massive.

Electric vehicles (EVs) have a clear environmental advantage over their gas-guzzling counterparts, but when it comes to longevity, the two are in dead heat. ...

Read More