Swarna Pragati Housing Microfinance Private Limited
Swarna Pragati envisions creating a society where everyone has a decent place to call home. Housing is a means to break the cycle of poverty; it increases access of the family to better health, education, livelihood opportunities, and participation in governance and raised the dignity of the individual.
Swarna Pragati Housing believes that in many tiny enterprises and artisanal households, the house is the headquarter of the enterprise and therefore a business asset. Larger workspace, better lighting and storage under safe conditions resulting from improved living and working space, significantly improve productivity, reduce wastage and have an impact on both cost and revenues.
Swarna Pragati understands that low income households, particularly in rural areas, seldom have clear legal land titles, though they often have para-legal rights of some sort, which are not accepted as collateral by the banks and financial institutions. Many of them may not have a full land title but possess a documentary right to ownership, such as tax receipts and a legal protection from eviction.
Unlike other lenders Swarna Pragati does not require a title to guarantee the loan and accepts less formal types of collateral, making financing more accessible. It has tried to use the traditional community based strength of grassroots people’s institutions like Gram Sabha and Gram Vikas Samiti to overcome arcane legal complications and necessity of elaborate documents.