The officials of a non-banking financial company had taken over her home after an unofficial notation that the woman could not clear her outstanding loan. Left in the lurch, Sandhya and her two children have nowhere to go.
Indian billionaire rescues Kerala woman evicted from her home due to unpaid loan. Officials of the NBFC took over her home after an unofficial notation that she could not pay off her loan.
Nowhere to go, left in the lurch, Sandhya and her two children.
MA Yusuf Ali, chairman of Lulu Group based in Abu Dhabi, advised his India management to clear the outstanding loan and contributed ₹ 10 lakh to get them back on their feet.
The Sandhya story emerged when reports of evicted families emerged from North Paravur, Kerala.
According to Mathrubhumi, in 2019, the couple borrowed 4 lakh from Manappuram Finance to complete the house under the state’s Life Housing Scheme.
Listen to New Songs only on JioSaavn.com. A house was constructed on a 4.8-cent plot in Madaplathuruth; the loan was in Sandhya’s name when they could not finish it, as the rising material cost did not allow them.
However, in 2021, her husband deserted her and their two children, aged 12 and 7, and stopped paying back the loan. Over time, the accumulated amount, with interest, reached almost ₹ 8 lakh.
Repeated warnings notwithstanding, Manappuram Finance started foreclosing the property, and on Monday, its officials entered the house, changed the locks, and evicted Sandhya and her children.
They were not even allowed to collect their belongings and the necessary medicines.
The ousting and Sandhya’s statement came to the notice of local media in no time.
Opposition leader VD Sathe Esan had approached the financial institution seeking intervention, appealing to allow them to enter, as per a report by Mathrubhumi.
The locals had protested against the incident. Mr Ali, a businessman from Kerala who hails from the UAE, took up the issue.
According to the Malayali outlet, Mr. Ali reportedly asked his team to return the loan fully and handed over ₹ 10 lahks to the family.
On Monday evening, the Lulu Group media coordinator delivered the house keys to Sandhya, restoring her home to her hands. The balance will be treated as a fixed deposit for the family’s future benefit.
