(MENAFN- Live Mint) Lulu Group chairman MA Yusuff Ali came to the rescue of a helpless woman in Kerala after officials from the non-banking financial company (NBFC) Manappuram Finance evicted her and her two children, aged 12 and 7, from their home due to an unpaid loan.
After the eviction, Sandhya and her children were left without a roof over their heads.
Sandhya lives in North Paravur and works in a local clothes shop. In 2019, she and her husband took a loan of ₹ 4 lakh from Manappuram Finance for the construction of their house under Kerala's Life housing Scheme, according to Malayalam media house Mathrubhumi.
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The home, constructed on a 4.8-cent plot in Madaplathuruth, was financed with the loan taken in Sandhya's name. However, rising material costs prevented them from finishing the project, said the report.
After Sandhya's husband left her and the kids in 2021, she stopped repaying the loan. Over the next three years, the outstanding loan amount, including interest, grew to nearly ₹ 8 lakh. Manappuram Finance issued several warnings to the family regarding the unpaid loan.
On Monday, after initiating foreclosure proceedings, officials entered Sandhya's home and changed the locks, effectively leaving her and her children homeless. They did not even allow them to collect their belongings.
Local media reported Sandhya's story, prompting intervention from Opposition leader VD Satheesan, who urged Manappuram Finance to allow the woman to stay in the house, reported Mathrubhumi.
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After learning of the situation, Yusuff Ali stepped in to assist Sandya. The Abu Dhabi-based businessman and Kerala native directed his team to repay the entire loan amount, handing over ₹ 10 lakh to the family.
The remaining money will be put in a fixed deposit for their future. On Monday evening, Lulu Group's media coordinator gave the house keys to Sandhya, added the report.
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